Is there a link between Financial Literacy and Financial Education among Women? Evidence from Mexico

Abstract

This article studies the impact of financial literacy on financial inclusion in a sample of Mexican women from Zacatelco, Tlaxcala. Using methods based on the matching of comparable individuals it is obtained that women that are located one standard deviation above the mean of the financial literacy distribution have higher probability of owning a bank account. Similarly, it is found that financial knowledge and behavior increase the probability of owning a bank account. No effect is found for financial attitudes. However, when we interact knowledge or behavior with attitudes, the positive effects of financial literacy vanish. We interpret these results as showing that financial education must be provided using an integral approach teaching knowledge and changing behavior and attitudes.