The Current State of Financial Literacy in Mexico
In Mexico, only 1 out of 10 people claim to feel informed about managing their money, according to the study El valor de aprender by Santander.
The lack of financial education in our country is a reality, which is why the government led by Claudia Sheinbaum is pushing for its integration into the curriculum as part of the National Financial Education Strategy 2025-2030.
The Importance of Financial Education
Fernando Ávila, Coordinator of Financial Education at Banco Santander Mexico, highlights that access to not only financial services but also the knowledge to use them correctly is crucial for social mobility, reducing inequalities, and strengthening individual and community well-being.
The National Financial Education Strategy 2025-2030 proposes that this topic be part of schooling so that children, adolescents, and young adults acquire the necessary skills and knowledge to make informed and responsible decisions about their money from an early age.
“Forming a citizenry with greater capabilities to plan, save, invest, and manage risks throughout life strengthens their economic well-being and their participation in the financial system,” states the official document.
Moreover, it emphasizes that financial education should be seen as an integral part of students’ development, reinforcing learning such as critical thinking, problem-solving, ethical coexistence, and social responsibility.
According to the Secretaría de Educación Pública (SEP), this formation should be progressive, transversal, pertinent, and contextualized, accompanying students from basic education to upper-secondary education to contribute to their well-being and life project.
Why is Financial Education Urgent in Mexican Schools?
Financial education is defined as the process that allows individuals to expand their knowledge about financial products, concepts, and risks, as well as develop skills to make responsible decisions.
According to the Organization for Economic Cooperation and Development (OECD), this training goes beyond providing information; it fosters healthy financial habits and competencies.
At least 91% of those surveyed by Santander consider that schools and parents, rather than companies, are the primary responsible parties for imparting financial education. Additionally, they prefer it as the second most relevant subject to be taught, even above history or science. However, 84% of those who did not receive financial education during their schooling admit they would have liked to have it.
“The effort of financial education is a collective one, not just involving financial institutions, but also other actors,” emphasizes Ávila.
International Landscape and Digitalization
The Santander study reveals that, among the countries analyzed, five include financial education in secondary school curricula and two in primary school.
In several nations, it is considered a mandatory subject, and for many parents, it’s a relevant criterion when choosing a school.
In Mexico, 86% of those surveyed would prefer an educational center offering financial education; the global average is 78%. Among self-employed workers, the preference also reaches 86%, demonstrating their perceived practical value in this knowledge.
Finally, the report concludes that although digital tools facilitate financial management, they also introduce new risks. Therefore, improving financial literacy is essential to strengthen individual and social well-being, according to the bank.
Key Questions and Answers
- Q: Why is financial education crucial in Mexico? A: Only 1 out of 10 Mexicans feels informed about managing money, making financial education essential to promote responsible decision-making and social mobility.
- Q: Who should primarily impart financial education? A: According to Santander’s survey, schools and parents are considered the main responsible parties for teaching financial education.
- Q: How is financial education viewed internationally? A: In several countries, financial education is a mandatory subject, reflecting its importance in the global landscape.
- Q: What role do digital tools play in financial education? A: While digital tools facilitate financial management, they also introduce new risks, making improved financial literacy crucial for individual and social well-being.
