The majority live on the edge and without a safety net
The latest report on Mexicans’ finances paints a stark picture. The Bravo firm revealed that 77% of the people surveyed operate close to or above their financial capacity. That is, they live justly.
Worse still, 85% do not have enough savings to cover three months of income. An unforeseen medical event or loss of employment would leave them hanging.
When the budget is not enough
Here is the paradox: although 63% say they make a budget before going into debt, the average debt is around 193 thousand pesos. Bad habits with money (22%), losing your job (20%) and failing businesses (16%) are the main causes.
But the consequences go beyond the pocketbook. They get into your head and keep you awake.
85% reported high levels of stress, 66% anxiety and 53% insomnia.
The credit card is the gateway to credit for more than half. Almost 40% used their last loan to cover day-to-day expenses, and another 29% to pay… other debts. A perfect vicious circle.
The worrying thing is that almost half do not know how long it would take to pay off their commitment if they only pay the minimum, although they understand the difference. Knowledge without action.
The directors of the study, Diego Paillés and Javier Salmerón, were clear: more tools are needed. Financial education is key, but progress is insufficient.
Their call was for coordinated action. Because when almost an entire country walks a financial tightrope, the problem is no longer individual. It’s collective.
