Consumer Confidence Index Falls for Second Consecutive Month
The Consumer Confidence Index (CCI), which assesses individuals’ ability to save a portion of their income, dropped by 1.5 points in November, marking its second consecutive decline and reaching a 25-month low of 38 points, according to Mexico’s National Institute of Statistics and Geography (Inegi).
Pessimism About Future Saving Opportunities
The index that evaluates how people perceive economic conditions for saving over the next 12 months, compared to the current situation, also decreased by 0.4 points in November, continuing a trend of two consecutive declines.
Low Incomes as the Primary Barrier to Saving
Mexico faces significant challenges in fostering a savings culture, with only 52% of the population aged 18 and over practicing saving, according to the National Survey on Financial Health (Ensafi). Of this group, 47.1% saves an amount equivalent to one and a half monthly salaries, while only 8.4% manages to save more than three months’ worth of income.
According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), those without a savings habit primarily cite low incomes (73%) as the main obstacle, followed by lack of interest (16%).
Mario Di Costanzo, former president of Condusef, explains that during economic stagnation, limited job opportunities, and rising costs, people prioritize paying monthly bills over saving. He adds that financial literacy plays a role, but the primary concern is making ends meet.
Ensafi reports that 30% of the population does not earn enough to cover their expenses, necessitating debt to make ends meet. Additionally, the increase in Individual Income Tax (ISR) retention rates on investment returns for 2026 (from 0.50% to 0.90%) further discourages saving, according to Di Costanzo.
Desire for Financial Education
The study “The Value of Learning: Global Perspectives on Financial Education” reveals that 66% of Mexicans wish to learn more about financial education, particularly saving, as they believe informed decisions can be made with this knowledge.
Héctor Magaña, a professor at Tec de Monterrey, acknowledges that financial education is a significant challenge in the country. Although there is ample information available, it does not permeate all societal circles.
Magaña emphasizes the importance of financial matters, stating that while saving is a matter of habit, it’s unrealistic to expect families struggling to afford daily meals to prioritize saving.
Key Questions and Answers
- Why are Mexicans pessimistic about saving? Low incomes, economic stagnation, limited job opportunities, and rising costs contribute to this pessimism.
- What percentage of Mexicans practice saving? Only 52% of the population aged 18 and over engage in saving, often informally.
- What is the primary barrier to saving? Low incomes are cited by 73% of those without a savings habit, followed by lack of interest (16%).
- How does financial literacy impact saving habits? Financial literacy plays a role, but the primary concern for many is making ends meet.
- What percentage of Mexicans desire more financial education? 66% of Mexicans wish to learn more about financial education, particularly saving.
