Financial Socialization to Financial Well-Being
Description
The methodology used is based on a quantitative, non-experimental, cross-sectional and correlational research study. To carry out the analysis, information provided by the National Survey on Financial Health (ENSAFI for its Spanish acronym), conducted in 2023 by the National Institute of Statistics and Geography (INEGI in Spanish) in collaboration with the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF in Spanish), was used. The unit of analysis was composed of individuals over 18 years of age, distributed throughout the country. In total, 20,448 people participated in the study.
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To structure the theoretical model, five main constructs were defined: four of them exogenous, including financial confidence, degree of control, optimism and financial socialization; while the endogenous construct refers to financial well-being. In total, the model is composed of 18 indicators, obtained from the National Financial Health Survey database. The scales used have been validated and are based on the recommendations of recognized studies and organizations, such as the Center for Financial Health of the UNCDF and MetLife Foundation, the Personal Finance Research Centre (PFRC) of the University of Bristol and the World Bank. In addition, they are supported by international surveys conducted in countries such as Canada, Australia and the United States, which provides a global and comparative perspective in the analysis of financial well-being (INEGI, 2023). The model was evaluated using the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique, implemented using SMARTPLS software, version 3.2.9. According to Henseler (2016), PLS-SEM is a robust statistical technique that allows maximizing the variance explained in the dependent (endogenous) variables within complex multivariate models. The analysis was carried out in several phases. First, the reliability and validity of the measurement model were evaluated using various criteria, which made it possible to establish the robustness of the metrics used. Subsequently, the structural model was examined using the bootstrapping technique to determine the significance of direct and indirect effects between constructs. Finally, the findings are discussed in the context of the existing literature, offering a comprehensive view of the implications of the results obtained.
Institutions
- Instituto Nacional de Estadistica y Geografia