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The effect of financial literacy and Financial

literacy and
gender on retirement planning gender on
retirement
among young adults
Osvaldo Garc
ıa Mata
School of Commerce and Administration Victoria,
Universidad Aut
onoma de Tamaulipas, Victoria, Mexico Received 12 October 2020
Revised 2 February 2021
20 March 2021
Accepted 7 April 2021
Abstract
Purpose – The purpose of this paper is to analyze financial literacy’s effect on retirement planning among
young adults in Mexico, with gender as a moderator variable. Planning refers to the actual or intended
implementation of several retirement strategies: private pension funds, investing in assets, government
subsidies and family assistance.
Design/methodology/approach – The article’s methodology is quantitative, empirical and cross-sectional.
Ajzen’s theory of planned behavior (1991) works as the theoretical framework to examine planning for
retirement intentions determined by individuals’ financial inclusion, attitudes, knowledge, behavior,
occupation and family traits. The methodology follows generalized structural equation models (GSEM) with
logistic regression basis, constructed with data from the National Survey on Financial Inclusion 2018.
Findings – Results confirm that the most financially knowledgeable individuals have lesser intentions to
pursue passive strategies, while financial behavior and inclusion associate with actively planning. Gender
plays a fundamental role in retirement planning too.
Research limitations/implications – Observations for several years are necessary to effectuate
longitudinal analysis. Further research should include a more in-depth study of strategy choice triggers and
policy impact on retirement planning.
Social implications – Findings can be useful to public and private institutions focused on saving, investment
and retirement, especially in economies comparable to Mexico’s. Avoiding the higher social costs associated
with poor retirement planning depends on timely decision-making.
Originality/value – This study goes beyond the traditional pension fund strategy to analyze other options. It
delivers information about young people’s long-term financial plans in Mexico concerning financial literacy
and gender.
Keywords Retirement planning, Financial literacy, Young adults, Gender gap, Mexico
Paper type Research paper

1. Introduction
Changes in the pension systems have transferred to individuals responsible for managing
resources to finance their retirement instead of relying on governments or their employers
(Klapper et al., 2015; Lusardi and Mitchell, 2014). Some decades ago, governments propelled
social security systems that procured defined benefits for employees by the end of their
working life. These systems typically received a combination of workers, employers and
government contributions and provided retirees benefits proportional to the amount they
were earning while working (Ali and Frank, 2019; Lusardi and Mitchell, 2014). Nevertheless,
these mechanisms changed following a set of global trends.
First, an increase in life expectancy generated a higher share of the old-age population. As
a consequence of aging, a redefinition of the criteria for allocating and distributing assets was
necessary. Defined contribution plans gradually replaced defined benefit schemes. Life-time
employment became less frequent, so was the presence of government intermediation in
managing retirement funds (Ali and Frank, 2019; Cumbie et al., 2018; Ram
ırez Fuentes, 2017).
International Journal of Bank
Marketing
© Emerald Publishing Limited
0265-2323
JEL Classification — D14, G53, J26, J32 DOI 10.1108/IJBM-10-2020-0518
IJBM Younger generations seem not fully aware of these modifications and how they might
affect their expected income in the future. After analyzing a sample of Italian university
students, Bongini and Cucinelli (2019) noticed that they were uninformed about their social
security system reforms. At the same time, they found that most of them believed that state
pensions would be enough to sustain the same quality of life people have during their
working lives. Moreover, compared to preceding generations, millennials in the United States
of America recorded lower financial knowledge levels. They seemed less prepared to
understand and evaluate how their present financial decisions might affect their short- and
long-term well-being (Kim et al., 2019).
Individuals with higher financial knowledge are frequently more concerned and better
prepared for older ages (Lusardi and Mitchell, 2014). They are more familiar with pension
plans, their rules and mechanisms, pay lower fees for managing their retirement accounts and
tend to diversify their investment portfolios more efficiently (Behrman et al., 2012). Most
studies that address the relationship between financial literacy components and planning for
retirement do typically so from the point of view of pension funds, savings or wealth
(Anderson et al., 2017; Boisclair et al., 2017; Bucher-Koenen and Lusardi, 2011; Fornero and
Monticone, 2011; Hasler and Lusardi, 2017; Vivel-B
ua et al., 2019). Few of them have
considered other strategies (Niu and Zhou, 2018; Niu et al., 2020).
Regarding Mexico, research has focused on savings among working adults as a whole
group, without distinguishing between those young and those on the verge of retirement
(Villag
omez and Gonz
alez, 2014) or refers to the way people 65-and-older are already
financing their retirement (Nava Bola~ nos et al., 2016; Puente Pe~ na, 2018). More analysis is
necessary to improve timely decision-making and avoid the higher social costs of poor
retirement planning.
This work fulfills this gap by examining different retirement strategies and focusing on
young adults in Mexico. By doing so, similar information gaps in other emergent economies
might also be addressed. These nonmutually exclusive retirement strategies are (1)
contributing to a pension fund, (2) investing in property for selling or renting in the future, (3)
receiving government subsidies and (4) getting assistance from family and friends. For each
of them, a generalized structural equation model (GSEM) was constructed with data from the
National Survey on Financial Inclusion 2018 (INEGI and CNBV, 2019).
This work aims to analyze the relationship between retirement planning and
socioeconomic and financial characteristics among Mexicans aged 18–35. These comprise
property-related traits, occupation, gender, marital status, financial inclusion, attitude,
behavior and knowledge. It emphasizes the moderating role of gender on retirement planning.
Research questions addressed in this work include: what factors determine choosing a
retirement planning strategy among young Mexican adults? How do financial knowledge,
attitudes and behaviors impact their intentions to actively or passively planning for
retirement? What is the role of gender in their decisions? Findings might be useful in
economies with a wide regional diversity and a contrasting society, comparable to Mexico.
Creating novel investment instruments to target young people’s financial needs, promoting
saving in pension funds and reducing their dependence on public subsidies can contribute to
financial sustainability, stimulating private investments and reducing government
budgetary pressure for the generations to come.

2. Theoretical framework and hypotheses

2.1 Retirement planning and the theory of planned behavior (TPB)
Planning for retirement is the process of preparation for the time when a person is out of the
workforce and does not receive a working-related income (Kumar et al., 2019). Several studies
have shown that concerns about retirement increase the closer individuals get to the end of
their working lives (Boisclair et al., 2017; Kumar et al., 2019; van Rooij et al., 2011). The longer Financial
the distance from retirement age, the lesser people think about it. Therefore, young literacy and
consumers tend to procrastinate the decisions to save or invest for financing retirement.
In recent years, Ajzen’s TPB (1991) has emerged as a solid conceptual framework to
gender on
explain volitional financial behaviors, i.e. saving or investing, which involve planning and retirement
future-orientation (Castro-Gonz
alez et al., 2020). It establishes that an individual’s mindset
toward an action, his or her motivation to act concerning what others expect and the
perception of control over such behavior can predict the intention to execute that specific
action (Ajzen, 1991). This work follows the theoretical framework of those who have
approached the study of actual decisions with long-term consequences from a consumer
financial behavior perspective.
This study uses the TPB to analyze young Mexican adults’ profiles according to their
intention to pursue four nonmutually exclusive planning for retirement strategies. The
income source expected at older ages defines each of them: pension funds, earnings from
selling or renting a property, government subsidies and family or friends’ altruism. The
former two refer to using savings, investment or a private pension plan to prepare for
retirement. The latter depend on public programs or the assistance of others. Respectively,
these intentions correspond to what Niu and Zhou (2018) call active planning and passive
planning. An individual may choose one of these, a combination, or none of them at all.
Figure 1 shows the conceptual interactions between factors and intended retirement
strategies. This model and research hypotheses are explained in the following subsections.

