Mexico City (Charlene Domínguez) – Last year, the balance of the voluntary savings in the Afores reached the record figure of 84 thousand 96 million pesos. This meant a real increase of 31 percent per year, the same as in 2019, but in the midst of adverse conditions due to the crisis caused by the pandemic.
Saving, according to specialists, is the first thing that is reduced or suspended in difficult situations, such as job loss, but in 2020 the balance maintained its growth.
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« Due to the confinement, it is likely that people with the highest income stopped spending on certain things and their savings grew even with the full pandemic, » said Carlos Ramírez, a consultant for Integralia.
« It is surprising that even with the crisis, people have maintained their savings levels, which could indicate a greater awareness of the importance of anticipating the future, » said Jorge Alarcón, director of Retirement in Mexico at Willis Towers Watson.
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Voluntary savings balance increases 31% in Afores in 2020. | Photo: Reforma
He saving Volunteer is an additional contribution of workers to their Afore to increase the pension amount or as a long-term investment.
Afore XXI Banorte was the one that accumulated the most resources from voluntary savings, with 26 thousand 382 million pesos, followed by Sura with 18 thousand 907 million and Profuturo with 14 thousand 745 million.
The specialists agreed that the returns led to accumulating a maximum balance in voluntary savings.
« The returns obtained have the effect of compound interest, which allows the growth of long-term savings to be greater, » explained Alarcón.
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« Despite the financial turmoil, 2020 was a very good year in terms of yields, in addition, Banxico lowered interest rates considerably, I would not be surprised if some people could also have seen in the Afores a more attractive opportunity to save than other alternatives, « said Ramírez.
The yields of the additional Siefores in the last 5 years went from a weighted average yield of 5.89 percent to 7.4 percent through November 2020.
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