Afores, the busiest financial instrument in households: Inegi-Banxico Survey

The National Survey on Household Finances 2019 (ENFIH) revealed that of the 36.6 million households in Mexico; 99.5% have some type of financial or non-financial asset.

In this sense, retirement fund managers (Afores) are the most used financial instrument in households since they represent 53.9% of said instrument, according to the ENFIH.

Along these lines, it is also found that 49.9% of households have a payroll or pension card; 28% have informal savings (money saved in a savings bank, with relatives, in a batch, on loan, or otherwise); 18.3% have an account to receive government support; 17.2% have formal savings (savings or checking accounts); 2.4% have capitalizable life insurance (which allows money withdrawals) and 1.5% have fixed-term deposits.

Similarly, it is explained that of the 2.2 trillion pesos of total value of financial assets that the survey considers; 78.5% belongs to the retirement savings account, 6.6% to informal savings, 6.0% to formal savings, 5.8% to term deposits and 3.1% to other types of financial assets.

In the same way, the ENFIH detailed that the largest gap in terms of gender equality is in the capture of retirement savings because a man has an average of 80,000 pesos, while in women the median was 56,000 pesos, detailed the National Institute of Statistics and Geography (Inegi), in collaboration with Banco de México (Banxico).

The survey shows that, by age range, it is the people between 35 and 44 years of age who have the highest percentage in terms of having a retirement fund manager (Afores) since 64.5% of those surveyed have one. On the contrary, adults over 75 years of age and over are those who have the least coverage of said instrument with 27.6 percent.

By level of education, those with a bachelor’s degree and an afore account represent 71.1% of those surveyed. It is followed by those who have postgraduate and upper secondary education with 70.4 and 64.9 percent.

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Reference-www.eleconomista.com.mx

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