Mercer partners with Odessa to boost savings offering in Mexico

23 December 2019 2 min. read
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The Mexican country division of Mercer has agreed an alliance with Odessa, a local company that builds savings awareness.

“The issue of savings culture is a critical issue for Mexico and Latin America,” said André Maxnuk, Mercer’s chief executive officer for Mexico and the Latin America region. 

According to data from the National Banking and Securities Commission (CNBV), only 44% of Mexicans indulge in some forms of saving. In comparison, the percentage of people saving in mature markets on average stands at above 60%.

On top of this, those Mexicans that do save typically do so through informal mechanisms such as batches or family loans, thinking only of the short term to cover emergencies or immediate needs without taking into account future savings, investments and a decent retirement. 

Mercer partners with Odessa to boost savings offering in Mexico

With their alliance, Mercer and Odessa aim at improving savings awareness, a topic which according to Leonardo Lara, Wealth Leader for Mercer in Mexico, requires “immediate action because it affects welfare all the way into adulthood”. 

Mercer is a global consulting firm specialised in health, retirement, investment and career. Its Mexican division has offices in Mexico City, Monterrey and Guadalajara. Odessa helps companies setup and manage savings schemes and solutions, serving over 700,000 workers according to its website.

As part of their collaboration, the two companies will deliver joint financial education to promote a culture of savings, and help organisations with catering to the savings needs of their workforce.

“With the combined expertise of Mercer and Odessa in models of savings, investment and communication as well as technology platforms, we will be able to implement strategies of great value within organisations promoting the culture of saving and positively impacting the lives of Mexicans and their families,” said Lara.

Raúl Pérez Madero, General Director of Odessa, added, “The alliance with Mercer strengthens our mission to improve the financial well-being of Mexicans.”