The existing wage gap between men and women has been one of the great challenges both in Mexico and in the world. This condition has led to many other problems of various kinds, one of which is that it has historically limited women’s access to financial services, and thus has reduced their ability to find tools that allow them to better manage their finances. and improve your quality of life.
Fintech for equal pay
Fintechs have represented a window of possibilities for sectors that traditional banking does not conventionally reach. Despite the fact that this ecosystem has had a very positive impact in providing financial products and services to both men and women, the wage gap remains a crucial barrier.
This is an issue that affects the whole society. The salary disparity ends up correlated with the conditions of consumption and demand that directly affect the market, the economy and society.
In this sense, financial inclusion represents an opportunity for improvement, since the fact that women have less access to these services hinders their ability to face economic crises, limits their income, and places them in a situation of greater vulnerability in contrast to the rest of the population.
The landscape in Mexico
According to CONASAMI (National Minimum Wage Commission), the gender wage gap was 12.2% in 2021 -the last year for which data is available- in formal jobs. This situation is markedly relevant when trying to access traditional financial services such as credit cards or even insurance.
This is not necessarily because banking institutions close their doors to them, we have the example of fintech companies that have a more accessible offer, the big problem is that they place women at a clear disadvantage and lead them to the dilemma of buying what is necessary for day to day or allocate a fraction of the income for savings, insurance or a mortgage. Income conditions and job stability largely define the options available to the population when applying for a loan or investing.
Search for the common good
Salary equality is inserted in a set of actions in search of a society with more equitable conditions. The economies that are committed to this equality and that are aligned with the UN Sustainable Development Goals (SDGs) will undoubtedly have more possibilities to grow and develop, despite the fact that they are immersed in a context as complex as the current one, in where the consequences of the pandemic are still felt and inflation seems to give no respite even to the most solid nations.
In this regard, it is important to highlight that in addition to being an issue of social justice, it is also part of the search for the common good.
A pending challenge
It is clear that the range of services and the growing scope of fintech does not by itself solve the problem of the wage gap, since it is a complex and multidimensional issue; however, it is important to recognize that it benefits vulnerable populations by providing them with an efficient, fast and attractive option for financial services.
For their part, these companies are facing an opportunity not only for growth, but also for the creation and planning of a structure, a framework and a plan for progress that allows them to enter the market that women represent in the most optimal way, to the benefit of the entire society and the ecosystem.
The wage gap and inequality in remuneration (both formal and informal) is a problem that requires multiple actions by the public and private sectors. The benefit that financial inclusion brings is one more action among many others, the fintech industry is in turn a catalyst that can accelerate and facilitate the path towards this common goal. The first steps have already been taken, in the near future we will be facing a much more favorable and inclusive scenario.
Sebastian Medrano Economist and expert in Fintech issues. Head of Growth for E-commerce & Financial Services at Coppel Sa de Cv. He has worked in brands such as Linio, Propiedades.com, Coru and Alpha Credit. More than 10 years of experience in financial services