{"id":33942,"date":"2021-03-19T22:24:02","date_gmt":"2021-03-19T22:24:02","guid":{"rendered":"https:\/\/encartes.mx\/?p=33942"},"modified":"2023-11-17T18:18:29","modified_gmt":"2023-11-18T00:18:29","slug":"gallardo-futuro-ahorro-capitalizacion-mexico","status":"publish","type":"post","link":"https:\/\/encartes.mx\/en\/gallardo-futuro-ahorro-capitalizacion-mexico\/","title":{"rendered":""What do you throw at when you save, Mexican?" The futures of savings under a neoliberal individually funded pension regime"},"content":{"rendered":"

Abstract<\/strong><\/h2>\n\n\n\n

From an ethnography of five households with a middle-class horizon in Mexico City (cdmx),<\/span> I analyze financialization from savings and the impact it has had on dreams and imaginations for the future of households. I take as the breaking point and axis of analysis the reform of the pension system of the imss<\/span> in 1997 and its advertising correlates, particularly in the imposition of an individual capitalization model and in the creation of the figure of Voluntary Savings.<\/p>\n\n\n\n

The households in question face a Faustian conflict between spending and meeting the needs of the present or saving and preparing for the adventures of the future. Against this background, a neoliberal subjectivity is gaining ground, exemplified in the figure of the businessman himself, where the subject assumes as his own the responsibility of anticipating his old age, illness, unemployment and death through savings, with which he assumes labor rights as goals. individual.<\/p>\n\n\n\n

Keywords: afore<\/a>, voluntary savings<\/a>, cdmx<\/a>, businessman of himself<\/a>, financialisation of households<\/a>, Pension funds<\/a>, neoliberal subjectivity<\/a><\/span><\/p>\n\n\n\n

What Do Mexicans save Money For? The Future of Saving under a Neoliberal Pension Regime for Individual Capitalization<\/p>\n\n\n\n

Based on the ethnography of five aspiring middle-class households in Mexico City (cdmx<\/span>) I analyze the financialization from saving and the impact it has had on the dreams and imagies for the futures of homes. I take the reform of the 1997 imss<\/span> pension regime and its advertising correlates as a breaking point and central theme of analysis, particularly regarding the imposition of an individual capitalization model and the creation of Voluntary Savings<\/em> (Voluntary Saving). The homes in question face the dilemma between spending and meeting their present needs or saving and preparing for whatever the future brings. Considering these circumstances, a neoliberal subjectivity is gaining traction, exemplified in the figure of the entrepreneur of the self in which people take into their own hands matters such as planning for their old age, unemployment and death through saving, assuming their own work rights as individual goals.<\/p>\n\n\n\n

Keywords: financialization of homes, afore<\/span>, pension funds, voluntary saving, entrepreneur of the self, neoliberal subjectivity, cdmx<\/span>.<\/p>\n\n\n\n

\n\n\n\n

Under pressure from international financial organizations and in the midst of a military dictatorship, Chile inaugurated in 1981 the privatizations of pension regimes and established for the first time in the world an individually funded system. Since then, thirty countries have privatized their pension systems and 18 of them have reversed them, mostly betting on mixed models.1<\/a> The oit<\/span> is clear in its diagnosis: "the privatization experiment has failed" (Ortiz et. to the<\/em>., 2019:xi<\/span>). All over the world, people have taken to the streets against privatization or the de-privatization of their pension system, seeking to stop a reform that we have been suffering in Mexico for 23 years.2<\/a><\/p>\n\n\n\n

