Retirement savings for Mexican workers posted historic returns in 2025, as Administrators of Retirement Funds (Afores) recorded total gains—or plusvalías—of MX$1.12 trillion from January through November. According to data from the National Commission for the Retirement Savings System (CONSAR), this represents the highest level ever recorded for the period.
Despite the record cumulative performance, the pace of growth in Afores’ returns moderated in November compared with previous months. Positive returns for the month totaled MX$32.608 billion, a 77% decline from October’s figure. Even so, November marked the seventh consecutive month of positive returns for the system, with April standing out as the only month in the 11-month period to register losses.
Investment Performance and Outlook
The Mexican Association of Afores (AMAFORE) noted that the year-end balance of the…
