Abstract
The issue of financial inclusion as a necessary condition for economic development has been dealt extensively in recent years. Related studies focus on different mechanisms through which a wider use of financial products can accelerate economic growth by channeling and expanding savings and, subsequently, by generating investments, increase the possibilities of choosing intertemporal consumption throughout the life cycle of the population such that individuals can access educational resources, health, housing, etc., as well as providing the possibility of mitigating risks. Employing microdata from the Global Financial Inclusion Survey of the World Bank, this study analyzes the impact that greater access to financial services has on savings formation in Mexico. The methodology includes Binary Logistic analysis and Artificial Neural Networks. The results show that, contrary to the general view, the greater penetration of financial services has served as an inhibitor of savings, mainly due to the high differential between the active and passive interest rates, as well as to a biased bank orientation to grant credits for consumption rather than for real investments, and additionally to some socioeconomic factors like income levels and education.
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