\u201cFinancialization\u201d is one of the key concepts that have been used to describe the changes that neoliberalism has produced in the economy. Following the bibliographic classification of Natascha van der Zwan (2014), the concept of financialization has been used in three senses: 1) to name the passage from an industrial capitalism focused on production to a new accumulation regime usually called financial capitalism; 2) to name the restructuring of companies that have come to prioritize the value of their shares over permanence and future earnings, and 3) to refer to the financialization of daily life, that is, the process by which the The financial system increases its supply and penetration into households through life insurance, accident, medical expenses, pension accounts or any of the services offered by multiple banking: credit cards, savings accounts, etc. It is in this last sense that I recover the concept of financialization to name the accelerated process by which a greater number of daily household transactions become mediated by the financial system. In economics and anthropology, this process has been approached primarily from the precariousness, the indebtedness and the bankarization of households and rarely from savings. Given this absence, this paper analyzes the financialization of households from savings, which offer privileged access to the futures that the households in question want for themselves, to their needs, desires, priorities, aspirations and dreams as well as to juggling in terms of foresight, management and planning necessary to achieve them.<\/p>\n\n\n\n

On the other hand, recovering the arguments of Conde Bonfil (2001) and Garc\u00eda Sepulveda (2014), I abandon the classic definitions that understand saving as that part of income that is not spent, that is, as an amount of money made up of the difference between disposable income and expenditure incurred. Likewise, I reject the "residual" connotation of these definitions,3<\/a> since in all the cases that I recover here, saving was a planned decision that required sacrifices and postponements and it was never a question of "what was left over" at the end of a certain period. Instead, I choose to talk about savings strategies, which I understand as a set of projections and thoughtful actions that imply a present (or past) restriction on behalf of a future, which range from setting aside money and assets to avoiding an expense.<\/p>\n\n\n\n

I maintain that the 1997 reform to the pension scheme of the Mexican Institute of Social Security (imss<\/span>), in particular the creation of the Retirement Fund Administrators (afore<\/span>) and its figure of Voluntary Savings, have been a nodal point in the financialization of Mexican households in at least the following three senses.<\/p>\n\n\n\n

  1. This neoliberal reform has managed to transform a labor law into an individual goal by displacing a responsibility of the State to Mexican workers: that of providing an income in old age to beneficiaries after years of work.<\/li>
  2. This transformation has contributed to the imposition of a neoliberal subjectivity through elaborate processes of disciplining financial practices, but especially dreams and imaginations for the future of households.<\/li>
  3. The functions of what corresponded to the debt and what corresponded to savings have been restructured, it seems that credit displaced savings as a means of acquiring durable consumer goods.<\/li><\/ol>\n\n\n\n

    In this article I will concentrate on the second point because, without totalizing, I am interested in characterizing this discipline of saving as well as the dreams, motivations and imaginations for the future derived from this reform. It is important to mention that these transformations affect not only those who contribute under the 97 regime or have an individual account of afore<\/span>, but to Mexican wage earners as a whole, since we are talking about a modification of the structure and with it of meanings, expectations and the "norm".<\/p>\n\n\n\n

    The reflections expressed here arise from an investigation carried out during the period 2017-2019 for the thesis \u201cJuggling to make ends meet. Debt, finances and jobs in five precarious salaried households in the cdmx<\/span>\u201d(Gallardo Kishi, 2020). The field work comprised five households made up of a total of 17 people. The delimitation conditions of the households were: multi-person households with a common expense in addition to the payment of services, with residence in the cdmx<\/span> or metropolitan area, integrated by at least one \u201cprecarious\u201d formal salaried member4<\/a> with a feeling that his salary is not enough and that he resorted to borrowing.<\/p>\n\n\n\n

