Mexico, how are we doing on retirement savings?
By México, ¿cómo vamos?
Mexico is a country where half of the population is under 35 years old, 8 out of 10 people use the internet, and almost all of them connect through their cell phones. It’s no surprise that the use of digital accounts has tripled in the last three years, opening up unprecedented potential for savings within the financial system. However, 54-5% of the employed population works in the informal sector, without access to social security or automatic retirement contributions. Today, only 34% of informal workers have a retirement savings account, and most do not make voluntary contributions (in 2024, only 7.9% of those with a retirement savings account made voluntary contributions).
This poses an urgent challenge for the pension system and for future financial security. In terms of overall savings, the share of people in Mexico who save has increased by 15.6 percentage points between 2012 and 2024, going from 50.8% of the population in 2012 to 66.4% in 2024. When it comes to active savings in formal instruments, there was a 14.5 percentage point increase over the same period, from 15.3% to 29.8% of the population. Notably, there was an 8.4 percentage-point growth between 2021 and 2024.
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