In reality, Mexican workers earn between 3,696 and 7,393 pesos per month for jobs in the formal economy.
4 min read
The opinions of the employees of You are personal.
Do you have complications with paying your fixed and non-permanent expenses every month? We encourage you to be in control of your personal finances, especially in times of a COVID-19 pandemic, which will do more economic damage this year, as Mexico is experiencing the slowest recovery due to the delay in vaccine use .
What’s the salary in Mexico? According to the Telephone survey of occupation and employment (ETOE), created by INEGI at the end of 2020, 60.7% of Mexican workers earn between one and two minimum wages (the daily minimum wage in 2020 in central Mexico was set at 123.22 pesos per day). In reality, Mexican workers earn between 3,696 and 7,393 pesos per month for jobs in the formal economy.
On the other hand, the study Well-being with justice for a new social pact, The Espinosa Yglesias Study Center (CEEY), the Colegio de México and the French Agency for Development (AFD) show that 40% of people have an income of 2,548 pesos per month. The data shows that 59% of employees have this monthly income on average. Today workers consider that the minimum wage to be rich is 38,248 pesos, and it is widely believed that 35% of people have these views on a monthly basis. In Mexico, less than 1% of the population receives or exceeds this income level.
What is the impact of the pandemic on banking? According to the National Banking and Securities Commission (CNBV) in 2020, the pandemic resulted in customers canceling 1.5 million credit cards and the crime rate rising to 5.20%. In addition, the closure of 776 bank branches with 12,106 units was completed.
“I already owe the fortnight”
This is a very common situation among the population as they have not had a financial education since their college years. During this time, classes should be taught so that they have the financial tools to enable them to live a peaceful life without complications.
Month after month you have complicated long periods of time to pay for your fixed and non-permanent expenses like rent, electricity, water, telephone, internet, auto insurance, food, transportation, gifts, meetings, studies, purchases, etc. In order to live this reality without problems, it is first necessary: Financial literacy. Gerardo Obregón, Founder and CEO of Prestadero.com, comments: “Becoming the best manager of your money should be one of your main goals. The more you know what you are doing and what not, the better, so that you do not always live worried and cross-fingered from a fortnight to a fortnight. “
When we venture into the financial world, the fortnight burns in our hands, just as the money comes from one moment to the next, it is no longer there. What can we do?
Which DO NOT You have to do with your salary
- Spend the money before you have it.
- Make impulse purchases.
- Overdrawn on your credit cards.
- Borrow without a payment plan.
- I’m eagerly waiting for your fortnight to have fun for no rhyme or reason.
Which YES You have to do with your salary
- Live your reality, that is, live according to your income.
- Make a plan for your finances and stick with it. Monthly and yearly budget is a good idea.
- Eliminate ant cost, vampire cost, impulse cost, etc.
- Follow all of your fixed and non-fixed cost and contractual debt obligations.
- Save all the time, not just for emergencies.
- Change your financial habits so that your fortnight doesn’t go away as soon as they arrive.
- Organize your finances, have a blast, and don’t make it into the next fortnight.