    Over the course of a year I visited the homes approximately every two months; on each visit I conducted individual and family interviews in which I delved into their life history, work history, unpaid jobs, income, expenses, debts, savings, networks and favors, paying special attention to money management and juggling activities to "make ends meet." For two months, the interlocutors kept a punctual record of all their transactions in some \u201ccheckbooks\u201d that I provided them, which allowed me to know with enough precision the expenses, income and transfers of the subjects. Without counting the two minors, the study subjects were: three pensioners under the law of 73 over 60 years of age, three formal wage earners in their forties who contribute under the law of 73 and hope to be able to retire, two fluctuating workers in their fiftys who will not be able to meet the necessary conditions to access a pension and seven employees and \/ or university students under forty who only know the pension scheme under the law of 97. The interlocutors are mostly salaried people who perform jobs as secretary, coordinator , bank employee, supervisor, company driver, interns, etc. They are largely office workers with eight to ten hours of work, with fluctuating work paths but with prolonged periods of work. stability<\/em> sustained largely thanks to their networks and lines of credit. In all cases, we are talking about households that have very broad lines of credit
    (even higher than your annual income), multiple credit cards
    to and a lot of familiarity with indebtedness. They go into debt to pay for pre-university education or health expenses, to acquire goods (automobile, electrical appliances, clothing), as well as for \u201cdaily\u201d expenses such as buying the pantry and paying for services.<\/p>\n\n\n\n

    The assiduous processes of disidentification and individualization of city life, as well as the porosities that a concept such as the "middle class" has acquired after the disappearance of welfare states throughout the world, add degrees of complexity when it comes to seek to speak of a collective subject or to name belonging to some class. For this reason, I decided to speak of the "middle class" as a horizon and not as an essence or belonging. I will understand the middle-class horizon as the set of expectations and desires that shape the futures that households envision for themselves, which correspond to the promises of a welfare state. To speak of the middle-class horizon is to speak not of their income, jobs or properties, not even of the role they play in capitalism, but of the aspirations that guide their conduct, of the patterns that determine their criteria of the desirable and the undesirable, and on many occasions from his field of possibilities.<\/p>\n\n\n\n

    Pension scheme of individual capitalization or financialization of households<\/h2>\n\n\n\n

    In 1943 the Mexican Institute of Social Security (imss<\/span>) in order to grant the workers who contribute to it medical assistance, social services necessary for well-being, a pension guaranteed by the State (for those who meet the requirements), as well as insurance for occupational disability, occupational risk, illness, maternity. Under a pay-as-you-go scheme or solidarity insurance, the imss<\/span> For more than fifty years, it managed the mandatory contributions of workers, employers and the State (equivalent to 6.25 % of the salary of each fortnight) in a single fund that functioned on many occasions as a \u201cpetty cash\u201d of the governments.5<\/a><\/p>\n\n\n\n

    As part of a series of neoliberal structural reforms and under the slogan that the payment of pensions was leading to deficit government spending, on July 1, 1997 the reform of the imss<\/span>, effective for any worker who begins to contribute from that date. In relation to the 1973 Law, the 1997 Reform increased the number of minimum contribution weeks to aspire to retire from 500 to 1,250 weeks and transformed the pension system from a pay-as-you-go scheme to an individually funded scheme.6<\/a> As soon as the reform was declared, banks such as Inbursa, Banamex, Banorte, Azteca and Coppel, as well as business conglomerates such as sura<\/span>, InverCap and gnp<\/span> It did not take long for them to see a gold mine in that emerging sector and create their own afore<\/span>.<\/p>\n\n\n\n

    The transformation was radical; moved from a pension guaranteed by the state and administered by the imss,<\/span> whose amount was based on the average salary of the last 250 weeks of contributions, to an unsecured pension, administered by private financial institutions with high commissions. Every beneficiary and potential pensioner became an "investor" whose hopes of receiving a pension one day were contingent on being able to contribute for a minimum of 24 years, choosing the afore<\/span> with the highest yields and lowest operating costs, but above all, to the voluntary contribution that he manages to make to his individual account of afore<\/span>.<\/p>\n\n\n\n

