Fintech use and consumer financial well-being in Mexico

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Abstract
Purpose: 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. Design/methodology/approach: 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. Findings: 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. Research limitations/implications: 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. Practical implications: 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. Social implications: Fintech focused on electronic payments can promote more inclusive access to financial services; however, without complementary policies, Fintech credit may replicate existing vulnerabilities. Originality/value: 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.

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