2.2 Financial knowledge, behavior, inclusion and retirement planning

Several authors have studied the relationship between financial literacy and retirement
planning. In the United States of America, Lusardi and Mitchell (2007a) found that financially
literate people have a higher propensity to plan for retirement and planning correlates
strongly to wealth at pre-retirement ages (Lusardi and Mitchell, 2007a). In Italy, Fornero and
Monticone (2011) showed that financial literacy among adults positively affects the
probability of saving in a pension fund. In the G-20 economies, Hasler and Lusardi (2017)
showed a significant correlation between financial literacy and retirement savings.
Among financial literacy components, some studies stress the relevance of financial
knowledge in retirement planning. Those who obtain higher financial knowledge scores are

Perceived behavioral
H4a(-), H4b(-), H4c(-) control
Financial knowledge (FK)
Financial behavior (FB) H1a(+), H1c(+), H1d(+) H5f(-), H5g(+)
Financial inclusion (FI) (S1, S2)
H1b(-) (S3, S4)

H4d(-) Attitude toward the H2(+) H5a(+)

behavior Intention H5b(+)
(S1, S2) Behavior
Financial attitude (FA) Retirement planning H5c(+) DC plan holder (A1)
strategies:
Homeowner (A2)
Gender H4e(+) Active (S1, S2)
Landowner (A3)
Female (F) Passive (S3, S4)
(S3, S4)
Subjective norms
H4f(-), H4g(+) Dependents (A)
Marital status (B)
Occupation (C, D, E) H3a(+), H3b(+), H3c(-), H3d(+), H3e(+) Figure 1.
(S3, S4) Theory of planned
behavior applied to
retirement planning
Source(s): Author’s elaboration based on Ajzen (1991)
IJBM more inclined to actively planning. Among these studies are those of Bucher-Koenen and
Lusardi (2011), Lusardi and Mitchell (2007b), van Rooij et al. (2011), and more recently, Ricci
and Caratelli (2017) and Niu and Zhou (2018). In other words, financially knowledgeable
adults tend to finance their expenses after a working life with funds coming from savings,
investment or a commercial pension fund. Therefore, the first hypotheses tested in this work
are as follows:
H1a. Financial knowledge (FK) significantly and positively associates with considering
an active retirement strategy (S1, S2).
H1b. Financial knowledge (FK) significantly and negatively associates with considering
a passive retirement strategy (S3, S4).
Being financially knowledgeable might not be enough to motivate a person to choose a
strategy for retirement. Chances increase when the decision maker develops the conviction on
his or her own ability to perform the required courses of action to produce a given
achievement level (Bandura, 1998). The relation between self-efficacy beliefs and perceived
behavioral control, adverted by Ajzen (1991), was stated by Bandura (1998) in terms of how
these beliefs improve skills development. Thus, people’s conviction that pursuing an effective
financial retirement strategy primarily depends on themselves must compel them to behave
accordingly.
Consequently, financial behavior and the use of formal financial products must also play a
significant role in retirement decision-making strategies. After analyzing young adults ages
20–35, in Slovakia, Bacov
a et al. (2017) observed that professionals in the financial sector
scored as high as nonprofessionals in financial knowledge; however, the former
demonstrated more familiarity with money management and retirement plans than the
latter. Bongini and Cucinelli (2019) applied Ajzen’s TPB (1991) to explain how financial
literacy, knowledge about pensions and money management skills directly relate to Italian
university students’ intentions to save for older age. Moreover, financial inclusion, which is
the democratic access to a diverse bundle of regulated financial products, is vital for
empowering consumers, enhancing their financial resilience and promoting their financial
well-being in the long-run (OECD/INFE, 2016).
Therefore, when individuals’ financial abilities and practices improve, the perception of
control over implementing a retirement plan is reinforced. This perception increases when the
person is financially included, i.e. hold a bank account or a credit card. As several studies have
demonstrated, financial behavior and the use of formal financial services associate with
holding a private pension fund (Boisclair et al., 2017; Bongini and Cucinelli, 2019; Bucher-
Koenen and Lusardi, 2011; Lusardi and Mitchell, 2007b; Niu and Zhou, 2018; van Rooij et al.,
2011). According to Hasler and Lusardi (2017) and Villag
omez (2014), financial behavior also
relates to capital accumulation for financing retirement. Henceforth, this analysis includes the
following hypotheses for young Mexican adults:
H1c. Financial behavior (FB) significantly and positively associates with active
retirement planning (S1, S2).
H1d. Financial inclusion (FI) significantly and positively associates with active
retirement planning (S1, S2).

2.3 Financial attitude and planning for retirement

According to Ajzen’s TPB (1991, p. 665), human behavior is oriented by “beliefs about the
likely consequences or other attributes of the behavior,” and these beliefs “produce a
favorable or unfavorable attitude toward the behavior.” Financial attitude sharpens when
people recognize that choosing living for today spending over future-oriented planning
hinders their chances of improving financial resilience and well-being (Atkinson and Financial
Messy, 2012). literacy and
Financial attitude refers to the way people see money and its use over time (OECD/INFE,
2016). As a rule of thumb, the preference for long-term security is higher evaluated than short-
gender on
term spending because planning for retirement involves preparing for the time when a person retirement
does not longer receive a working-related income (Kumar et al., 2019). A future-oriented
mindset helps propitiate saving for retirement among young adults (Rolison et al., 2017).
Active planning implies investing in instruments available in the open market, such as
pension funds or fixed assets, to financing retirement in the future (Niu and Zhou, 2018).
Thus, we expect that a person who scores high in financial attitude would prefer an active
strategy for financing retirement:
H2. Financial attitude (FA) significantly and positively relates to pursuing an active
retirement strategy (S1, S2).

2.4 Parenthood, marital status, occupation and planning for retirement

Subjective norms are social constructs that exert or alleviate pressure on the individual about
performing a specific behavior (Ajzen, 1991). Whitaker and Bokemeier (2018, p. 382) assert
that “decisions about when and how to retire are determined in the domestic context and are
limited by personal, economic, family, and social factors.”
Parenthood is one of these factors that influence choosing a retirement strategy. In China,
Niu and Zhou (2018, p. 621) found that the number of dependents is directly related to the
intention of passively planning for retirement because “Chinese people traditionally rely on
children to support retirement life.” This idea is also manifest in other cultures.
According to Klimaviciute et al. (2017), family norms and altruism are the main drivers
that trigger caring for elder parents in most European countries, regardless of their status as
beneficiaries of a pension. In the case of married individuals, the partner would expectedly be
the primary help supplier. As a general practice, nonparents retire earlier than parents, and
for doing so, active planning for retirement is more helpful (Whitaker and Bokemeier, 2018).
In consequence, the following hypothesis is analyzed:
H3a. The number of dependents (A) directly relates to passive retirement planning
(S3, S4).
For partnered couples, retirement becomes a family affair. Those who have someone to
depend on in the future tend to anticipate their retirement (Whitaker and Bokemeier, 2018).
Although marriage relates to an increase in the individual’s financial planning horizon (Fulda
and Lersch, 2018), this effect is not necessarily symmetric among partners, i.e. having a
spouse participating in a formal retirement plan is related to a delay in retirement (Whitaker
and Bokemeier, 2018). Although this asymmetry may be partially explained by the
differentiation of roles within the household (Hsu, 2016), in this work, the following
hypothesis is tested:
H3b. Young Mexican adults married or living with a partner (B) are more likely to plan
for retirement passively (S3, S4).
In general, the social norm dictates that income generators cover their expenses and provide
for their household. Thus, young people working out of home and receiving an income have
different motivations to plan for retirement than homemakers and students. Self-employed
and employees show higher probabilities of investing in a pension fund, and conversely,
those out of the workforce are less likely to do it (Vivel-B

ua et al., 2019). Workers usually
provide for their households and procure for future financial needs, while homemakers are
IJBM supposed to care for their families and manage their homes (Hsu, 2016). Therefore, regarding
young Mexican adults, the following hypotheses are proposed:
H3c. Workers (C) are less likely to passively plan for retirement (S3, S4).
H3d. Homemakers (D) are more likely to passively plan for retirement (S3, S4).
H3e. Students (E) are more likely to passively plan for retirement (S3, S4).

