Record 2025 Gains for Mexico’s Afores With Moderation Ahead

Overview

• Afores generated 1.1 trillion pesos in gains from January to October 2025, with nominal returns around 18% this year, according to Consar and industry executives.
• Specialists and the Afores association say 2026 performance is expected to normalize toward roughly 10% in line with long‑term averages.
• Funds under management stand near 8.0–8.2 trillion pesos, about 23% of GDP, with Consar projecting 12 trillion by 2030 and more than 30 trillion by 2050.
• Consar lifted the cap on structured instruments to 30%, creating an estimated 600 billion pesos of room that Afores may deploy in infrastructure only when projects have predictable cash flows, clear rules, and solid governance.
• Withdrawals for unemployment reached 31,619 million pesos through October, exceeding 2024’s total and highlighting labor‑market pressures on available savings.