Does complex thinking translate into financial literacy? Evidence from university students in Mexico

Financial literacy has become a key competence for individuals navigating increasingly complex economic and social environments. While higher-order cognitive competencies such as complex thinking competency have been hypothesized to support informed financial decision-making, empirical evidence regarding their association with financial literacy remains limited, particularly in higher education contexts. This convergent mixed-methods study examines financial literacy and perceived complex thinking competency among university students enrolled in public and private higher education institutions in Mexico. Data were collected from 122 students through online questionnaires and focus groups conducted in three metropolitan areas. Quantitative results indicate that students enrolled in private universities obtained slightly higher descriptive mean scores in financial literacy and perceived complex thinking competency, while female students showed slightly higher descriptive financial knowledge scores across institution types. However, these differences were not statistically significant. Perceived complex thinking competency was positively associated with financial behavior and attitudes, but not with financial knowledge. Qualitative findings revealed diverse financial practices, including informal budgeting, constrained saving strategies, and misconceptions regarding investment risk, while also showing adaptive strategies through which students managed limited financial resources. Overall, the findings suggest that perceived complex thinking may relate differently to distinct dimensions of financial literacy rather than translating uniformly into stronger financial literacy. They also highlight the importance of considering contextual factors and students’ everyday financial practices when designing future financial education initiatives.