2.5 The role of gender in choosing a strategy for financing retirement

Gender deserves special attention when studying retirement planning decisions. On the one
hand, it has been related to financial literacy; on the other, to family stereotypes. Both
characteristics have a strong influence on retirement planning.
Several studies have pointed out a gender gap in financial literacy. In a global study,
Klapper et al. (2015) estimated an advantage of five percentage points in favor of men. This
gap was confirmed by Hasler and Lusardi (2017) in the G-20 countries and Cup
ak et al. (2018)
in 12 of the most advanced economies.
Although the gender gap in financial inclusion has been decreasing in Mexico during the
last decade, challenges remain. The difference in account holding passed from eleven
percentage points in 2012 to two percentage points in 2018; gaps persist, however, in
insurance coverage, pension funds savings and property holding, all in favor of men (INEGI
and CNBV, 2019).
Furthermore, a gender gap is also manifest in the way retirement is financed among
people aged 65 and older. While men are more likely to receive money from a pension fund,
women are frequently the beneficiary of government assistance and family aid (Puente Pe~ na,
2018). Thus, in this study, the following hypotheses are analyzed:
H4. Women (F) are more likely to score lower than men in (a) financial knowledge, (b)
financial behavior, (c) financial inclusion and (d) financial attitude.
H4e. Women (F) are more likely to consider financing their retirement with the assistance
of family and friends (S4).
Gender roles impregnate family life and, therefore, influence planning for retirement. Cup
ak
et al. (2018) attribute the financial literacy gender gap to social norms regarding the
participation of women in economic life; Hsu (2016) explains it by the division of labor at
home; while Driva et al. (2016) associate it with gender stereotypes in the management of
household finances. While fathers are supposed to be in charge of economic provision,
mothers traditionally devote themselves to family care and homemaking (Hsu, 2016;
Whitaker and Bokemeier, 2018). The pressure is harder for women, who face the productive-
reproductive labor dilemma (Whitaker and Bokemeier, 2018).
In Mexico, the gender gap in labor market participation is wide. By September 2020, 73%
of men participated in the workforce, while only 40% of women did (INEGI, 2020a, b). In 2019,
women dedicated on average 40 hours per week to nonpaid domestic work, while men 15
hours (INEGI, 2020a, b). Although female workforce participation rates have increased over
time, their involvement in part-time and temporary positions outweighs males’ (Vivel-B
ua
et al., 2019). Women still confront barriers such as discrimination in the hiring process, limited
promotions and a shortage of support services for working mothers (Instituto Nacional de las
Mujeres, 2019). Therefore, the following hypotheses are formulated regarding young
Mexican adults:
H4f. Women (F) are less likely than men to participate in the workforce (C).
H4g. Women (F) are more likely than men to be occupied as homemakers (D).
2.6 Intention and action Financial
Mexico’s Social Security Law requires employers to contribute to their workers’ private literacy and
retirement accounts (Diario Oficial de la Federaci
on, 1995). By November 2020, ten private
retirement fund managers (Afores, by its acronym in Spanish) were handling more than 67
gender on
million individual accounts, of which bank-owned Afores accounted for a market share of retirement
70% (CONSAR, 2020). Nominally, many workers hold a pension fund, although 27% did not
sign a contract with the fund manager (CONSAR, 2020). In these cases, accounts were open by
employers and assigned by Mexico’s Central Bank by mandate and presumably even without
the worker getting involved.
Contributing to a pension fund makes individuals less anxious and less emotionally
stressed about planning for retirement (Bacov
a et al., 2017). Similarly, homeownership
enhances retirement security (Bravo et al., 2019), financial stability and long-term satisfaction
(Elsinga and Hoekstra, 2005). Pension funds and property ownership are the two primary
sources consumers use to finance retirement (Bravo et al., 2019).
According to Hoffmann and Plotkina (2020), people with a higher level of financial
behavioral control tend to display a stronger association between their intentions and actions
to plan for retirement. Therefore, regarding young Mexican adults, this work intends to prove
the following:
H5a. Those who intend to finance their old age needs with a pension fund (S1) are more
likely to be saving in one (A1).
H5b. Those who intend to finance their old age needs with the earnings from selling or
renting property (S2) are more likely to own a home (A2).
H5c. Those who intend to finance their old age needs with the earnings from selling or
renting property (S2) are more likely to own land (A3).
H5. Those who score high in (d) financial knowledge or (e) financial behavior are more
likely to have implemented an active strategy for financing retirement (A1, A2, A3).

2.7 Mexico’s retirement scenario

Mexico’s social security system was instituted in 1917 when Congress set in Article 123 of the
Constitution the basis of its organization (Diario Oficial de la Federaci
on, 1917). Years later, in
1943, an amendment created the Social Security Mexican Institute (IMSS, by its acronym in
Spanish), which became the largest and most important health and social security institution
(Villarreal and Mac
ıas, 2020). It has then managed funds under a tripartite contribution
scheme: worker, employer and State. Along the twentieth century, different institutions were
created to manage the pension funds of public servants and state-owned company workers;
employees from private firms were usually covered by IMSS, while the presence of private
pension funds was practically null (Villarreal and Mac
ıas, 2020).
Even though the diversity of institutions, Mexico’s pension system rests on four pillars
(Ram
ırez Fuentes, 2017; Villarreal and Mac
ıas, 2020). Pillar zero refers to noncontributive
publicly financed subventions aimed to mitigate the vulnerability of the elderly on a universal
basis. Pillar one is a defined benefit pension scheme compulsorily financed by workers,
employers and State, whose contributions accrue in a common fund. Pillar two, the applicable
system for most formal workers in Mexico, is also obligatory, financed by the worker and
consists of defined contributions deposited in privately managed individual accounts. Pillar
three refers to different kinds of voluntary contributions, such as private saving plans.
In 1995 and 2007, two significant reforms to Mexico’s social security system transferred to
workers the responsibility of managing their accounts to finance retirement. They aimed to
mitigate the pensionary deficit by transiting from pillar one to pillar two, from a heavy public
IJBM burden to privately managed portfolios (Villarreal and Mac
ıas, 2020). The new regulation
favored defined-contribution plans over fixed benefit schemes (Ram
ırez Fuentes, 2017).
Twenty years after the start of this transition, the Mexican pension system had grown to
be financially sustainable; it has generated domestic savings equivalent to 14% of GDP
(Ram
ırez Fuentes, 2017). Nevertheless, these changes are exposing several flaws, mainly
associated with defective planning. Centeno and Flores (2017) warn about how some workers
would not even obtain the minimum wage when they retire and how others will need to adjust
their budget to amounts as low as a fifth of what they received before retiring.
Few studies have addressed planning for retirement in Mexico. Villag
omez and Gonz
alez
(2014) analyzed data from the Mexican Family Life Survey 2005, corresponding to
individuals ages 18–64. They found that financial literacy is related to wealth accumulation
among Mexican adults, but did not identify specific drivers of concern regarding retirement.
Later on, Nava Bola~ nos et al. (2016) studied economic security among adults 65 years-old
and older based on data from the National Household Income and Expenditure Survey 2014.
They found a significant gender gap in the way of financing retirement. While men are more
likely to receive a pension, women are more inclined to be the beneficiary of government
subventions or others’ altruism. In Mexico, being a female significantly reduces the
probability of aspiring to economic security at older ages (Nava Bola~ nos et al., 2016).
By 2018, the estimated population aged 65 or older in Mexico surpassed nine million.
Women accounted for 55% and men 45% (CONAPO, 2018). According to Puente Pe~ na (2018),
23% of women and 40% of men in this cohort benefited from a pension generated by defined
contribution plans. Women received 5,128 Mexican pesos (around 264 USD) per month on
average, while men 6,602 Mexican pesos (around 340 USD) per month.
Furthermore, 53% of women and 43% of men financed their retirement with
noncontributive plans from government assistance programs focused on fighting poverty
at older ages. Both men and women received a monthly allowance of 600 Mexican pesos
(around 31 USD). Nonetheless, 26% of all adults 65-and-older did not get any financial help
from contributive schemes or public subsidies. They lived mainly on their private savings,
family and friends’ altruism or the income they gain at work, although the age of retirement is
65 (Puente Pe~ na, 2018).
Analyzing ways of financing retirement at older ages can be very useful, but changing
retirees’ actual situation without incurring high economic costs is extremely problematic.
Exploring younger generations’ retirement planning intentions can supply insights for policy
designers and private company strategists to proactively fulfill such unsatisfied demand.

