Young people save more and have more saved income: Inegi

Contrary to popular belief, young people are those who save the most compared to other population groups, and they even have several ways to save part of their income, according to the National Survey on Financial Health (ENSAFI) 2023.

According to data collected in this exercise, carried out by the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) in collaboration with the National Institute of Statistics and Geography (INEGI), in Mexico they lived 92.8 million people aged 18 and overand of this population, the 52.0% He pointed out that he had some kind of formal or informal savingsOf the previous percentage, 49.3% corresponds to women and 55.2% to men.

There are two types of savings, formal and informal. The first refers to all the resources that are kept in a financial or banking institutionwhile the second consists of keeping the money in informal means, such as batches, savings banksamong others.

Regarding the division of the survey by age groups, ENSAFI 2023 revealed that, As age increases, the tendency to have savings decreasesWithin the 18 to 29 age group, 59.6% of people save, while in the 65 and older group, the figure is 41.3%.

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During a survey, Gael Arrieta, 24 years oldsaid that saving seems like a difficult but necessary exercise to him: “Sometimes it is difficult for me to set aside a certain amount of money from my paycheck, but I always try to save a portion to buy something necessary later or save money for emergencies.”

By contrast, Maria Castaneda, 67 years old womanshe said, “Saving is complicated when you have to meet the needs of your family. My husband and I support ourselves with the aid that the government provides for the elderly and the expenses that our children give us, even so, We almost never have enough money. Saving would be ideal for us, but we can’t do it because we no longer receive a fixed income and sometimes our expenses are day to day.”

Of the population aged 18 and over who indicated that they have some method of saving, 57.3% had one that was equivalent to up to a fortnight of what they earned; 19.8%, up to one month; 12.6%, from two to more than three months and 10.3% had savings equivalent to more than three months of what they received.

Likewise, of this group, 8.6% were women and 12.0% were men, leaving a gap of 3.4 percentage points.

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“My parents never taught me to save and I only study so I don’t get a salary, however, when I receive money from them or my academic excellence scholarship I usually organize the money so as not to spend it on things I don’t need or save a small part of it for when I run out of money and have to wait for the next time I get it,” she mentioned, Isabela Hernández, 20 years old.

Have the habit of saving can provide financial security and independence, reduce stress and support the achievement of long-term goals and preparation for contingencies.

Saving is a fundamental financial practice that benefits your ability to better manage your personal finances at all stages of life.