Two-Thirds of Mexicans Experience Financial Stress

Financial stress is rising among the Mexican population, with two-thirds of people reporting moderate to high levels of strain, according to INEGI. Experts emphasize that increasing income and addressing informality are key to reducing financial stress, but they also highlight the need for a collective effort to make financial education more accessible.

According to INEGI’s National Survey on Financial Health (ENSAFI) 2023, two out of every three Mexicans have experienced financial stress, ranging from moderate to high levels. ENSAFI notes that over 34.9% of adults experienced physical symptoms such as headaches, gastritis, and changes in blood pressure due to financial stress, while 30.7% faced psychological impacts like sleep issues and eating disorders. 

Erika Villavicencio, Researcher, UNAM’s Shchool of Psychology, says the COVID-19 pandemic exacerbated these problems, with 71% of the people indicating financial difficulties, including the loss of income due to job losses. This situation has contributed to growing concerns about the future, as many workers have not regained their pre-pandemic earnings, Villavicencio noted.

Villavicencio highlighted that individuals may feel trapped by low wages, job instability, and the pressure of meeting social expectations, which can impact self-esteem and overall well-being.

Key financial worries in Mexico include unexpected expenses, food costs, and education-related expenses. In addition to these concerns, many face challenges related to debt, poor personal finance management, and the inability to afford basic necessities. The researcher called on authorities to ensure that wages are sufficient to cover essential costs such as food, rent, and transportation, which have increased significantly in recent years.

ENSAFI reveals that Mexico's financial well-being indicator for individuals aged 18 and older stood at 52.8 points in 2023. This placed the country below nations like South Korea, the United States, Germany, and Hong Kong, which scored 53.4, 54.0, 54.1, and 55.5, respectively. However, Mexico's score was higher than those of Peru, which had a score of 45.3, Portugal at 43.8, and Colombia at 42.5.

Financial Education’s Role in Alleviating Mexico’s Financial Stress

Increasing income is considered the primary factor that could help reduce financial stress among Mexicans. On average, Mexicans require MX$16,421 (US$807) per month to cover expenses, while the national average receives only MX$7,380. 

Emmanuelle Brunet, CEO, Kalmy, told MBN that only 8% of Mexicans have received financial education through the school system. Many families face economic instability, limited access to formal financial education, and societal pressures that prioritize immediate needs over long-term planning. However, these challenges create opportunities for tailored financial literacy initiatives, such as those launched by Banxico and CONDUSEF. 

Juan Luis Ordaz, Director of Financial Education, Citibanamex, highlights the importance of addressing disparities in access to financial education. Inhabitants of entities like Mexico City could have a broader access to financial education due to the large presence of financial institutions. Ordaz noted that technology and a collaborative approach between financial institutions and the government could help address the educational gap. A crucial step would be incorporating financial education into the national school program, making it a foundational subject from an early age. Introducing standardized certification for financial educators would also ensure the quality, accuracy, and credibility of programs, reducing the risk of misinformation,” Ordaz told MBN.