3. Data and methodology

3.1 Sampling
This work analyzes 4,984 observations from the National Survey for Financial Inclusion, NSFI
(INEGI and CNBV, 2019). These correspond to young adults between 18 and 35 who lived in
Mexico at the time of the survey. By mid-2018, this age segment accounted for approximately
37 million people, equivalent to 30% of Mexico’s total population (CONAPO, 2018).
The sample selection followed a random and stratified procedure; thus, it can represent
young adults at a national level. As their primary occupation, they reported being either
working, studying, taking care of their families or unemployed. Given that the minimum age to
legally work in this country is 15, those working by the time the survey concluded had initiated
their activities after the introduction of significant modifications to the pensions system in 1997.

3.2 Constructs
From the total number of individuals, 4,382 answered yes or no in at least one of the questions
regarding how they intend to finance their retirement. These questions define the person’s
intention toward different strategies: a pension from a defined contribution plan (S1), renting Financial
or selling a property (S2), getting government subsidies (S3) or receiving the assistance of literacy and
family and friends (S4). This work analyzes the relationship between these strategies and
several explanatory variables (see Table 1).
gender on
As shown in Table 1, variables include whether the individual has already implemented retirement
an active retirement strategy, such as saving in a defined contribution scheme or afore (A1),
owning a home (A2) or land (A3). They also comprise family traits such as the number of
dependents (A) and marital status (B).
Variables include the respondent’s primary occupation, as a worker (C), homemaker (D) or
student (E), set as dummies given that they are mutually exclusive. For them, being
unemployed works as a category of reference. In addition, a variable of utter importance is
gender, which refers to female (F), leaving male as the baseline.
All variables are binary, but the number of dependents is an ordinal nonnegative and
refers to the number of economic dependents.

Variable Description

Intention: Retirement planning strategies

S1 Pension 1 if the individual considers a pension fund to finance retirement; 0 otherwise
S2 Property 1 for investing in property or assets and selling or renting them in the future to
finance retirement; 0 otherwise
S3 Government 1 for financing retirement with government subsidies; 0 otherwise
S4 Family 1 for financing retirement with money transfers or the help of a spouse, family or
friends; 0 otherwise
Behavior: Active strategy actions
A1 DC plan 1 for holding a defined contribution pension fund; 0 otherwise
A2 Homeowner 1 for home ownership; 0 otherwise
A3 Landowner 1 for land ownership; 0 otherwise
Family traits
A Dependents Ordinal non-negative variable that refers to the number of dependents
B Marital status 1 for married or living in union; 0 otherwise
Occupation (baseline: unemployed)
C Worker 1 for working as an employer, employee or self-employed; 0 for student, homemaker
or unemployed
D Homemaker 1 for family caring or homemaking; 0 for student, worker or unemployed
E Student 1 for student; 0 for worker, homemaker or unemployed
Gender (baseline: male)
F Female 1 for woman; 0 otherwise
Financial inclusion and financial literacy
FI Financial 1 if the individual has used an ATM at least once in the last month; 0 otherwise
inclusion
FK Financial 1 for a score of six or more, QFK≥6, in the financial knowledge set of questions:
knowledge QFK 5 Q1 þ Q2 þ Q3 þ Q4 þ Q5 þ Q6 þ Q7; QFKe[0,7]
FB Financial 1 for a score of four or more, QFB≥4, in the financial behavior set of questions:
behavior QFB 5 Q8 þ Q9 þ Q10 þ Q11 þ Q12; QFBe[0,5]
FA Financial 1 for a score of two, QFA 5 2, in the financial attitude set of questions:
attitude QFA 5 Q13 þ Q14; QFAe[0,2]
All variables are binary except (A) dependents Table 1.
Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) Variables description
IJBM In addition, being an ATM user was chosen as an indicator of financial inclusion (FI). This
variable was part of a set that comprised being a debit cardholder, a credit cardholder, a
mobile bank user and having made a transaction at a bank office in the last month. We
discarded these latter variables to avoid multicollinearity. Because most of the ATM users are
debit or credit cardholders (87%), a vast majority of mobile bank users are ATM users too
(95%), and only a few of the young adults are mobile bank users (15%).
Independent variables also include the three components of financial literacy: financial
knowledge (FK), financial attitude (FA) and financial behavior (FB). For each, binary
variables were set based on a battery of questions (see Table 2).
High financial knowledge (FK 5 1) means that the individual correctly answered six or
more questions out of seven (QFK≥6). These evaluated inflation, time value of money, risk
diversification, risk-return relations, simple interest concept, simple interest computation and
compound interest.
High financial behavior (FB 5 1) denotes that the individual provided the expected
answer in at least four out of five questions (QFB≥4). These referred to following a budget,
setting financial goals, paying bills on time, affording a financial emergency with savings and
adjusting expenses to monthly income.
A high financial attitude (FA 5 1) means that the respondent chose the answers oriented
to making sound use of money in the two questions posed (QFA 5 2). These referred to
preferring to save money instead of spending it and carefully considering if the respondent
can pay something before buying it. Attitude toward money influences financial behavior, so
do planning horizon and risk tolerance; thus, the financial attitude might determine the
retirement strategy (Castro-Gonz
alez et al., 2020).

