Mexico | Financial product ownership goal for 2024, unattainable?

The National Financial Inclusion Policy 2020-2024 set a goal of going from 68.3% of adults (18 to 70) with at least one financial product in 2018 to 77.2% in 2024. In this press article we analyze the available information to see if there is evidence that allows us to infer the achievement of this goal.

Key points

• Key points:
• Since 2015, there has been a negative trend, going from 68.4% of the adult population with at least one financial product to an estimated of 66.4% in 2023.
• It is observed that over time the gender gaps in this indicator are getting larger. In 2015 the gap was 6.3pp (71.7% of men and 65.4% of women had at least one product) and for 2023 the gap is estimated at 10.5pp (72.1% of men and 61.6% of women).
• On the other hand, physical or digital deposit products and credit products are increasing, while insurance and Afores products are decreasing. In the case of deposit products, they went from 44.1% to 52.7% of adults from 2015 to 2023, and credit products went from 28.1% to 37.4%. However, insurance went from 24.8% to 21.0% from 2015 to 2021, and Afores from 41.2% to 39.1% in the same period.
• A more in-depth analysis of all the goals presented in the PNIF 2020-2024 must be done, which allows us to be critical of the progress and/or setbacks that we have, and if necessary, to propose new strategies, actions and participants that favor not only the ownership of financial products, but also their use for the financial health of people and businesses in Mexico.

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