Mexico | Access to financial inclusion: poverty vs. labor informality

Summary

In this press article, a proxy for possession of financial products is presented between people with some degree of poverty vs. those with labor informality (non-poor), to contrast and show that the latter, despite being potentially more likely to demand products, today they have relatively no access to these products.

Key points

• Key points:
• Of adults (18-70 years old) in Mexico in formal jobs and who are not poor, 82% own a debit card, 37% own a credit or departmental card, 23% own at least one directly contracted insurance, and 82% own a retirement savings account or Afore.
• Of the adults in informal jobs and who are not poor, 11% own a debit card and 21% own a credit or departmental card, 8% own at least one directly contracted insurance and 28% own a savings account for retirement or Afore.
• 81% of adults with a degree of poverty (regardless of the type of work) own a debit card and 18% own a credit or departmental card, 5% own at least one directly contracted insurance and 18% own a retirement savings account or Afore.
• It is necessary to analyze in greater depth how the phenomenon of informality affects access to financial services and emphasize that it is not only desirable to have access, but also to take advantage of (or “use”) these services to improve the financial health of the population in Mexico.

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