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)

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    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




Financial literacy and its relationship with sociodemographic variables

Vol. 15, No 1, 2022

Sergio Hernández Mejía


Cristobal Colon University, Veracruz, Mexico


ORCID 0000-0002-5477-666X


Financial literacy and its relationship with sociodemographic variables


Arturo García-Santillán


Cristobal Colon University, Veracruz, Mexico


ORCID 0000-0001-7284-5959

Elena Moreno-García


Instituto Tecnológico Superior de Misantla, Veracruz, Mexico


ORCID 0000-0001-9591-5921


Abstract. The aim of this research is to determine if there is a significant difference between the socio-demographic population groups in relation to financial literacy in Mexican adults, between 18 and 70 years old. It is assumed that there is a significant difference in financial literacy levels according to age, gender, educational level, residence, region, marital status, household position, economic dependents, work conditions, job position, income, material and financial wealth, and financial experience. The method is derived from the approaches of Lusardi and Mitchell (2011a), OECD (2018), OECD (2017) and Atkinson and Messy (2012). Data from the Mexican survey ENIF (2018) are used. The methodology and the use of microeconomic data provide originality on the research of financial literacy for Mexico. The results of the Probit econometric model show sociodemographic variables that help to predict the probability that Mexican adults will answer the financial literacy questions correctly and provide evidence on specific groups of the Mexican population that present significant differences in financial literacy. Particularly this refers to those with low educational level, women, the disabled, retirees, low-income people, those who are not included in the financial system, as well as those who lack training in financial education issues. The findings can be useful for the design of public policies on financial literacy, the basic financial knowledge that the population should acquire in order to make informed decisions.


Received: May, 2021

1st Revision: January, 2022

Accepted: February, 2022


DOI: 10.14254/2071-789X.2022/15-1/3

JEL ClassificationA53, D14

Keywords: financial literacy, probit model, population, groups, Mexico