Considerable efforts are required for a culture of financial education to exist and for market segments to be served based on their specific needs. The challenge is to strengthen people’s opportunities, while cultivating an interest in improving and caring for the finances of a population.
Technology has been key in this process, since it has allowed the development of companies (neobanks, proptech, insurtech, to name a few) that have managed to create accessible financial products and that are promoting financial inclusion.
To the extent that vulnerable populations and historically excluded by traditional banking have access to more and better possibilities to manage their finances, indicators such as poverty or low access to essential services can be reversed. Not addressing financial inclusion in a country like Mexico is worrying and could be disastrous.
healthier finances
In the most recent survey Global Investor Press, of BlackRock, it was recorded that in Mexico money is the main cause of stress in the population. Insufficient income, lack of planning and monitoring of budgets, mismanagement in daily life are just some of the negative effects of not addressing financial inclusion.
In this sense, it is vital to think about the expansion of financial education programs and systems that accompany the population in their decision-making processes from early stages such as childhood and adolescence.
In parallel, financial education for future entrepreneurs is key, since the development of their future company and those who depend financially on it as partners, suppliers and collaborators will depend on it. It is about creating virtuous circles that have an impact on the macro in the long term.
competitiveness
The vast majority of Mexican companies are micro, small and medium. About 70% of the country’s jobs depend on them and their main operating obstacles are related to financial problems such as difficulties in obtaining financing at key moments of growth or their liquidity flow.
It is important to remember that although they are an important source of employment, many of these companies arise from the need for self-employment by their founders and are their only source of income.
Not meeting the financial needs of these companies, and their founders, leads them to seek non-institutionalized loans with prohibitive interest rates, to the extent that they do not have access to the financial system or lack basic financial education tools.
A democratization of the products and services of the sector would strengthen what is the economic backbone of the country, resulting in greater competitiveness and more and better jobs for the population.