This means they would be unable to cover their basic expenses for more than a week
According to the latest National Survey on Financial Inclusion (ENIF), published by the National Banking and Securities Commission (CNBV) and the National Institute of Statistics and Geography (INEGI), 30% of Mexicans are under financial vulnerability which is linked to household financial instability, over-indebtedness, susceptibility to economic shocks, inability to seize opportunities, and failure to make timely payments, among other factors, as explained in the document.
Most of that is a polite way to tell the real deal: Mexicans do not have the culture of saving for the future. Yet if a daughter’s Quinceañera (the Mexican equivalent to Sweet Sixteen) is coming up, they borrow money to throw a part they can’t afford, with the help of friends and family.
According to the survey, only 20% of the population could cover their needs for between a week and a month with their savings if they lost their source of income.
Other factors that could magnify vulnerability are that, in most cases, the population does not have insurance, which would allow them to avoid the loss of assets in the event of a disaster, or they do not have access to formal credit, which could help them cover their expenses temporarily, the ENIF details. Again, if you don’t have savings, the banks will not lend you money, hellooo!
In this regard, 69% of people who experienced this situation during 2024 chose to reduce their expenses as an alternative; 51% requested a loan from family members or acquaintances; 42% used their savings; 17 percent requested a salary advance or worked more hours with their other source of income.
Meanwhile, 13% chose to pawn their belongings, 11% used or applied for a credit card, and 9% delayed their debt payments.
However, the proportion decreases significantly for longer periods: only 10% of Mexican adults could sustain themselves for three to six months, and another 10% could do so for more than six months. Furthermore, 4% of the population can’t figure out how long this situation could last.
The ENIF also highlights that the lack of insurance and limited access to formal credit exacerbate financial vulnerability, as these resources could help people avoid asset losses or cover temporary expenses in the event of emergencies.