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Miles for Retirement Seeks to Change Aging Millennials: Tenoch Ochoa

Talking about a decent pension for the elderly is of little or no interest to the younger generations. Data from a study submitted by the National Committee for the Savings System on the retirement (Consar), indicates that only 20 percent of the generational segment known as “Millennials“They consider it important Saving Money To retire, he remembers Tenoch Ochoa.

Millennials may have a hard time aging: Tenoch Ochoa

Tenoch Ochoa He is one of the founders Retirement Miles Application, who specified that if the savings culture was not fostered among the country’s younger generations, they could face a complex aging, with a pension of about 2,000 pesos per month, according to data from the Retirement Savings System (HU).

“Miles Retirement is a mobile financial system that brings together brands, pension funds and consumers, to provide these generations with the power to save for their retirement as they spend, which various studies and surveys know, is one of the activities they like to do the most. Moreover, consumption is The only geometrically growing variable in the world”

Tenoch Ochoa. Co-founder of Miles for Retirement

40% of Millennials Will Live in Poverty, According to Estimates

Ochoa noted that significant data from the Mexican Association of Insurance Agencies (AMIS) reveals that four out of 10 Millennials They will live in poverty when they reach the age of three, which is alarming if one takes into account that 48 million Mexicans will reach old age in the next 35 years.

The entrepreneur shared that one of the reasons this generation is not doing it save Aging is built on the belief that retirement is something very far from its present state and condition.

“Millennials are the best educated and most diverse generation in history; however, their thinking in financial terms focuses on those who are less forward-looking, especially in terms of their future. It has been categorized as wasted, but at that exact point (application) helps. Miles for Retirement by enhancing their voluntary savings through consumption”

Tenoch Ochoa. Co-founder of Miles for Retirement

Tenoch Ochoa It indicates that this generation has a keen taste for technology and applications, as well as fintech innovations, which makes these points more compatible between said generation and the application that it developed with its partners.

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How do retirement miles work?

Likewise, it highlights the simple way the app works, which links to all pension funds in Mexico, so users just need to sign up for the pre-set deduction amount to go into their retirement account.

The culture of savings is not aimed at retirement

Tenuk Ochoa warned that the signs show young people the difficulties they will encounter in old age if they do not save voluntarily and are clear; However, only 36 percent of millennials do so, so they and their partners have set a goal to radically change those numbers.

“What we are looking for is for Millas para el Retiro to become an ally of the new generations, allowing them to create awareness about the importance of saving and financial stability, and put it into practice through daily activities such as the daily consumption of products, goods and services”

Tenoch Ochoa. Co-founder of Miles for Retirement