Mexico Employee Benefit Trends Study 2018

Chapter 2
Financial wellness underpins a settled workplace


Employees feel less in control of their finances than before. The proportion of employees in Mexico who feel in control of their finances has dropped from 55% in 2013 to 38% in 2017, despite the turnaround in the local economy. In the latest EBTS survey, 39% of employees said they are living payday to payday.

Employers can create a more financially confident workplace by building employees’ sense of security beyond the paycheck. Help employees understand that the benefits they already receive can provide the foundation for financial education, smarter savings and well-rounded pensions. Positioning existing benefits as a means of offsetting employees’ financial worries around healthcare and retirement could have the added result of productivity gains for employers.

Financial stress can hit your best and brightest

The financial worries that impact employees’ productivity is markedly worse for the under 40, a group who often faces the financial burdens of caring for both children and parents.

Employees are explicit: they want help with finances

For retention, and particularly for recruitment, benefits that explicitly tackle financial security seem to be more in demand now.

Employees want your help, especially with retirement

Financial advice employees expect to receive. Employees under 30 show an appetite for online decision support tools, while older workers seem keener on personalized consulting.

Employers need to speak more clearly

Right now, communication seems relatively poor around financial wellness. But improving communication around all benefits is a huge boost to their effectiveness.

Looking for more global insights? Go to:benefittrends.metlife.com

Taken unexpected time off in the past 12 months

Percentage agreeing with each statement:

18-30 years old
37%
31-50 years old
43%
50+ years old
45%
I am more distracted at work because of financial worries

Percentage agreeing with each statement:

18-30 years old
29%
31-50 years old
33%
50+ years old
25%
I'm interested in having my employer provide access to financial tools to aid decisions about all financial needs

Percentage agreeing with each statement:

Small company
56%
Medium company
66%
Large company
71%

*Company size defined as small (50-99 employees), medium (99-1000 employees), and large (1000+ employees).

Financial planning programs would be an important consideration for a new job

Percentage agreeing with each statement:

Small company
49%
Medium company
57%
Large company
64%

*Company size defined as small (50-99 employees), medium (99-1000 employees), and large (1000+ employees).

Personalized retirement advice

Percentage agreeing with each statement:

18-30 years old
53%
31-50 years old
61%
50+ years old
71%
Financial calculators/decision support tools

Percentage agreeing with each statement:

18-30 years old
42%
31-50 years old
41%
50+ years old
31%
General retirement advice

Percentage agreeing with each statement:

18-30 years old
41%
31-50 years old
41%
50+ years old
44%
Small Company

"My employer provides adequate information about financial planning/savings/retirement and tools that I can use."

20%
Employees agreeing
Medium Company

"My employer provides adequate information about financial planning/savings/retirement and tools that I can use."

24%
Employees agreeing
Large Company

"My employer provides adequate information about financial planning/savings/retirement and tools that I can use."

35%
Employees agreeing