Financial knowledge (FK)

Q1 “Inflation means that the cost of living increases.” True or false?
Q2 If you receive 1,000 pesos but have to wait a year to spend them, and in that year, inflation is 5%. You
will be able to buy more, the same, or less than what you could buy today?
Q3 “If someone offers you the possibility of making money easily, this means you can lose it easily.” True or
false?
Q4 “It is better to save money in two or more ways than just in one (a savings account, group savings, etc.).”
True or false?
Q5 If you lend 25 pesos to a friend and next week he returns exactly the 25 pesos, how much interest did he
pay?
Q6 Suppose you deposit 100 pesos in a savings account that generates an annual profit of 2%. If you make
no deposits or withdrawals, including interest, how much money will you have at the end of one year?
Q7 If you deposit 100 pesos in a savings account that gives you an annual profit of 2%, and you make no
deposits or withdrawals, how much money will you have at the end of five years?
Financial behavior (FB)
Q8 Do you keep a budget or record of your income and expenses?
Q9 Do you set long-term financial goals and strive to accomplish them?
Q10 [During the last year] what you earned or received each month was sufficient to cover your living costs?
Q11 If you had an economic emergency today, equivalent to what you earn or receive in a month, could you
afford to pay for it with your savings?
Q12 Do you pay your bills on time?

Table 2. Financial attitude (FA)

Items considered to Q13 Do you prefer to spend your money than save it for the future?
measure financial Q14 Do you carefully consider if you can pay for something before buying it?
literacy components Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019)
 The works of Klapper et al. (2015), Potrich et al. (2015) and Chen and Volpe (1998) Financial
motivated the establishment of the thresholds for high financial knowledge, high financial literacy and
attitude and high financial behavior. At an international level, Klapper et al. (2015) defined
financial literate as the person answering correctly three out of four questions. Potrich et al.
gender on
(2015) called high financial knowledgeable to those getting at least 10 out of 13 points in a retirement
battery of questions applied in Brazil. In addition, Chen and Volpe (1998) set a minimum of
80% when measuring financial literacy among college students in the United States.
A generalized structural equation model (GSEM) was constructed for each planning
retirement strategy (S1, S2, S3 and S4). All models analyze three types of relations: the effect
of determinant factors on selecting a strategy, the influence of gender as a moderator variable
over some of these factors and the relation between intention and action regarding active
planning strategies.
For analyzing the effect of determinant factors over planning for retirement, one logit
model for each strategy was put to the test, as presented in Equation (1):
logitðPrðSi ¼ 1ÞÞ ¼ − αi þ βFKi $FKi þ βFBi $FBi þ βFAi $FAi þ βFIi $FIi þ βAi $Ai þ βBi $Bi
þ βCi $Ci þ βDi $Di þ βEi $Ei þ βFi $Fi þ εi
(1)

Where «i is the residual; βi is the coefficient associated to each determinant, as described in

Table 2 and Pr(Si) refers to the probability of pursuing strategy Si: defined contribution plan
(S1), renting or selling property (S2), receiving government subsidies (S3) or assistance of
family and friends (S4), as described in Equation (2):
 
PrðSi ¼ 1Þ
logitðPrðSi ¼ 1ÞÞ ¼ log ; i ¼ 1; 2; 3; 4 (2)
1  PrðSi ¼ 1Þ

For analyzing the influence of gender (F) on certain variables (X), when the intention is to
pursue strategy Si, a set of equations were constructed under the following general form:
logitðPrðX ¼ 1jSi ÞÞ ¼ − αi þ βi $Fi þ εi ; X ¼ fFK; FB; FA; FI ; C; Dg (3)

The variables for which this relation is tested are financial knowledge (FK), behavior (FB),
attitude (FA) and inclusion (FI), as well as being a worker (C) or a homemaker (D).
Finally, for analyzing the relation between intention and action regarding active planning
strategies, a set of equations were constructed under the following general scheme:
logitðPrðAj ¼ 1ÞÞ ¼ − αij þ βij $X þ εij ; X ¼ fFK; FB; Si g; j ¼ 1; 2; 3 (4)

Financial knowledge (FK), financial behavior (FB) and the intention to pursue a given active
strategy Si (i 5 1, 2) determine the probability of having implemented action Aj (j 5 1, 2, 3).
Before examining these models, their variables passed a multicollinearity test using the
variance inflation factor, VIF. They all showed a VIF≤5.0, an acceptable measure for the
analysis (Chatterjee and Hadi, 2012).

4. Analysis and discussion

The results are presented in three sections. First, descriptive statistics indicate some
significant differences between subgroups using a two-way chi-square test. The second
section presents the results of the GSEM in terms of relative odds and odds ratios. Finally,
results are discussed.
IJBM 4.1 Descriptive statistics
The sample analyzed includes 4,984 observations corresponding to young Mexican adults
aged 18 to 35. As shown in Table 3, women accounted for 56%, married or living in a union for
58% and parents for 60%. According to their primary occupation, 65% worked as employers,
employees or self-employed; 20% were homemakers, 8% students and 7% unemployed,
meaning they were looking for a job, unable to work, or waiting to get into school.
A total of 51% of the sample regularly use an ATM. This indicator is higher than the 45%
estimated for all Mexican adult population (INEGI and CNBV, 2019). A total of 36% scored
high in financial knowledge, 46% in financial behavior and 75% in financial attitude. The
former is four percentage points higher than the estimated by Klapper et al. (2015) at 32% for
people aged 35 or younger in emerging economies.

Total Male Female

Variable N % N % N % Chi-sq

Retirement planning strategies

S1 Pension 2,596 52 1,307 60 1,289 46 84.0**
S2 Property 2,120 43 1,069 49 1,051 38 59.0**
S3 Government 2,178 44 888 41 1,290 46 21.6**
S4 Family 2,684 54 789 36 1,895 68 516.4**
No strategy 321 6 173 8 148 5 13.9**
Purely active (S1, S2) 1,245 25 786 36 459 16 247.9**
Purely passive (S3, S4) 1,171 23 294 13 877 31 221.5**
Active and passive 2,247 45 936 43 1,311 47 9.0**
Active strategy actions
A1 DC plan holder 2,016 40 1,083 49 933 33 145.8**
A2 Homeowner 906 18 498 23 408 15 54.9**
A3 Landowner 338 7 208 10 130 5 54.7**
Financial characteristics
FI Financial inclusion (high) 2,555 51 1,234 56 1,321 47 40.8**
FK Financial knowledge (high) 1,783 36 868 40 915 33 25.9**
FB Financial behavior (high) 2,302 46 1,133 52 1,169 42 45.7**
FA Financial attitude (high) 3,729 75 1,637 75 2,092 75 0.01
Family traits
A Dependents 215.9**
None (baseline) 2,018 40 692 32 1,326 47
1 803 16 322 15 481 17
2 961 19 455 21 506 18
3 714 14 407 19 307 11
4 488 10 313 14 175 6
B Marital status 39.7**
Single 2,106 42 1,034 47 1,072 38
Married 2,878 58 1,155 53 1,723 62
Occupation
C Worker 3,264 65 1,903 87 1,361 49 794.3**
D Homemaker 989 20 5 0 984 35 944.2**
E Student 393 8 170 8 223 8 0.8
Unemployed (baseline) 338 7 111 5 227 8 18.1**
Total 4,984 100 2,189 44 2,795 56
Table 3. Note(s): p-value: **p < 0.01
Descriptive statistics Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata
by gender (StataCorp, 2017)
 Regarding savings and the accumulation of capital, 40% held a determined contribution Financial
pension plan. This indicator seems high considering that 65% of the respondents were literacy and
working and that informal employment reached 57% in the year the survey was
administered (INEGI, 2019). In contrast, only 18% owned a home and 7% land.
gender on
Results indicate that most of the analyzed characteristics are gender-biased (p < 0.01). As retirement
shown in Table 3, financial inclusion reaches 56% among males, while 47% among females.
Regarding financial knowledge, men score high in 40% of the cases, while women in 33%; in
financial behavior, these marks are 52% and 42%. Only in financial attitude, scores are even
at 75% for both.
These gender discrepancies are also manifest in occupation (p < 0.01). At this age interval,
women’s participation in the workforce is 49%, in contrast to 87% for men. Homemaking is
practically a female’s affair: while one of every three women dedicate to it, only one out of 500
men do. Even unemployment is biased, with 8% for women and 5% for men. Only among
students participation is even at 8% for both.
Young Mexican adults have different preferences concerning financing their retirement:
52% consider saving a pension fund, 43% investing in property or assets, 44% receiving
public subsidies and 54% getting the help of family and friends. Six percent have not chosen a
strategy yet; 25% prefer a purely active strategy, 23% a purely passive strategy and 45% a
mix of them.
As shown in Table 3, a gender gap is also notorious regarding choosing a strategy for
retirement. While men exhibit a higher propensity to active planning, women are more likely
to pursue a passive strategy. The no strategy choice is more prevalent among men, and
women predominate in the mixed-strategies choice.

