- Credicorp published its third consecutive study to identify gaps in financial inclusion, which now covers 8 countries in the region: Argentina, Bolivia, Chile, Colombia, Ecuador, Mexico, Peru and Panama.
- Although the gap in financial inclusion in Latin American persists, it has begun to close since the study’s first measurement in 2021.
- In the countries evaluated, women hold fewer products than men on average and report less frequent use of financial products every month.
Lima, March 2024.- for the third consecutive year, Credicorp published a Gender Gap in Financial Inclusion study with Ipsos. The study currently covers 8 countries in the region: Argentina, Bolivia, Chile, Colombia, Ecuador, Mexico, Panama y Peru. The results show that gender gaps in Latin America persist but have nonetheless fallen since the study’s measurement in 2021.
At the regional level, the level of low financial inclusion in women registered a downward trend, dropping from 56% in 2021 to 38% in 2023. The largest decrease was observed among women in rural areas and for those over the age of 43; drop was particularly high among housewives in both groups. Although the percentage of women who achieved the financial inclusion level rose from 11% in 2021 to 23% in 2022, the level in 2023 showed less variation YoY, situating at 21% at year-end.
Financial Inclusion Index by gender, evolution of results by year (% of the population according to levels of achievement)
In this edition, Peru advanced 2 positions in the ranking to take fifth place ahead of Argentina (38%), Panama (33%), Chile (31%) and Ecuador (27%) while Mexico (17%), Colombia (16%) and Bolivia (12%) placed last.
According to the study, 21% of women achieved the financial inclusion level in 2022, which tops the figure reported in 2021 by 10 points (11%).
It is important to note that citizens who are classified as having achieved financial inclusion are those that regularly use different products and financial services and hold a positive view of the financial system.
In terms of possession of mobile wallets, the study shows that this digital tool serves as a key vehicle for inserting women in the formal financial system in the region. Nevertheless, there is a slight difference between men and women in terms of possession of this product (32% in men versus 30% in women).
In Argentina, Colombia and Bolivia (countries with high levels of possession of mobile wallets), no major differences were observed between men and women. Nevertheless, a gap between genders is evident in Chile, Ecuador and Peru.
A gender gap is also visible in the average level of possession of credit products, which are held by 48% of men and 42% of women. When we analyze people’s perceptions of the safety level of transactions, women generally report feeling less safe, with only 25% reporting feeling safe versus 30% of men. It is important to note that women who receive income in accounts that are in their names feel safer than those who receive cash payments through third-party accounts or those who have no income.
Finally, if we look at the overall results by age, we find that younger ages present higher levels of financial inclusion while women over the age of 60 have lower levels of inclusion. Nevertheless, the trends toward higher levels in groups “in process” and “achieved” and a reduction in the group that classifies as possessing a low level of financial inclusion hold across age groups.
“At Credicorp, we are conscious that large gaps exist in the countries in which we operate. Accordingly, we have launched different initiatives to drive equal opportunities between men and women inside our organization and through our products and services. One of our main efforts is publishing the study on gender gaps in financial inclusion,” commented Francesca Raffo, Innovation Officer at Credicorp.
Regarding Credicorp’s Gender Gap Study. The gender gap study began 3 years ago and is based on the results of Credicorp’s Financial Index. The document, which was developed by Ipsos, measures progress on this front in three dimensions: access, use and perceived quality of the financial system. Research was conducted in eight countries in the region and uses an intersectional analysis to identify differences between women according to demographic variables, such as age, occupation and socio-economic level among others.
