20% of workers in the country allocate more than half of their salary to pay debtsbeing one of the factors that stresses the population the most, according to the first report on financial well-being in Mexico.
The document, prepared by Invested in coordination with Vanguard, Aon and Amedirh, based on surveys of more than 1,555 people, highlights that debt problems also involve four out of ten workers pay between 20 and 50% of their salaries to be up to date with their financial commitments.
Debts are not resolved with a higher salary, it is a matter of managing personal finances
The text highlights that the workers surveyed have high incomes, which in some cases exceed 150 thousand pesos per month, which revealed that regardless of salary, there is a population that has severe problems with paying their debts.
“People, regardless of their income, may be spending more than they earn, so the problem with managing personal finances is not resolved by earning more”said Christian Hauswaldt, CEO of Invested.
The study reveals that workers spend almost 15 hours a month worrying about financial issueswhile money is placed as the topic that worries the most with more than 50%, followed by work and health.
In this sense, the document highlights that 82% of the workers surveyed consider that they have some type of stress related to their current financial situationwhich has a considerable impact on their daily activities.
In the case of saving for retirement, the document highlights that 4 out of 10 workers are not sure how much they save for this stage of their life and 3 out of 10 recognized that they do not save anything.
According to the general director of Invested, there are still cases of workers who are unaware of basic elements such as which Afore their retirement savings are in.
On the subject, the head of retirement and financial well-being of Aon Latin America, Moisés Pérez, said that it will take time to advance in financial education and eliminate bad habits that prevent savings and lead workers to become over-indebted.