The report showed that 22.75% of the people surveyed spend more than 50% of your income to pay debts and only 7.94% of men and 3.87% of women have a clear and complete definition of the financial goals what they want to achieve. Even 9.30% of people say that their debts are out of control.
Moses Perez, head of financial wellbeing for Latin America in Aon, points out that in the industrial sector there is great concern because among Mexicans there does not seem to be an interest in taking responsibility for their own retirementeven if you have the instruments to save.
“It is essential that people take time for the financial planning and the effect it can have on your life plan. Both their activities, as well as the standard of living and retirement, can improve considerably if the levels of savings and investment are improved, ”he says.
The study reveals that money issues are the ones that most worry Mexicans. 55.77% indicate that they feel a strong pressure for this matter. Even, 57.33% of the results obtained show that this burden on people has impact on your activities everyday.
Of financial concerns, seven out of 10 workers do not know how much they are saving for your retirement and only 29.45% state that they are saving in additional instruments to those of the law for this stage of life.
Baby Boomers and Generation Z, who is more clear about their finances?
On the other hand, 49.46% of the respondents who represent the generation baby boomers has detailed and clear knowledge of its cash flow, while the generation Z shows the lowest percentage with 29.78%.
Regarding the knowledge of their current assets, it can be seen that 46.24% of the Baby Boomers surveyed know their assets and liabilities in detail, compared to millennials, where only 26.98% know them.
“It is essential that companies care about the personal finance training and awareness of its workers, as it is an issue that can affect productivity, as well as loyalty to an organization,” said Christian Hauswaldt, CEO of Invested.
Invested defines financial wellness as confidently progressing toward one’s financial goals by implementing a detailed plan that enables them to achieve results while enjoying the journey. For this reason, it is very valuable that employees know their finances and make strategic decisions, based on financial education, in addition to the support that companies and their leaders can provide.
For Juan Hernández, general director of Vanguard Latin America, people must balance their current and future objectives, while promoting confidence and financial freedom. “Workers must take control of their finances, creating a budgetprogram of debt management and one retirement savings strategy. Then, it’s a good idea to prepare with savings for the unexpected, and move toward your goals by exploring additional savings opportunities with tax advantages”, pointed out the manager.
Of the total number of respondents, 75.75% do not have defined financial objectives and 29.66% does not have any reserve for eventualities. In addition, only 19.33% of the collaborators save using the benefits that their company offers them, in which the savings bank predominates with 12.98%.
The report also reveals that, during their working hours, Mexican employees worry an average of 10 hours 48 minutes about their financial situation per month, which can translate into a direct impact on the productivity of companies.
“The contribution and benefits on financial well-being in the business environment in Mexico should not be transferred only to data, information or statistics, but to favor the quality of life of the collaborator, including the family environment, their physical and mental health. Companies must have a positive influence so that workers have the financial tools necessary to feel full and productive”, warned Mauricio Reynoso, general director of the Mexican Association in Human Resources Management (Amedirh).