4.2 Econometric analysis

Different factors influencing a retirement strategy’s choice were put to the test using GSEMs
with a logistic regression base. The following four sections present these results. The first
analyzes the determinants of active retirement planning, and the second analyzes the
determinants of passive planning. The third explains the effects of gender as a moderator of
explicative variables, and the fourth comments on the relation between intention and action
regarding active strategies.
4.2.1 Determinants of active retirement planning. In this work, active retirement planning
refers to saving in a defined contribution pension fund (S1) and investing in property to sell or
rent in the future (S2). Financial practices and the use of financial services show a significant
effect on the choice of an active strategy, but not financial knowledge. Table 4 displays the
results of these analyses on active strategies.
In Mexico, financial behavior is significantly and positively related to actively planning
for retirement among younger adults (p < 0.01). The odds of considering a pension fund
among high financial behavior performers are 1.27 times higher than those of lower scorers.
Similarly, high scorers show 1.68 times the odds of considering investing in property as a
strategy for financing retirement. These results contribute to not rejecting hypothesis H1c.
However, no evidence was found to support hypothesis H1a, which states that financial
knowledge significantly affects active planning.
Financial inclusion is also a factor that influences active retirement planning (p < 0.01).
The odds of considering a pension fund or investing in fixed assets as a strategy for
retirement are, respectively, 3.47 and 1.21 times higher for ATM users than for nonusers.
These results are evidence for not rejecting hypothesis H1d. They suggest that financial
inclusion, measured by the use of ATMs and by extension of formal financial services,
contributes to increasing proactivity in selecting a retirement plan and reducing pressure
over the public budget in the future.
IJBM S1: Defined-contribution fund S2: Renting or selling property
Relative odds (log) Odds ratio Relative odds (log) Odds ratio
Strategies/Variables β SE p exp(β) SE β SE p exp(β) SE

Financial inclusion 1.24 0.07 ** 3.47 0.24 0.19 0.06 ** 1.21 0.08
Financial knowledge (high) 0.01 0.07 0.99 0.07 0.03 0.06 0.97 0.06
Financial behavior (high) 0.24 0.07 ** 1.27 0.09 0.52 0.06 ** 1.68 0.10
Financial attitude (high) 0.11 0.08 1.11 0.09 0.17 0.07 * 1.18 0.08
Dependents 0.08 0.03 ** 0.92 0.03 0.06 0.03 * 0.94 0.02
Marital status (married) 0.42 0.08 ** 0.65 0.05 0.06 0.07 0.94 0.07
Worker 0.20 0.13 1.22 0.16 0.05 0.13 0.95 0.12
Homemaker 1.00 0.15 ** 0.37 0.06 0.39 0.14 ** 0.68 0.10
Student 1.14 0.19 ** 3.11 0.60 0.18 0.16 1.20 0.20
Gender (Female) 0.09 0.08 0.91 0.07 0.31 0.07 ** 0.73 0.05
Intercept 0.24 0.15 NA 0.30 0.15 * NA
Table 4.
Planning for retirement Number of observations 4,984 4,984
among young adults Note(s): p-value: **p < 0.01; *p < 0.05
ages 18–35, in Mexico, Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata
2018 (Active strategies) (StataCorp, 2017)

Moreover, young Mexican adults with future-oriented financial attitudes are 1.18 times more
likely to invest in property to finance their retirement (p < 0.05). This fact confirms what
Rolison et al. (2017) had observed among young adults in the United States. However, it is not
enough to completely accept hypothesis H2 because no significant relation was found
between financial attitudes and saving in a pension fund.
In addition, the intention to finance retirement with a pension fund among students is 3.11
times higher than among nonstudents (p < 0.01). In contrast, married individuals and
homemakers show low probabilities of considering a pension fund; their odds are 0.65 and
0.37 times the odds of singles and nonhomemakers, respectively (p < 0.01).
4.2.2 Determinants of passive retirement planning. For this study’s purposes, passive
retirement planning refers to the intentions of living on government subsidies (S 5 3) and
getting assistance from family and friends (S 5 4). Table 5 presents the findings in this
respect.
Financial inclusion and financial knowledge are inversely related to passive planning for
retirement. As an indicator of financial inclusion, ATM users show 0.58 and 0.60 times the
odds of pursuing S3 and S4, respectively, compared to nonATM users (p < 0.01). Likewise,
individuals scoring high in financial knowledge have 0.71 and 0.78 times the odds of
considering financing their retirement with government subsidies or family assistance,
respectively, compared to those scoring low (p < 0.01). These results provide evidence not to
reject hypothesis H1b. They are consistent with the outcomes obtained by Niu and Zhou
(2018) regarding passive planning for retirement among adults in China.
As shown in Table 5, the number of dependents is directly related to passive planning for
retirement. Parents are 1.09 and 1.07 times more likely to look for the assistance of
government (p < 0.01) or family (p < 0.05), respectively, for every child, in comparison to
nonparents. This fact constitutes evidence not to reject hypothesis H3a.
Regarding planning for retirement, young married Mexican adults show a positive
proclivity to prefer family and friends’ assistance as a strategy (p < 0.01), but not the
government’s. Thus, hypothesis H3b is partially rejected, in concordance to Hsu (2016) and
Whitaker and Bokemeier (2018).
Socially speaking, people occupied in a paid work usually have an income, which allows
them to be financially independent and, in many cases, to contribute to their household care.
 S3: Government subsidies S4: Family and friends help
Financial
Relative odds (log) Odds ratio Relative odds (log) Odds ratio literacy and
Strategies/Variables β SE p exp(β) SE β SE p exp(β) SE gender on
Financial inclusion 0.55 0.06 ** 0.58 0.04 0.51 0.07 ** 0.60 0.04 retirement
Financial knowledge (high) 0.34 0.06 ** 0.71 0.05 0.25 0.07 ** 0.78 0.05
Financial behavior (high) 0.03 0.06 0.97 0.06 0.07 0.07 1.08 0.07
Financial attitude (high) 0.07 0.07 0.93 0.07 0.03 0.08 1.03 0.08
Dependents 0.08 0.03 ** 1.09 0.03 0.07 0.03 * 1.07 0.03
Marital status (married) 0.01 0.07 1.01 0.07 0.69 0.08 ** 2.00 0.16
Worker 0.21 0.13 0.81 0.10 0.48 0.14 ** 0.62 0.08
Homemaker 0.17 0.14 1.19 0.17 0.48 0.17 ** 1.61 0.27
Student 0.56 0.17 ** 0.57 0.10 0.49 0.17 ** 0.61 0.11
Gender (Female) 0.13 0.07 1.14 0.08 1.11 0.07 ** 3.04 0.22
Table 5.
Intercept 0.31 0.15 * NA 0.23 0.16 NA
Planning for retirement
Number of observations 4,984 4,984 among young adults
Note(s): p-value: **p < 0.01; *p < 0.05 ages 18–35, in Mexico,
Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata 2018 (Passive
(StataCorp, 2017) strategies)

