Published on Saturday, July 15, 2023

Mexico | Retirement savings and pension culture

There is an important need to promote the pension culture in the country. In this press release, some indicators on retirement savings in the Mexican adult population are reviewed.

Key points

  • Key points:
  • In 2021, six out of ten people carried out some saving action, either in an account or through informal means. Of those who saved in a bank account, only 2.5% did so for old age or retirement.
  • The lack of training regarding long-term investment tools stands out as one of the factors that influence in having low interest in forecasting the retirement stage.
  • In the country, while 39.1% of the population between 18 and 70 years old had a retirement account or Afore in 2021, 3% of adults (2.5 million people) did not know if they had a retirement account.
  • In the case of financial capacities, 92.5% of adults understood the concept of simple interest, but this percentage drops to 36.3% when evaluating the concept of compound interest, the basis for valuing long-term investments.
  • The path to financial independence in old age only begins with access to a retirement savings account and continues with the periodic contribution to ensure an income according to each person's lifestyle.

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