The Gender Gap in Mexican Financial Inclusion
Access to financial products and services for Mexican women has been a historical challenge, testing the effectiveness of public policies and the financial sector. According to the National Survey on Financial Inclusion (ENIF) 2021, there is a 12 percentage point gap between men and women aged 18 to 70 with at least one financial product. Only 42.6% of women have a formal savings account, compared to 49% of men. The disparity widens when considering the possession of two or more products, with only 34% of women having at least two, compared to 49% of men.
Furthermore, the gap is amplified when looking at access to specific services: only 44% of women have a bank account, 30% access to credit, 29% have an AFORE (Mexican pension account), and only 16% have any insurance.
The World Bank, in its report “Expanding Women’s Financial Inclusion in Mexico,” highlights that this segment is particularly profitable, showing higher repayment rates and propensity to save. However, the financial product offering has historically been “gender-neutral” and fails to consider the differing needs of women.
Neutral Designs Perpetuate Inequality
Designing “gender-neutral” products not only renders women invisible but also perpetuates historical barriers, according to the World Bank. An effective financial inclusion policy must be comprehensive, going beyond neutrality and acknowledging the specific challenges women face: lower formal participation in the labor market, discontinuous income, labor cycles affected by motherhood, and predominance in informal occupations.
Creating Differential Products is Insufficient
Fernanda García, Director of Inclusive Society at the Mexican Institute for Competitiveness (IMCO), warns that creating differential products is insufficient if the structural inequality context persists. Mexico has one of the lowest female participation rates among OECD countries, with only 46% of Mexican women being economically active.
Moreover, the National Time Use Survey (ENUT) 2024 by INEGI reveals that women dedicate 64.8% of their time to unpaid work (household chores and care), limiting their access to formal employment and the resources needed to meet traditional banking requirements.
Those who manage to enter the labor market do so mainly in informal conditions, with part-time jobs or independent professional services without benefits. This condition makes it difficult to provide documents like pay stubs necessary for accessing credits or insurance, and limits the weeks of contribution to gain access to a dignified pension. Women’s labor trajectories are also marked by pauses related to motherhood and family care, impacting replacement rates and pension amounts.
These contexts tend to penalize women even when they meet the general conditions for accessing financial products, as they are more likely to face rejections or receive smaller credit amounts. Until these realities change, the gaps will persist.
Gender Perspective and Integral Policy
The pursuit of a national financial inclusion policy with a gender perspective is considered crucial by multilateral organizations and public policy experts.
The World Bank recommends that a gender vision not only limit itself to delivering differential products but become a cross-cutting axis: diagnosing barriers, adapting processes, training bank staff, monitoring indicators, and most importantly, ensuring continuous accountability.
Effectively implementing such a strategy will improve decision-making, generate real feedback between users and banks, and ensure that financial inclusion moves from an aspiration to a daily reality for millions of Mexican women.
The Challenge for Financial Institutions
The challenge is significant but also represents an opportunity. According to the Inter-American Development Bank, the untapped female financial market in Mexico is equivalent to $1.87 billion annually. Institutions that adapt their offerings and processes can differentiate themselves and retain a high-potential segment. However, the real change will depend on understanding and intervening in the traditional factors that have excluded women from the financial system.
