Afore, the predominant financial asset: ENFIH

Housing is the main asset for 5 out of 10 households in Mexico (54.4%) reveals the National Survey on Household Finances (ENFIH 2019) raised for the first time by the Bank of Mexico and the National Institute of Statistic and Geography (Inegi).

68% of households in the first quintile in Mexico, which correspond to people with the lowest income, own their main home and this proportion rises to 73% for the fifth quintile, which is that of people with the highest income. This means that the main non-financial asset of Mexican families is their home.

According to the results of the survey conducted among 17,000 homes throughout the country, the Afores They are the main financial asset throughout the entire income distribution.

This is assumed when identifying that retirement savings accounts and / or Afore represent between 63% and 93% of total financial assets.

The survey, whose main objective is to collect information on the balance sheet of the country’s households, reveals that financial assets tend to be concentrated mainly among households with higher incomes. And also in this segment, liabilities are concentrated.

According to the results, the average value of the debt of the 5% of the households with the highest income is six times higher than that of the 40% of the households with the lowest income.

Almost 60% of the households in the country say they have no debts, while 2 out of every 3 households responded that their income is only enough for what is necessary.

The type of debt most frequently incurred by homes in Mexico, it is through a bank credit card and / or departmental. Specifically, 53.8% of the debts contracted by families were acquired via credit cards, payroll or personal loans.



Reference-www.eleconomista.com.mx

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