The Gender Gap in Financial Inclusion in Mexico
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 examining access to specific services: only 44% of women have a bank account, 30% access to credit, 29% have a pension account, and only 16% have any insurance.
The World Bank, in its report “Expanding Financial Inclusion of Women in Mexico,” emphasizes that this segment is particularly lucrative, showing higher repayment rates and propensity to save. However, the product offering has historically been “gender-neutral” and fails to consider gender-specific needs.
Gender-Neutral Designs Perpetuate Inequality
Creating “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.
More Than Differentiated Products
Fernanda García, Director of Inclusive Society at the Mexican Institute for Competitiveness (IMCO), warns that creating differentiated products is insufficient if structural inequality persists. Mexico has one of the lowest female labor force participation rates among OECD countries, with only 46% of Mexican women being economically active.
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 necessary documents like pay stubs for credit or insurance access and limits the weeks of contribution for a dignified pension. Women’s labor trajectories are 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 general access conditions for 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
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 perspective not only deliver differentiated products but also become a cross-cutting theme: diagnosing barriers, adapting processes, training bank staff, monitoring indicators, and 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 presents an opportunity. According to the Inter-American Development Bank, the untapped female financial market in Mexico is worth $1.87 billion annually. Institutions that adapt their offerings and processes can differentiate themselves and retain a high-potential segment. However, true change depends on understanding and addressing the traditional factors that have excluded women from the financial system.
