It is urgent to develop financial skills in women, such as savings and planning

A recent survey carried out by Kantar on behalf of the English financial group International Personal Finance (IPF) and Provident México, revealed that women in Mexico face a more complicated situation than men due to the loss of their main source of income.

According to Economic Well-being Survey and attitudes about financial decision making 2022, the percentage of 14.6% of women who claimed not to have savings to cover the loss of their source of income, compared to 6.1% of men. In addition, 29.7% of the women surveyed said they would have savings to live between 6 and 12 months, while 38.9% of men said the same.

The ability to save was also affected, since the possibility of saving money after covering daily expenses is lower in women than in men. Only 8.4% of women versus 10.3% of men answered that at the end of the month they have an amount of money left over to save.

Given these results, Fernando Chávez Uribe, Director of Legal and Corporate Affairs at Provident, highlighted the importance of developing financial skills such as saving and spending planning to achieve greater financial resilience, especially for women facing a economic vulnerability gap.

Survey indicators

The Survey of Economic Well-being and attitudes was carried out at the national level to 505 people between the ages of 18 and 75, of which the 52% were women and 48% men.

The financial and labor inclusion of women is a shared goal by various social actors, including institutions and companies that work to contribute to greater financial inclusion, such as Provident Mexico. According to David Parkinson, general director at Provident Mexico, his offer of psimple, personal and affordable products contributes to achieving economic autonomy for groups historically excluded from financial services.

The economic vulnerability gap of women in Mexico is a problem that must be addressed urgently to achieve a greater equality of opportunity and improve the quality of life of all people in the country.