Once they finish high school, young Mexicans must choose to continue studying a career or enter the world of work automatically, finding themselves with low salaries and few possibilities for economic growth. One of the companies that offers the most job opportunities to young people, ranking very well in the measurements of ‘Employers for Youth’ (jobs for youth) at a national level, is the bank BBVA Mexico. To date, this entity has more than 20 million young clients, who belong to the percentage of the population that has a legal job and develops an active economy.
Part of this population is represented by millennials, young adults who are currently over 20 years old. This is a generation that, due to their economic conditions, lacks the possibility of acquiring their own home. Although they can get a job quickly and sustain it for several years, this generation cannot fulfill the dream of building or buying their own home, due to the low wages they receive and the high prices they face.
According to the publication of “macro data”, a platform that shows the main economic variables of various countries, the Mexican minimum wage is 4,310 pesos per month. This is charged at the beginning of the month by most workers who are just starting out, in return for a full day of legal work, regardless of their type of contract. Reading the data reported by the Minimum Interprofessional Salary (SMI) ranking, Mexico is among the nations with the lowest salary index, ranking number 71.
Given this reality, the dream of owning a home becomes unattainable, making it not illogical to think that young people decide to allocate a fraction of their salary to paying rent, instead of investing. One of the few options for those who do decide to fight for that goal is to request loans for homes, with affordable financing plans and interest rates. However, there are those who are not encouraged to this option and perpetuate for as many years of his life in someone else’s house.
But not everything is positive in the rental universe, on the contrary. An average rent for a one-bedroom apartment in central Mexico is 5,000 Mexican pesos. These values show that the minimum wage is insufficient, and that millennial who wants to stop living with his family to become independent must have a higher salary. Statistically, young people currently allocate 50% of their salary for income, making it impossible to project savings or investment if they lack good financial education.
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