Financial Literacy, Savings Culture and Millennials Students Behavior Towards Retirement

Abstract

The objective of this work is to know, based on gender, the level of financial literacy of millennials students in the city of Veracruz; whether they have a savings culture and their behavior regarding retirement savings. For this, the descriptive cross-sectioned method was used, with a sample of 120 millennials students from Veracruz between 17 and 40 years of age. The data was obtained from an electronic survey applied through WhatsApp and Facebook. The instrument used was designed with items taken from surveys by Lusardi and Mitchell (2014), CONSAR+ (2017), Banamex (2014) and Banamex-UNAM (2008). Subsequently, the Cronbach's alpha coefficient was used to test the reliability of the instrument. The main findings are that this group has basic financial knowledge, however, not enough to handle more complex financial products such as bonds. In terms of gender, it is men who have a higher level of financial literacy, while it is women who have a greater culture of saving and are more aware of the importance of saving for retirement