Financial literacy and sociodemographic characteristics of the Mexican Petroleum Company employees

Elena Moreno-García; Milka Elena Escalera-Chávez; María Belén Del Ángel Flores

doi:10.24294/jipd.v8i6.4522

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Financial literacy and sociodemographic characteristics of the Mexican Petroleum Company employees

Elena Moreno-García

Milka Elena Escalera-Chávez

María Belén Del Ángel Flores

Journal of Infrastructure Policy and Development 2024, 8(6), 4522; https://doi.org/10.24294/jipd.v8i6.4522

Submitted：01 Feb 2024

Accepted：05 Mar 2024

Published：06 Jun 2024

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Abstract

Low levels of financial literacy cause people to have lower savings rates, higher transaction costs, larger debts and the loans acquisition with higher interest rates, therefore it becomes relevant to analyze the determinants of financial literacy. The aim of this research is to identify whether there is an association between the financial literacy level and sociodemographic characteristics. The Mexican Petroleum Company (Pemex) employees is the population analyzed. Pemex is the state-owned oil and natural gas producer, transporter, refiner and marketer in Mexico. A non-probabilistic convenience sampling was performed and 404 responses were obtained. The analysis of data was carried out with the Bayesian method. The results show that there is an association between Pemex employees’ level of financial literacy and their level of education, income, age and type of retirement saving. No association was found between their level of financial literacy and gender, marital status and whether or not they have children.

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References

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