Savings Kept Under Mattresses
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October 06, 2010
Mexico City – About 80 percent of Mexicans manage their savings outside the bounds of the financial system, and 51 percent have hired a service or product they don’t know how to use, the National Commission for the Protection and Defense of Financial Services Users (Condusef) said Monday.
The president of the Condusef, Luis Pazos de la Torre, said that lack of financial education causes most Mexicans to decide to save their money under their mattresses, despite the fact they know they won’t make anything on it.
Banks provide several saving services, including saving accounts, with an interest rate at 1.1 percent, and bank IOUs, at 2.4 percent, said Pazos during the inauguration of National Week of Financial Education 2010.
Pazos recalled that there are other saving services with higher interest rates and available for most people, like the Cetes (Mexican Treasury Bills) at an interest rate of 6.2 percent; investment funds at 8.5 percent, and the Retirement Funds Administrators (Afores) at 9.1 percent.
Even though 90 percent of Mexicans have access to financial services, Pazos added, only 60 percent use them, and out of this, 51 percent don’t know how to do so.
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