María del Carmen Bonilla Highlights Financial Literacy Challenges and Opportunities
In Mexico, despite progress, there are significant challenges in financial inclusion. While 43% of the population saves formally, 41% does so informally by keeping money at home. This information was provided by María del Carmen Bonilla, the Subsecretary of Hacienda and Credit Publico.
Financial Literacy Gaps
- According to the National Inclusion Finance Survey 2024, 71% of adults understand the benefits of diversification and 78% perceive risk.
- However, only 23% of the population prepares a budget, and 38% keeps track of outstanding debts.
- The population experiences high financial stress, with three out of ten people taking on debts to make ends meet.
Bonilla emphasized that financial skills enable Mexicans to make informed decisions about financial products, long-term planning, and risk management.
Government Initiatives
The Secretariat of Hacienda and Credit Publico (SHCP) coordinates several actions through the Financial Education Committee, involving public, private, educational, and social sectors.
SHCP also leads the development of the National Financial Education Strategy and aims to integrate financial education services into educational plans and programs.
Digital education has been crucial, as 67% of adults in middle- and low-income economies use the internet, and 86% own a mobile phone. Mexico has capitalized on this with platforms like Aventuras Financieras and the National Financial Education Portal.
Promoting an Equitable System
Bonilla also mentioned the promotion of gender equality as a central pillar, not only in employment but also in implementing the inter-institutional committee for gender equality in financial institutions.
In collaboration with the Mexican Banking Association (ABM) and Nacional Financiera (Nafin), a National Financial Education Center will be established, along with financial education for small and medium-sized enterprises (SMEs).
Óscar Rosado’s Perspective
Óscar Rosado, President of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), stressed that financial institutions should view this issue as a long-term commitment rather than a short-term business opportunity.
Transparency in products, responsible habits to reduce financial stress, and improved quality of life should be the true commitment. Rosado described financial stress as a silent disease that can only be prevented through good habits.
He emphasized the importance of teaching financial literacy from school and workplaces to foster a cultural shift that takes years but, once established, transforms society.
Key Questions and Answers
- What percentage of Mexicans save formally or informally? 43% save formally, while 41% save informally by keeping money at home.
- What are the financial literacy gaps in Mexico? Only 23% of the population prepares a budget, and 38% keeps track of outstanding debts. High financial stress is prevalent, with three out of ten people taking on debts to make ends meet.
- What initiatives is the SHCP undertaking to improve financial literacy? The SHCP coordinates actions through the Financial Education Committee, leads the National Financial Education Strategy, and aims to integrate financial education into educational plans. They also emphasize digital education and promoting gender equality in financial institutions.
- What is Óscar Rosado’s perspective on financial institutions’ role in financial literacy? Rosado believes that financial institutions should view financial literacy as a long-term commitment, focusing on transparency, responsible habits, and improved quality of life for their customers.
