In Mexico, saving in a safe and formal way is a privilege of few. Only 24.8% of the population use financial instruments such as savings accounts, affores or insurance, and the rest keep money at home, participates in batches or simply does not save, according to a study prepared by Banco Sabadell in collaboration with ITAM.
The report, based on data from the National Survey on Financial Health 2023, alerted about deep socioeconomic gaps: at high levels (A/B), 47% of people manage to save, while in the most vulnerable sectors (level E), the figure barely reaches 8%. The relationship between savings and well -being is clear: only 16% of those who have low economic stability save, compared to 63% in more solid groups.
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The panorama is also unequal by gender, because women save less than men at all levels, with a difference of up to 13.7 percentage points at medium-high levels, according to the document “Understanding the savings decisions of Mexican consumers.”
In addition, 60% of them report having a lower savings to a fortnight of income, which limits its ability to face unforeseen or reach financial goals.
The study also stressed that only 11% of the population has managed to accumulate a saving that covers three months of income, the minimum recommended by experts to face emergencies.
The barriers to save are not only economic: social pressures, financial anxiety and lack of financial education from childhood hinder the construction of sustainable habits.
Generational differences were also detected: young people tend to use digital platforms, while older adults adhere to traditional methods.
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“Savings is the tool that transforms income into opportunities, allowing to build a more stable and resilient future. Banco Sabadell reaffirms its commitment to the financial stability of people, promoting solutions that foster savings and strengthen financial planning,” said Luis Pons, deputy general director of Personal Banking of the firm, according to a statement.
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