Nearly Half of Mexican Population Without Savings Murry Page - The Mazatlan Messenger
go to original July 18, 2015

Provident México, a leading Mexican provider of personal loans, reported that 48 percent of the Mexican population has no savings and the average savings for those that do save is 1,040 pesos ($70.00).

Alejandro Marti Cacho Bolaños, director of Provident México, said that based upon their survey “Mexicans want to save but they cannot afford to.”

The Provident México director said that in the case of México’s younger population, those between 18 to 34 years, if they are saving, they are saving for immediate consumption, such as to buy a tablet, a cell phone, etc. Those in the 35 to 44 age range who are saving have a savings of no more than 4,500 pesos ($300), which, Cacho Bolaños said in case of medical emergency or accident “is insufficient.”

Cacho Bolaños said there is “no long-term saving to buy a house or much less for their retirement.”

José María Roa, a researcher at the Center for Latin American Monetary Studies, said “The savings of the people must grow to an amount that will enable them to make better decisions when emergencies arise and above all to significantly reduce the economic stress on their families.”

See the original at The Mazatlan Messenger

Photo: Personal Liberty

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