In this study, evidence shows that workers are less likely to pursue a passive strategy of
planning for retirement. This assertion holds when referring to their intention to live on
family and friends (p < 0.01), but not regarding government subventions. Thus, hypothesis
H3c is partially accepted, which ratifies what Vivel-B
ua et al. (2019) have observed in Spain.
Contrary to what was expected, young Mexican adults who attend school are not more
likely to pursue a passive strategy for financing retirement than those who are not. They
show 0.57 and 0.61, the odds of nonstudents (p < 0.01) regarding their intentions to receive
government subsidies or family’s aid to finance their retirement, respectively. These facts
contribute to rejecting hypothesis H3e, which assumed that those out of the workforce were
less likely to pursue an active strategy (Vivel-B
ua et al., 2019).
Similarly, homemakers are more prone to financing their retirement with family and
friends’ aid. Their odds of pursuing this retirement strategy are 1.61 times higher than those
of their counterparts (p < 0.01). However, no evidence emerged to assert that they intend to
depend on government programs. Therefore, H3d is partially accepted, although it only holds
when addressing family and friends’ assistance.
4.2.3 The effect of gender on planning for retirement. The role of gender is crucial in
planning for retirement. On the one hand, social norms have restricted women from equally
participating in economic life. On the other, these limitations might have precluded their
financial literacy and inclusion. Both interactions are presumably responsible for their
intentions to finance retirement.
In contrast to men, young Mexican women present a lower propensity to invest in fixed
assets and a higher inclination to expect others’ contributions as a means of financing
retirement. As displayed on Tables 4 and 5, they are 0.76 times less likely to invest in property
and 3.04 times more likely to consider living on family and friend’s assistance in comparison
to men (p < 0.01). This latter result confirms hypothesis H4e, which is consistent with what
Cup
ak et al. (2018), Hsu (2016) and Driva et al. (2016) explain as a consequence of participation
of women in economic life and division of labor at home. These assumptions are analyzed
next (see Table 6).
Among young Mexican adults ages 18–35, women are less likely to participate in the
workforce. Their odds are 0.14 times the odds of men (p < 0.01), which confirms hypothesis
H4f. Homemaking is practically a female activity in the sample under analysis. Young women
IJBM have more than two-hundred times the odds of men’s to be involved in family caretaking
(p < 0.01). This fact validates hypothesis H4g.
As expected, women in this study presented a lower performance than men in most
financial components. Their odds are 0.69, 0.74 and 0.68 times the odds of men regarding
financial inclusion, financial knowledge and financial behavior, respectively (p < 0.01). Thus,
hypotheses H4a, H4b, and H4c are not rejected. Only the hypothesis H4d is rejected; it
assumed that women are less likely to score higher than men in financial attitude.
4.2.4 Intention and action about retirement planning. In Mexico, adults aged 18–35 who
intend to actively plan their retirement show a higher inclination to saving in a pension fund
or owning property. Table 7 presents these results.
Those who consider financing their retirement with a pension fund are 5.41 times more
likely to be investing in a determined contribution plan (p < 0.01). This fact confirms
hypothesis H5a. Similarly, young Mexican adults intending to finance their retirement with
the earnings generated by investing in fixed assets are 1.36 times more likely to own a home
and 2.60 times more likely to own land than those who do not have this intention (p < 0.01).
These results demonstrate H5b and H5c.
Regardless of the strategy intended, high financial knowledge and behavior scores are
significant predictors of holding a determined contribution pension fund among young
Mexican adults (p < 0.01). Likewise, scoring high in financial behavior is significantly
associated with owning a house or land. These results confirm H5d and H5e and are
consistent with Hoffmann’s and Plotkina’s (2020) findings, regarding the relationship
between financial behavioral control and implementing an active strategy for financing
retirement.
These results confirm the causal relationship between intention and action. However,
what if holding a pension fund or possessing property have influenced the decision to pursue
an active strategy. As shown in Table 8, a reverse causality should not be discarded, given
that saving in a pension fund is significantly related to consider it as a source to finance
retirement (p < 0.01). Analogously, possessing land or a house is also significantly related to
finance retirement with the gains from renting or selling property (p < 0.01).

4.3 Discussion
The results confirm that financial literacy and financial inclusion relate to planning for
retirement among young Mexican adults ages 18 to 35. They are consistent with the findings
of Boisclair et al. (2017), Bongini and Cucinelli (2019), Bucher-Koenen and Lusardi (2011),
Lusardi and Mitchell (2007b), Niu and Zhou (2018) and van Rooij et al. (2011), regarding
pension funds; and with Hasler and Lusardi (2017) and Villag
omez and Gonz
alez (2014),
concerning investing in property.

Relative odds (log) Odds ratio

Impact of gender on. . . βi SE p β0 SE exp(βi) SE

Financial inclusion 0.37 0.06 ** 0.26 0.04 0.69 0.04

Financial knowledge 0.30 0.06 ** 0.40 0.04 0.74 0.04
Financial behavior 0.39 0.06 ** 0.10 0.04 0.68 0.04
Financial attitude 0.01 0.07 1.14 0.05 1.01 0.07
Being a worker 1.95 0.07 ** 1.90 0.06 0.14 0.01
Being a homemaker 5.47 0.45 ** 6.08 0.45 237.33 106.67
Table 6. Note(s): p-value: **p < 0.01
Effect of gender in Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata
planning for retirement (StataCorp, 2017)
 Intentions
S1: Pension S2: Property S3: Government S4: Family and friends
Actions Relative odds Odds ratio Relative odds Odds ratio Relative odds Odds ratio Relative odds Odds ratio
/Variables β SE p exp(β) SE β SE p exp(β) SE β SE p exp(β) SE β SE p exp(β) SE

(A1) DC plan
Strategy 1.69 0.07 ** 5.41 0.37 0.05 0.06 * 1.05 0.07 0.32 0.06 ** 0.73 0.05 0.56 0.06 ** 0.57 0.04
Financial 0.29 0.07 ** 1.34 0.09 0.30 0.06 ** 1.35 0.09 0.28 0.06 ** 1.33 0.09 0.26 0.06 ** 1.30 0.08
knowledge
Financial 0.29 0.07 ** 1.34 0.09 0.46 0.06 ** 1.58 0.10 0.41 0.06 ** 1.51 0.09 0.43 0.06 ** 1.54 0.10
behavior
Intercept 1.49 0.07 ** 0.23 0.01 0.63 0.05 ** 0.53 0.03 0.43 0.06 ** 0.65 0.04 0.27 0.06 ** 0.76 0.05
(A2) Homeowner
Strategy 0.05 0.08 1.05 0.08 0.31 0.08 ** 1.36 0.10 0.15 0.08 0.86 0.07 0.16 0.08 * 0.85 0.07
Financial 0.05 0.08 1.05 0.08 0.06 0.08 1.06 0.08 0.01 0.08 1.01 0.08 0.05 0.08 1.05 0.08
knowledge
Financial 0.26 0.08 ** 1.30 0.10 0.23 0.08 ** 1.26 0.10 0.29 0.08 ** 1.34 0.10 0.26 0.08 ** 1.30 0.10
behavior
Intercept 1.67 0.07 ** 0.19 0.01 1.77 0.07 ** 0.17 0.01 1.59 0.07 ** 0.20 0.02 1.55 0.08 ** 0.21 0.02
(A3) Landowner
Strategy 0.24 0.12 * 0.78 0.09 0.95 0.12 ** 2.60 0.32 0.28 0.12 * 0.76 0.09 0.32 0.12 ** 0.72 0.08
Financial 0.04 0.12 1.04 0.13 0.02 0.12 0.98 0.12 0.10 0.12 0.91 0.11 0.04 0.12 0.96 0.12
knowledge
Financial 0.47 0.12 ** 1.60 0.19 0.28 0.12 * 1.32 0.16 0.41 0.12 ** 1.50 0.18 0.37 0.12 ** 1.44 0.17
behavior
Intercept 2.77 0.11 ** 0.06 0.01 3.26 0.12 ** 0.04 0.00 2.65 0.11 ** 0.07 0.01 2.61 0.12 ** 0.07 0.01
Note(s): p-value: **p < 0.01; *p < 0.05
Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata (StataCorp, 2017)
retirement
literacy and
gender on

