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According to the National Survey of Financial Inclusion, the population without savings increased by 31 percent in Mexico from 2018 to 2021.
Women who usually save through the formal financial system experienced a growth of 15 percent, men 70.
Savings in Mexico have as their main destination the payment of emergencies or unforeseen events, to which 39 percent of cases are attributed.
The culture of savings and financial education in Mexico is a complex issue, because although many families are used to saving money, only 4 out of 10 Mexicans save formally, and in fact, only 5 percent of the population does so through of your AFORE.
Only 4 out of 10 Mexicans save formally; only 5% in AFORE
And it is that, because every year the price of almost anything increases disproportionately, many people have had to learn to encourage this habit. In fact, as highlighted by the National Survey of Financial Inclusion (ENIF)the population without savings increased by 31 percent in Mexico from 2018 to 2021. What this represents is that savers went from 25 million to 33 million.
A growth of this magnitude had already occurred before, when, according to the results of the same survey, between the six-year period from 2012 to 2018, it was considered that active savers increased by 17 percentage points (pp); therefore, while in 2012, 51 percent of the adult population had active savings, equivalent to 35 million adults, by 2018 this amount increased to 68 percent of the adult population, equivalent to 53 million of adults during
Some more things that we can learn from this study is that few people are committed to formal savings. Formal savings is nothing more than a financial system mechanism. According to this study, only 15 percent of the adult population, that is, from 18 to 70 years old, has this method.
In the same way, the percentage of adults who have this type of savings usually use as main products: payroll at 52 percent, savings at 36 percent, government at 17 percent, pension at 9 percent, checks at 3 percent, term at 2 percent and investment at 1 percent, being the lowest.
Finally, the population group that saved in accounts from greater to lesser extent were, by age group: 23 percent for those between 30 and 39 years old, 21 percent for those between 40 and 49 years old, 20 percent for those between 18 to 29 years old, 19 percent for 50 to 59 year olds, and 13 percent for 60 to 70 year olds.
On the other hand, the study “Gender inequality in access to savings in Mexico”, by México Exponencial It also revealed important data on savings in Mexico through this gender gap that has kept the population in unequal conditions.
According to this, women who do not have any type of savings increased by 32 percent from 2018 to 2021, an increase of 4 million 408 thousand 418 women. On the other hand, women who usually save through the formal financial system also experienced a 15 percent growth. Despite this, there is still a very wide gap with the male sector. The latter registered a growth in the same period of 70 percent. Similarly, the proportion of men who save more in the space of a month increased by 43 percent, while that of women by 36 percent.
According to organizations and financial institutions such as CONDUSEF, the recommendation for Mexicans is not to keep money in informal instruments that could put the money used by users at risk, but rather in duly regulated institutions. In fact, Mexicans are quite concerned about getting a job that can ensure a decent life and the possibility of saving after retiring.
Some, for example, consider government support in the expenses of his old age as a fixed savings, for example 50 percent for the 60 to 70 year old is hopeful about it; meanwhile, 47 percent represents the age group between 40 to 49 years and 50 to 59 years; for those between 30 and 39 years old, the number is expressed as 45 percent; and 42 percent refers to those between 18 and 29 years old.
In the same way, some have seen in technology fintech a significant advance. In fact, in Mexico it is estimated that by the end of the year there will be a total of 64 million users fintech of digital payments and savings. In addition, aspects related to digital investments and digital resources will experience quite significant growth. By 2025 there will be 77 million users of fintech. Therefore, the behavior will also be modified..
And it is that, to a large extent, savings in Mexico have as their main destination the payment of emergencies or unforeseen events, to which 39 percent of the cases are attributed. In the case of personal expenses, it is 29 percent. Only 25 percent goes to education and health, and only between 16 percent and 8 percent is used for household investments. For all this, it is expected that the financial culture and culture of savings in Mexico can be experienced in different ways, managing to promote a more economically responsible culture.
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