Socioeconomic factors that determine retirement savings decisions among young people in Mexico

Abstract

The study aims to identify and analyze the socioeconomic factors that influence retirement savings decisions among young people in Mexico, considering variables such as educational level, income, job stability, access to financial services, and financial literacy. The methodology was developed using a qualitative and documentary approach through a systematic literature review based on the guidelines of Kitchenham (2004) and Gough, Oliver, and Thomas (2019). A structured search was conducted in national and international academic databases, applying inclusion and exclusion criteria to ensure rigor, and the findings were organized into thematic categories. The results show that savings decisions among young people are conditioned by job insecurity, low income, and limited financial education, factors that reduce both the capacity and willingness to participate in formal retirement savings mechanisms. The study also identified that higher educational attainment and insertion into formal employment increase the likelihood of developing retirement savings habits, while labor informality and institutional distrust act as persistent inhibitors. Furthermore, a gap is evident between the stated intention to save and actual behavior, influenced by psychological barriers related to immediate consumption and perceptions of economic uncertainty. Overall, the findings confirm that the socioeconomic environment significantly shapes young people’s financial planning and that coordinated strategies in financial education, labor inclusion, and institutional strengthening are required to improve retirement savings conditions for this population group.