The News
Sunday 26 of May 2024

Empowering Women's Financial Stability

Afores amafore
Afores amafore
The Fifth Annual Savings Survey shows women are able to save less money than men, have less pensions

In Mexico, public policy is required to empower women facing financial issues, this being a factor for the country’s development.

Carlos Noriega Curtis, executive president of the Mexican Association of Retirement Funds, (Amafore), said that women save less money than men, as only 48 percent do so, compared with 55 percent of men.

In announcing the results of the Fifth Annual Savings Survey, this time with a gender perspective, it indicated that women face different challenges from a personal and professional level, making it imperative to analyze their pension and retirement.

“The survey confirms that the challenge for planning, for saving for retirement is higher for women. Second it is therefore necessary to have a state policy to ensure the equality between men and women. Third, it is important to stress in the gender division of labor; if the woman works at home, it must be recognized as a paid job,” said Carlos Noriega Curtis.

Regarding International Women’s Day on March 8, the Amafore leader said that a mother who has saved, and with a pension, it is one of the most important variables for the next generation to think differently and act in a differently, as the fact being that mothers that have experience in the formal labor market and have an experience in the financial market are the most effective conduit to convey to the next generating a culture of retirement savings.

At the press conference, Noriega Curtis noted that among the survey’s findings is that while men, as workers and suppliers are more likely to think about retirement, women tend to think of others as an extension their daily activities for the welfare of others and not just themselves, and this gives them less capacity to save.

Therefore, he said that economic participation is essential for women but this must be accompanied by an awareness between the state and men that domestic work and care for children and the elderly must be shared within both households and socially through social responsibility policies, and without these measures it is unlikely that women can participate equally in economic activity and decisions.

Within public policies that can be undertaken in Mexico, Noriega Curtis said that can be seen like in Chile, through a bonus to women for each educated child, resources that serve their old age.