Exploring How Mobile Finance Empowers Working Mothers in Mexico

Empowering Working Mothers in Mexico: The Role of Mobile Finance

In the dynamic landscape of Mexico's economy, working mothers are increasingly leveraging mobile technology to enhance their financial and professional lives. A recent report by PayJoy titled "Unlocking Economic Mobility: Smartphone Finance and the Rise of Mexico's Working Mother Micro-Entrepreneurs" sheds light on this important trend. An impressive 92% of the working mothers surveyed credited their smartphones as pivotal tools enabling their employment.

The Impact of Smartphones on Employment

According to the report's findings, 95% of working mothers who are in the job market acknowledge that owning a smartphone plays a crucial role in their ability to work. This tech access not only facilitates communication but also serves as a gateway to diverse income opportunities—from managing remote work to running micro-businesses.

With smartphones, women are finding innovative ways to juggle their responsibilities. About 94% reported that these devices help them manage home-based tasks while also pursuing professional goals.

Facing Economic Challenges

The context within which these mothers operate is challenging. In Mexico, there's a notable 32% gender gap in labor participation, compounded by the fact that women engage in approximately 40 hours of unpaid caregiving work each week—double the time men dedicate to such responsibilities. Consequently, mobile finance tools become critical, offering flexible options for these women to balance domestic duties with income generation efforts.

PayJoy’s survey highlighted the significance of smartphones in eschewing traditional barriers to financial inclusion. Priscila Barrantes, PayJoy's Mexico Country Manager, expressed: “Smartphones are more than just devices—they’re gateways to financial inclusion for Mexico's working mothers.” More than half (55%) of those surveyed reported a noticeable increase in their income since gaining smartphone access.

The Rise of Micro-Entrepreneurs

Many of these hardworking mothers are also becoming micro-entrepreneurs, participating in informal economic activities such as street vending and gig work. The report noted that 65% of PayJoy's female customers are active in the informal sector, with 75% working more than seven hours a day and 24% exceeding ten hours.

A staggering 67% of the surveyed customers are working mothers, with 73% asserting that their smartphones hold considerable importance in their daily dynamics. Thus, smartphones are not merely communication devices—they are essential tools for operational success.

Balancing Work and Home Life

An overwhelming 95% of mothers in the study indicated that their smartphones enable them to manage both work commitments and household responsibilities efficiently. Almost all (96%) of these mothers emphasized that being able to juggle caregiving with their professional obligations is crucial to them.

As PayJoy continues its mission to support women underserved by traditional financial services, Barrantes emphasized the importance of providing meaningful financial tools that can lead to transformative changes in their lives. “We believe real impact comes from ensuring that everyone can access the necessary tools to change their lives,” she stated.

To delve deeper into these findings, visit PayJoy’s report. The survey, performed by PayJoy in October 2024, included responses from 1,146 working mothers in Mexico who are customers of PayJoy. The information was collected voluntarily, aligning with strict data privacy standards.

About PayJoy

PayJoy is dedicated to facilitating financial stability for underserved individuals in emerging markets. By turning smartphones into digital collateral through cutting-edge technology, PayJoy aims to provide low-cost loan options. With over 13 million customers and significant growth over the last two years, PayJoy is impacting lives with sustainable solutions. For more information, check out PayJoy's website.