We at Condusef have long emphasized that the silent and invisible epidemic attacks millions of Mexican men and women without respect to age, income level, education, place of residence and type of work: financial stress.
Until now, we have viewed health only as a dual issue: physical and mental. But in recent years, physical, mental and financial health have been talked about as the triple axis that supports a person’s potential to aspire to a full life.
Financial health has four pillars. The first concerns the possibility of covering the expenses inherent in daily life on a daily basis; The second is the ability to face an emergency with a minimum reserve and/or insurance covering the risks; The third is to generate income to save for a specific purpose in the short or medium term. Finally, the last stage is obtaining resources and planning long-term projects including a dignified retirement.
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Financial health relates to the fact that Mexican men and women live their days without worrying or being bothered about financial issues. If they suffer from anxiety and stress because of the amounts owed to them or because what they earn is not enough, their physical and mental health will inevitably deteriorate. If the invisible connection that exists between the three axes that we call full life is broken, it will in a very short time take people away from the zone of well-being.
One of the mistakes that we must confront is the misconception that the issue of money and personal finance is an issue that concerns the rich or businessmen. Good management of economic resources is a concern for everyone, because money is a neutral means of interaction and carrying out transactions, and its inadequate management will ultimately generate financial pressures, affecting the productivity of companies, and thus their profits.
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Believing that this phenomenon is caused solely by unemployment or insufficient income means failing to diagnose the problem. Although these are the two main reasons, there is a third element related to bad consumer habits, such as compulsive buying, taking credit beyond our ability to pay, and, in short, living beyond our means.
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They will measure the extent of financial pressures in Mexico
To gauge the scale of Mexico’s financial stress problem, starting in September, Condosafe is sponsoring the first National Financial Health Survey (ENSAFI) – which will be implemented by the National Institute of Statistics and Geography (Inegi). The results will be ready in the summer of next year, and will allow us to know the extent of the problem, specifically how many Mexican men and women suffer from it, where they live, their income level, and their gender, among other data.
The importance of this measurement tool is that it will put this issue on the table and will demand from the public and private sectors care policies and measures that confront or mitigate the effects of this invisible epidemic that, sometimes, those affected prefer not to talk about.
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The opinions expressed are solely the responsibility of their authors and are completely independent of Forbes Mexico’s position and editorial line.
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