Mexico | ENIF 2021: Financial inclusion declines and gender gap reaches 13.8pp

Summary

On May 11, 2022, the results and databases of the National Survey of Financial Inclusion 2021 were published. This report has the objective of analyzing the advances or setbacks in some indicators of the financial inclusion of the population in Mexico between 2018 and 2021.

Key points

• Key points:
• Without positive results in the ownership of financial products in Mexico in 2021, the percentage of the population that claimed to have at least one financial product was 0.5 percentage points (pp) below the level obtained in 2018.
• Between 2018 and 2021, the gender gap in holding a formal savings account increased from 2.6pp to 13.8pp (+11.2pp), standing at 56.4% for men vs. 42.6% for women in 2021.
• More than half of the Mexican population between the ages of 18 and 70 (58.4%) indicated having had an economic impact derived from COVID-19 and, of these, 90.1% said that their income was reduced
• Between 2018 and 2021, the proportion of adults who did not save grew 7.6pp, those who saved exclusively informally fell 9.1pp, and those who did so exclusively formally increased 1.6pp.
• Cash continued to be the preferred method of payment for 90.1% of payments of 500 pesos or less and 78.7% of payments of 501 pesos or more in 2021. There is no clear evidence that young people use less cash compared to older adults.

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