Yucatán’s Living Costs Top Mexico at 18,200 Pesos

Mérida, Mexico — Residents of Yucatán estimate that an income of just over 18,000 pesos per month is necessary to meet their most essential and indispensable economic commitments, according to the latest National Survey on Financial Health (Encuesta Nacional sobre Salud Financiera – Ensafi). This amount is higher than what residents of Quintana Roo and Campeche reported needing and exceeds the national average for this indicator, which is around 16,000 pesos.

Salaries in Yucatán: How Much Do Residents Need to Live?

The survey established that the average monthly income considered necessary by the population aged 18 and over to cover their expenses in Yucatán was 18,200 pesos. In contrast, the amount in Quintana Roo was 14,500 pesos and in Campeche, 13,000 pesos. The national average was 16,421 pesos.

Figures on Well-being and Financial Stress in Mexico: The Case of Yucatán

Based on a 10-question scale, the financial health or well-being of the Mexican population was measured. The responses were converted into a score between 0 and 100, which was used to construct a financial well-being index.

The financial well-being score for Mexico was 52.8 points. By state, the highest value was reported in Quintana Roo, with 56.3 points. In this indicator, Yucatán is among the highest, occupying sixth place out of the 32 states, with 54.9 points. Campeche is in tenth place nationally, with 54 points.

Regarding the percentage of the population aged 18 and over with savings, in Yucatán it is 57.8%, according to the survey. In Quintana Roo it is 54.6% and in Campeche, 51.8%. The leaders are Sonora, Colima, and Tabasco, with 67.6%, 65.3%, and 62%, respectively.

Concerning the states with the highest percentage of adults with a low level of financial well-being, Guerrero leads with 30.5% of its population. The state with the lowest percentage of this indicator was Baja California Sur, with 10.6% of its population. In the peninsular region, the figure is 14.8% of the population in Yucatán, 16.4% in Quintana Roo, and 17.2% in Campeche.

Another aspect of the survey was the evaluation of the level of financial stress experienced by the population in the country. This was analyzed using factors such as difficulty covering basic expenses, debts, and uncertainty about the financial future.

The scale of questions used in the survey was as follows: How much worry do you currently feel about taking out a loan, spending more than you had planned, debts piling up, money being insufficient for your entertainment activities, having to spend money on unforeseen events (illnesses, accidents, vehicle repairs), or the difficulty of saving money for future goals.

From the responses to the six questions, a financial stress score between 0 and 100 was obtained for the population aged 18 and over. The country's financial stress indicator was 59.5 points.

The entity with the highest financial stress is Mexico City, with 69.5 points. Yucatán reported 53 points and Quintana Roo 51.4. The entity with the lowest financial stress is Nuevo León, with 49.8 points.

A score of 0 to 39 points is considered a low level of financial stress, 40 to 72 points moderate, and 73 to 100 points, high.

Regarding the population aged 18 and over with a high level of financial stress, in Yucatán it is 24.8%, the lowest percentage in the entire country. The entity with the highest percentage of that indicator is Mexico City, with 49.3% of its population in that situation. In Quintana Roo, 31.5% of the population has a high level of financial stress, and in Campeche, 38.3%.

About the Ensafi: What You Need to Know

The Ensafi was conceived out of the need to understand the level of financial health of Mexicans. It was indicated that the concept of financial health and financial well-being are linked to the possibility that people can cope with their daily expenses, but also for emergency cases that impact their economy, manage their finances adequately, and achieve their goals in a medium and long-term horizon.

The National Commission for the Defense of Users of Financial Services (Condusef) designed and commissioned the National Institute of Statistics and Geography (Inegi) to conduct a survey that measures financial health and the degree of financial stress experienced by citizens.

This survey contains statistical information at the national and state level that allows for understanding the main factors that can influence financial health, such as credit, debt, savings, financial management, as well as sociodemographic characteristics, among others.

Similarly, it allows for understanding the impact that economic difficulties have on the lives of the population residing in Mexico on a physical, social, and emotional level, which materializes as financial stress.

It was stated that the information collected in the survey serves as a basis for the generation of educational programs aimed at improving the financial health of the population by obtaining knowledge and tools that allow for the development of skills and habits that lead to better financial decision-making.

These programs also contemplate including tools for building a financial future in which the satisfaction of the person is guaranteed in all aspects.