Students from Tec de Monterrey’s Leon campus students have created a financial guide to help more senior citizens overcome technological and financial barriers in Mexico.
With the aim of supporting financial inclusion in Mexico, students from the Tec’s Leon campus have created an ebook in collaboration with CONDUSEF to describe the main financial concepts to senior citizens.
Among the main topics that students included in the ebook are savings, credit, retirement funds, and insurance.
This is the first time this challenge to raise awareness of financial concepts has been carried out in Financial Education, said the course’s professor Roxana Lastiri.
“Knowledge shouldn’t stay in the classroom. We can have a huge impact on people’s lives by educating the general population on the basics of finance,” the professor said.
“You don’t know how this kind of information can change a person’s life.” - Roxana Lastiri
Financial inclusion of senior citizens in Mexico
According to data from the National Financial Inclusion Survey, the population group with the fewest financial skills were adults over the age of 60 in 2021.
The same study revealed that only 11% of elderly women were insured and had a retirement fund. In the case of men, this percentage only increased to 25%.
What’s more, only 17% of the elderly used mobile banking to manage their accounts, preferring physical methods such as going into branches and using ATMs.
“CONDUSEF told us that their main concern was older adults with technological barriers,” Lastiri explained.
“Only a very small group of that population uses technology without any problems. Many of them are still unaware of what retirement funds and insurance involve,” she added.
In the final phase of the project, the students invited senior citizens to have the opportunity to present the guides to them, Lastiri said.
“The feedback we received was very positive, especially from one of them who has worked in banks since he was 14 years old and is now a BanBajío board member,” Lastiri said.
Lastiri hopes that these ebooks can be used in the future either by CONDUSEF or by her own students to further promote financial education among the population.
“Hopefully this will continue to be promoted, even on social media, because this kind of information could change someone’s life if they didn’t know it before,” the professor concluded.
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