Financial education and financial well-being in Mexico: evidence of gender-differentiated effects
DOI:
https://doi.org/10.54167/ejbei.v3i2.2305Keywords:
Financial education, Financial well-being , Gender, Mexico, ENSAFIAbstract
Financial well-being is a multidimensional construct that reflects both individuals’ ability to manage their finances and their subjective assessment of their financial situation. Although the literature has documented a positive relationship between financial education and financial well-being, there is more limited evidence regarding whether these effects differ between men and women. In this context, the aim of the study is to analyze the relationship between financial education and financial well-being in Mexico, incorporating gender as a moderating factor. Using data from the National Financial Health Survey (ENSAFI) 2023, we estimate linear regression models to assess the effect of financial education on four dimensions of financial well-being: resilience, security, control, and financial freedom, as well as potential differences between men and women. The results show that financial education is positively and significantly associated with all dimensions of financial well-being. However, interaction models reveal that these effects are not fully homogeneous across genders. In particular, the impact of financial education is significantly smaller for women in the dimensions of financial security, control, and freedom, while no significant differences are observed in financial resilience. These findings suggest that, although financial education is an effective tool to improve financial well-being, its effects are not fully gender neutral. Accordingly, this study provides empirical evidence for the Mexican context highlighting the importance of incorporating a gender perspective into financial education policies aimed at reducing financial well-being gaps.
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