Sociodemographic determinants of voluntary retirement savings in Mexico: analysis using a decision tree.

Abstract

This study identifies the key sociodemographic factors associated with voluntary retirement savings in Mexico using a CHAID decision tree based on data from the 2024 National Financial Inclusion Survey. The results show that only 9.6% of workers with an individual retirement account make voluntary contributions. Education level is the most influential factor: the probability of saving rises from 5.4% (no formal education or basic education) to 24.3% (postgraduate studies). Variables such as maintaining a budget, having taken financial education courses, gender, and the social security institution also play a role, albeit at lower hierarchical levels. The study concludes that strengthening formal and financial education is a strategic move to boost supplementary retirement savings in the face of challenges posed by an aging population.