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The effect of financial literacy and gender on retirement planning among young adults

Osvaldo García Mata (School of Commerce and Administration Victoria, Universidad Autónoma de Tamaulipas, Victoria, Mexico)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 29 April 2021



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.


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.


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.


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.



García Mata, O. (2021), "The effect of financial literacy and gender on retirement planning among young adults", International Journal of Bank Marketing, Vol. ahead-of-print No. ahead-of-print.



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