Journal of Scientific Papers


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ISSN 2071-789X

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  • General Founder and Publisher:

    Centre of Sociological Research


  • Publishing Partners:

    University of Szczecin (Poland)

    Széchenyi István University, (Hungary)

    Mykolas Romeris University (Lithuania)

    Alexander Dubcek University of Trencín (Slovak Republic)

  • Membership:

    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




Financial literacy and retirement planning in Mexico

Vol. 16, No 3, 2023

Sergio Hernández-Mejía


Cristobal Colon University

Veracruz, Mexico


ORCID 0000-0002-5477-666X


Financial literacy and retirement planning in Mexico


Elena Moreno-García


Cristobal Colon University

Veracruz, Mexico 


ORCID 000-0001-9591-5921



Abstract. According to the Mexican National Survey of Financial Inclusion 2021, Mexicans’ behavior regarding retirement savings is of great concern because only one-third of the Mexican population saves for their retirement. This study measures the financial literacy level among Mexicans and determines its relationship with retirement planning and socio-demographic variables. A multinomial logit micro-econometric model was estimated and data from the last Mexican National Survey of Financial Inclusion 2021 were used. The results indicate that women, rural residents, poorly educated people, and low-income earners are more likely not to plan for old age. Furthermore, financial literacy positively influences the decision to formally plan for retirement. The findings may be useful in designing strategies to increase Mexicans’ financial literacy levels and, consequently, their planning for retirement.


Received: January, 2023

1st Revision: June, 2023

Accepted: September, 2023


DOI: 10.14254/2071-789X.2023/16-3/4

JEL ClassificationG40, G51, G53

Keywords: financial literacy, logit, Mexico, planning, retirement