Felipe Vallejo Emphasizes the Importance of Technological Financial Education
Felipe Vallejo, president of the Fintech Mexico Association, asserts that financial education and inclusion will be technological or not existent. He spoke during the inauguration of the National Financial Education Week (SNEF) 2025, highlighting the sector’s commitment to this cause.
Vallejo pointed out that 42% of fintech users had never experienced financial services before. He described this as “pure financial inclusion.” However, he emphasized that it’s not just about access; the population also needs education on financial matters.
Vallejo explained that technology democratizes luxury goods by lowering prices and increasing accessibility, as seen with automobiles, internet, mobile phones, and now financial products. He stressed that technological advancements during the National Financial Education Week will reshape how we perceive finances, making financial education and inclusion technological or nonexistent.
ABM Stresses the Importance of Financial Education
Regina García, general director of the Mexican Banks Association (ABM), echoed the significance of financial education for the banking sector. She mentioned that it is one of the four pillars of ABM’s strategic plan for 2030.
García cited a recent study by the Espinosa Yglesias Center for Studies (CEEY) showing that individuals with access to financial education have a 3.2% higher chance of social mobility when moving between income quintiles.
Progress in Financial Product Access
Garcia highlighted that Mexico has made significant strides in accessing financial products, noting that access increased from 68% in 2015 to nearly 76% today.
Despite this progress, she pointed out underutilization of financial products. Only two out of ten people who own a card use it sparingly, and 64% of these individuals still pay in cash despite having debit or credit cards.
For micro, small, and medium enterprises (mipymes), Garcia explained that low financial literacy prevents them from investing in products or seeking credit. ABM is collaborating with the government on the Mexico Plan to address this issue through a financial education table.
Gender-Focused Financial Education
Garcia emphasized the need for gender-focused financial education, as women have even lower levels of knowledge compared to the general population.
“Only one in ten women has financial education knowledge,” she said. “This has a multiplicative effect, as financially educated women can be independent, share knowledge within their families and communities.”
Key Questions and Answers
- What is the main idea? Financial education and inclusion must be technological to succeed, according to Felipe Vallejo, president of the Fintech Mexico Association.
- Why is financial education crucial? It increases social mobility and ensures that people can effectively utilize available financial products.
- What progress has been made in Mexico regarding financial product access? Access to financial products has increased from 68% in 2015 to nearly 76% today.
- What challenges remain in financial product utilization? Despite increased access, many people underutilize available financial products.
- Why is gender-focused financial education important? Women have lower levels of financial literacy compared to men, and improving this can empower women and benefit their families and communities.
