Mexicans don’t save for retirement

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In Mexico a notable characteristic of the population is a lack of interest in saving for retirement, said Carlos Noriega, President of the Mexican Association of Administrators of Retirement Funds (Amafore).

During his participation in the Week for Financial Education, he added that only 39% of senior citizens receive a retirement pension, while 41% work in order to maintain themselves.

According to his analysis 66% of senior citizens are occupied in some kind of economic activity receiving less than three minimum salaries monthly, only allowing them to maintain themselves and their spouses, he said during the course which was held by the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Physical, as well as economic health, are the principle worries of this part of the population, he said, and added that 86% of the people who answered a survey of the Amafore “repents not having saved more for this stage of life.”

Economic necessity forces 41% to keep on working and 25% of people above 80 still work. Also 28% is economically dependent on their children.

Only 26% receives government assistance and 17% feels loneliness and abandonment, while 41% of senior citizens do not have enough resources to maintain themselves, revealed the study reported on by Notimex.

The President of the National Commission for the Savings System for Retirement (Consar), Carlos Ramirez, indicated that this survey is a photograph of what senior citizens are currently experiencing, and reveal the lack of a culture of foresight.

The worst part, he said, is that only 30% of Mexicans have a retirement savings account while the rest of the people do not save; “there is a serious problem of coverage in Mexico of senior citizens.”

(Mexican Business Web)

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