Less than half of adults in Mexico have an active savings account to face their retirement with peace of mind, and 54% of the population of working age are in the informal sector, said the general director of Banamex, Manuel Romo on Thursday.
In addition, there is a gender gap that means that men have an average of 30% more savings in their Afore accounts than women.
He added that by 2040 it is estimated that the longevity of Mexicans reaches 80 years, which suggests that those people born in 1975 will reach the age of retirement with at least 15 years of life ahead.
“How they live those years will depend on the answer they can give to today’s reflection. Thinking about retirement means making responsible decisions that ensure independence, well -being and quality of life in the stage in which we stop working actively,” he said in the 11th edition of the group’s financial education meeting.
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He eventually brought together specialists in the field, authorities, analysts and content creators in order to promote a national agenda that contributes to reaching a better country prepared for their future through the responsible finances, according to a statement.
Romo stressed that the Government has made structural decisions to boost savings in the financial system, such as the increase in contributions to AFORE with the support of the private sector.
He explained that to the second quarter, the net assets administered by the investment companies specialized in retirement funds
They reached just over 7.5 billion pesos, which represents just over 21% of GDP, with an estimated annual growth of almost 20%.
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He added that it is not enough to invite people to save, but it is essential to give them the tools, knowledge and motivation to do so.
“Through our financial education program, we work with rural communities, youth, older adults, entrepreneurs, children in schools and with workers in companies because we know that financial education is a tool that can help change the lives of all people,” he said.
“However, we know that this effort is not exclusive to Banamex. It is a shared task between authorities, financial institutions, regulatory bodies and society as a whole,” he added.
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