intention and action

Table 7.
Financial

Relation between
IJBM Total Intentions: Active strategies
Pension (S1) Property (S2)
Actions (N 5 4,984) N % N % Chi-sq N % Chi-sq

A1 DC plan holder No 2,968 60 961 32 712.7** 1,115 38 6.8**

Yes 2,016 40 1,505 75 908 45
A2 Homeowner No 4,078 82 2,107 52 0.8 1,671 41 20.4**
Yes 906 18 489 54 449 50
A3 Landowner No 4,646 93 2,438 52 3.2 1,901 41 69.3**
Yes 338 7 158 47 219 65
Table 8. Note(s): p-value: **p < 0.01
Active planning Source(s): Author’s elaboration with data from NSFI (INEGI and CNBV, 2019) processed in Stata
intentions and actions (StataCorp, 2017)

Furthermore, financial behavior and financial knowledge have different effects on retirement
planning. While the former triggers active planning, the latter inhibits passivity. Financial
inclusion works in both directions: it acts as an active strategies driver and, simultaneously,
as a passive strategies hinderer.
In Mexico, young adults who intend to pursue an active retirement strategy are more
likely to be saving in a pension fund, possessing land or a house. This work provides evidence
to establish a causality among these variables. Having chosen an active planning strategy
influences the propensity to invest either in a pension fund or property (intention to action); at
the same time, holding a private pension fund or investing in Real Estate is related to prefer
an active strategy to finance retirement (action to intention).
Moreover, young Mexican adults who are studying, presumably enrolled in higher
education, seem to have great expectations about private pension funds’ benefits. Similar to
what Bongini and Cucinelli (2019) have observed among Italian university students, they
may believe these funds will be enough to maintain their living standards in retirement.
Whether this is true requires further investigation.
Something similar happens with young Mexicans’ beliefs regarding the labor market. A
significant proportion of them faces unemployment, sub-employment, informality and
sociocultural pressure, which may not correspond to their expectations. This work confirms
that these conditions are gender-biased in favor of men. Even though changes have been
operating for equality, more actions are still necessary to propitiate more active retirement
planning.
The formalization of economic activity might be the first step in this transition. Then, the
regulation of part-time and temporary jobs, transparency in the hiring and promotion
processes and the increase in support services for working mothers might follow. The
discussion about the definition of formality and the effectiveness of the regulation over
working conditions remains open.
Results suggest that the full incorporation of women into the formal labor force is
somehow associated with their financial inclusion and literacy, thus favoring their active
planning for retirement. However, marriage and children seem to pull them back to the
traditional stereotype of homemaking, limiting their economic independence, as noticed by
Niu and Zhou (2018) and Whitaker and Bokemeier (2018). This observation implies that
staying single and childless by age 35 motivates people to think about financial independence
in the long-run; conversely, getting married and having children somehow relaxes their
financial concerns.
Although younger generations have coexisted with more vigorous gender-equality
discourse, in practice, cultural inertia that defines homemaking as an exclusive woman’s duty
keeps undermining their participation in the workforce and condemning them to family Financial
caretaking, as noticed by Hsu (2016), Whitaker and Bokemeier (2018), and Vivel-B
ua et al. literacy and
(2019). During the last two decades, women’s enrollment in higher education and bank
cardholding rates have practically equaled men’s. The financial inclusion policy might be
gender on
playing a positive influence in favor of women; however, it has not been enough to complete a retirement
transition from passive to active retirement planning.

5. Conclusion
This work analyzes the relationship between financial literacy and planning for retirement
among young adults in Mexico, with gender as a moderator variable. It uses data from the
National Survey for Financial Inclusion 2018 (INEGI and CNBV, 2019) to construct four
structural equation models, two for active planning and two for passive planning. By
studying adults aged 18–35 and considering more than the traditional pension fund option,
this paper aims to warn about the need to guide retirement planning at an age for timely
decision-making. This orientation must ponder the role of gender in the choice of a strategy.
Planning for retirement is a process strongly influenced by gender among young Mexican
adults. On the one side, a wide gender gap in financial knowledge, behavior and inclusion
persists, affecting females’ proclivity to actively planning. On the other side, gender
stereotypes keep restraining females’ participation in the labor market and confining them to
family caretaking.
Many young Mexican women still consider family and friends the primary source to
finance their expenses at older ages, especially when the number of economic dependents
grows. More research about family dynamics is necessary to understand intergenerational
economic transfers and improve the fulfillment of retirees’ needs.
Therefore, the transition from the prevalent passive-oriented scheme to proactive
retirement planning must consider an integral strategy. First, it is necessary to increase the
formalization of economic activities and reinforce the employer’s obligation to register their
workers in a pension fund. Second, employees should be informed and persuaded about
planning retirement benefits, starting to save early in life and managing their accounts. In
these tasks, banks, fund managers and other financial institutions could assume a more
proactive and socially responsible role.
Strengthening financial education among young Mexican adults who already are saving
in a defined contribution plan is strongly recommended. So they can increase their awareness
of holding a pension fund, ponder whether diversifying strategies is convenient, or improve
their understanding of concepts such as risk diversification, risk-return ratios and turnover
maximization.
Simultaneously, the government must insist on the equalization of labor conditions for
women and men. The regulation of overtime, part-time and temporary jobs, predominantly
female jobs, should be enforced. Cultural change is not easy, but it can be hastened with a
long-term policy. Furthermore, financial education is crucial in the consecution of individual
financial independence, the relaxation of public budgetary stress and the ultimate social
well-being.
The lack of data from several years to effectuate a longitudinal analysis is one of the main
limitations of the present analysis. It can be useful to explain how structural and institutional
changes affect a retirement strategy’s choice and how the financial inclusion policy has
influenced these decisions among young adults.
In general, improving financial literacy among young adults in Mexico is necessary to
transition from passive to more active planning for retirement. Pension fund managers,
banks, real estate firms and other private companies should take advantage of this business
opportunity while attending unsatisfied demand, with a particular interest in women’s needs.
IJBM The government should implement policies and programs to enforce informal workers’
regularization and equal labor conditions for men and women. More effective retirement
planning is essential to procure the sustainability of public finances and a better quality of life
for the people.

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Further reading
Diario Oficial de la Federaci
on (1970), “Ley Federal del Trabajo”, Ciudad de M
exico, M
exico, April 1,
available at: https://www.dof.gob.mx/website/nota_to_imagen_fs.php?codnota54670446
&fecha501/04/1970&cod_diario5201227 (accessed 31 January 2021).

Corresponding author
Osvaldo Garc
ıa Mata can be contacted at: ogarciam@uat.edu.mx

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