They say that as Mexico there are not two, and it is true, we Mexicans have that “something” that distinguishes us from the rest of the countries and makes us unmistakable. While gastronomy, colors, biodiversity, beaches, archaeological ruins and ethnic groups are points that stand out and are worth showing off, there are also aspects on the financial side of which we cannot be so proud. Which? Let’s analyze them …
Finance in Mexico
Mexico is not a country that, worldwide, stands out for its economic stability. What can be caused this? Yes, it may be part of the fault of those who administer the resources of this country, but in general, the Mexican is not adept of the financial culture, so these data stand out that although they are relevant and curious, they are also extremely alarming.
Mexican finances in numbers
From the study “ Financial culture in young people in Mexico between the ages of 15 and 29” carried out between OBAN and Napamex, it can be deduced that:
- 54% of young Mexicans acknowledge not keeping any type of record of their financial management
- Only 22% of young people make a budget
- 87% of them have no retirement savings and 61% have not even thought about that issue
- Another 96% are never informed about the characteristics of financial products , that is, they are hired for the purpose and not for their characteristics.
- More than half of young people leave financial decisions in their parents
- 95% of Mexican youth still choose cash as a payment method
- 56% of young people » live a day » reason why they cannot save and much less invest
- Only 1 in 10 deposits their savings in a financial institution
And we could justify the finances of the Mexican under 30 with the cliché of “they are young.” But in reality it is an issue that cannot be justified, and if we expand the picture to adults we can find equally alarming figures:
- Of the total of Mexicans over 18, only 15.5 million are users of some type of insurance , that is, prevention is not part of Mexican culture.
At this point it would be worth asking yourself. What is the reason? It is not always disinterest, sometimes it is the lack of information regarding the subject.
- Only 2% of the population in Mexico has an investment fund . We could be facing the same insurance problem
- Only 3 out of 10 Mexicans , according to Condusef , make the total settlement of their expenses by credit card each month
How young people fall into debt easily
It is interesting to analyze the data, since from them we can deduce that, the lack of financial culture and prevention is what has led young people mainly to fall into debt easily.
The above, coupled with the problem of the regularization of bank fees is a sensitive issue that is far from the day when a solution is put in place. So, as long as the culture and financial education and the regularization of banking do not click, the finances of Mexicans will probably continue in these figures and / or get worse.