Education and financial inclusion in Mexico and Colombia

Abstract

Purpose: The objective of this study is to conduct a comparative analysis of financial education and inclusion between Mexico and Colombia.

Design/Methodology: To contrast financial literacy, we employ the qualitative research technique of content analysis to examine national strategies of financial education in both nations. For financial inclusion, we utilize the Global Index, considering the usage of financial products and employ linear regressions as an econometric analysis technique.

Results: In general, both countries showed similarities in their results.

Practical implications:  Nevertheless, it is noteworthy that Colombia addressed the subject of “retirement welfare and old-age protection” as a central theme in their National Strategy for Economic and Financial Education. This emphasis resulted in a higher quantity in the variable “concern about the future” compared to Mexico.

Originality/Value: This study results may prove valuable to improve financial strategies in both nations.