Young People Drive Savings on CetesDirecto and Reinforce the Appeal of Government Debt

Millennials and Gen Z are gaining ground on CetesDirecto by prioritizing returns and safety—even as Banxico cuts rates and competition for savings intensifies.

Mexico’s savings landscape is visibly changing: millennials and Generation Z have become the growth engine behind CetesDirecto, the federal government’s investment platform that lets people buy public securities directly, with no middlemen and no commissions. With 2.9 million users, more than one million fall between ages 26 and 35—evidence that young adults are adopting investing habits centered on low-risk instruments with accessible minimums.

That preference isn’t accidental. In an environment where the cost of living has remained high and the benchmark interest rate began to fall after the past few years’ tightening cycle, part of the population is looking for alternatives to traditional bank accounts, whose yields often lag behind government instruments. According to platform figures, as of July 14 CetesDirecto oversaw more than 223 billion pesos, with an average balance per user near 75,000 pesos—showing participation isn’t limited to small investments, even if access remains broadly democratic.

By generation, the 36-to-45 age group is the second-largest, with 751,348 investors (26% of the total). By contrast, people ages 56 and older account for about 10%, even though they lived through the introduction of CETES—created in 1978—and the later digitization of access with the launch of CetesDirecto in 2010.

One of the clearest patterns is a preference for liquidity. Most users concentrate in the 28-day term, which represents around 80% of investments—consistent with behavior that “parks” savings in an instrument that offers relatively fast access without giving up yield. Unlike other options that may impose conditions to qualify for promotional rates, on CetesDirecto the rate is the same for small or large amounts, reinforcing its perception of fairness.

Banxico Cuts Rates, but the Appetite for Safety Holds

The gradual reduction in the policy rate by the Bank of Mexico (Banxico) has tempered the headline appeal of yields compared with the peak levels seen during the high-rate period. Still, flows into CetesDirecto suggest safety matters as much as the rate: CETES are government debt securities and, in practice, are widely viewed as the lowest-risk benchmark in Mexican pesos. That becomes relevant for people comparing them with deposit products or alternatives that mirror the government yield curve but don’t give savers direct ownership of the instrument.

For the Mexican economy, this shift has mixed implications. On one hand, stronger interest in formal instruments points to incremental gains in financial literacy and deeper domestic savings markets. On the other, it increases competition for funds within the financial system—especially for intermediaries that rely on gathering deposits and must adjust their offerings to retain customers, particularly as consumers have become more sensitive to fees, terms, and net returns.

The change also fits into a broader trend of financial inclusion. The 2024 National Financial Inclusion Survey (ENIF) recorded for the first time that 1% of the population reports investing—a share that is still low, but meaningful as a measurable, formal starting point. In that context, CetesDirecto’s growth works like a thermometer: its move toward the 3 million-customer mark—projected for August or September—suggests that digital saving and retail investing in government debt are moving from a rarity to an emerging habit.

Looking ahead, the path will depend on several factors: the pace of Banxico’s adjustments, inflation trends, employment levels and real incomes, and competition among products seeking to attract short-term liquidity. CetesDirecto’s operational capacity to sustain growth without losing simplicity will also be key, as will its ability to expand its lineup with new government-linked products—particularly if it aims to attract users who currently roll funds only in short terms and want medium-term strategies.

In perspective, CetesDirecto’s surge among young people shows a preference for competitive yields and clear rules rather than promises of quick profits. If this trend becomes entrenched, Mexico could end up with a broader, more demanding base of savers—affecting both financial culture and the system’s competition for funds in a declining-rate cycle.