This study analyzes the relationship between Fintech use and financial well-being in Mexico within the post-Fintech Law period, with attention to differences across financial service types and user profiles.
Using microdata from the 2024 National Survey on Financial Inclusion, we construct a financial well-being index via principal component factor analysis and estimate multiple ordinary least squares regression models to assess associations between Fintech use, traditional financial services, sociodemographic factors, and financial well-being.
The use of Fintech electronic payment services is positively associated with financial well-being, particularly when combined with traditional banking services. By contrast, Fintech-based crowdfunding does not show a significant association with improved financial well-being for most users, especially among those excluded from traditional credit markets.
The cross-sectional design limits causal inference and excludes digital financial services from traditional banks. Future research should use longitudinal data to explore the behavioral mechanisms underlying Fintech use.
Policymakers and providers should prioritize digital payment solutions, improve Fintech credit models, and invest in digital and financial literacy to enhance consumer financial well-being.
Fintech focused on electronic payments can promote more inclusive access to financial services; however, without complementary policies, Fintech credit may replicate existing vulnerabilities.
This study provides empirical evidence on the relationship between Fintech use and a distinctive Financial Well-Being Index that extends beyond the conventional financial inclusion proxies.