    The pension sphere has not been the only one that has been disrupted by the processes of financialization and consequent displacement of responsibility; we can add education, access to health and housing to the list. One consequence of this scenario has been the shift from public deficit spending to private deficit spending (Lazzarato, 2013; Marazzi, 2014). In other words, in the face of drastic losses in purchasing power, a decrease in social security, a precarious working condition and an increase in living costs, it is no longer the State but the households that go into debt to cover basic needs, it is no longer the State but the financial system the maximum \u201csocial insurer\u201d (Marazzi 2014: 14) and they are no longer social and labor rights but personal goals to be fulfilled. But, how does a labor law become a responsibility and an individual dream in many cases unrealizable? What transformations in the worker's subjectivity does this regime require?<\/p>\n\n\n\n

    On neoliberal governmentality and the entrepreneur himself<\/h2>\n\n\n\n

    Against this background, Foucaultian concepts of neoliberal governmentality and entrepreneurial self become valid, which start from the recognition that the economy produces not only merchandise but also subjectivities (Foucault, 2007; Lazzarato, 2013). Broadly speaking, I will understand by governmentality a set of devices and techniques of government of another and of oneself that have the intention of conducting behaviors and producing subjectivities with particular practices about oneself (Foucault, 2007).7<\/a> According to Foucault (2007), neoliberal governmentality produces a very peculiar subjectivity: the \u201cbusinessman of himself\u201d, where the disciplining of bodies, typical of the factory regime, is replaced by a (self) disciplining of motivation. The individual "self-entrepreneur" perceives himself as responsible and guilty of his own luck, of his bad or good administration.<\/p>\n\n\n\n

    I feel like I'm a bit of a bad administrator. I don't handle myself well. Then pretend that I cover, a situation comes to me and I cover it, but at that moment I get out of the problem but maybe I don't think about what is missing. So yes, the truth is that I have been a bit of a bad resource manager, I feel ... Yes sometimes it fails me, it fails me a lot. I think maybe because of my bad habit. Because I have not had a habit of saving or as always I have been a little up to date as I have not known how to manage myself well (Driver, pensioner, 63 years old, Law of 73).<\/p>\n\n\n\n

    In addition to this grammar of guilt and self-responsibility, the \u201cself-entrepreneur\u201d seeks to invest in himself, in his education, in his health, in his image, in languages, courses and training, in order to be more competent, employable and thereby increase his salary \/ earnings (Amigot Leache and Mart\u00ednez Sordoni, 2013; Castro-G\u00f3mez, 2010; Foucault, 2007).<\/p>\n\n\n\n

    I've never had time, I was always running. For example, right now I'm running again, I get out I run and I never have time like "oh, stop, I'm going to the doctor." Right now I received several discount cards in laboratories and right now I would like to go to do a study. Right now I am already thinking about my health, maybe right now if you are getting a little more income then yes investing in you (Office worker, 25 years old, Law of 97).<\/p>\n\n\n\n

    Some colleagues ... criticized me and said "why are your children in paid school?", Because I want them to take advantage of it and I think they are doing it. They are teaching them another language! And yes, they did criticize me several, but I think that is the only thing I can leave them, a good inheritance, it will depend on them if they take advantage of it or not, right? Education for me is fundamental, it is basic (Executive Secretary, 45 years old, Law of 73).<\/p>\n\n\n\n

    But specifically, how has a self-entrepreneur subjectivity been shaped in saving?<\/p>\n\n\n\n

    Savings policy<\/h2>\n\n\n\n

    The reform to the pension system of 97 created the figure of voluntary savings and along with it all a discourse and practices for its promotion. Much effort and money has been spent on advertising,8<\/a> as well as the creation of courses, applications, workshops, tax benefits (since voluntary savings are tax deductible), goal mechanisms with compensations when reaching objectives, design of "life projects" segmented by age group and opening of more channels to make contributions (7-Eleven, C\u00edrculo k<\/span>, afore <\/span>Mobile, etc.), all with the aim of promoting this novel<\/em> practice and vision.<\/p>\n\n\n\n

    It is not easy to build subjects with the full conviction that the future is built through formal savings, and that the only way to fulfill dreams is by saving. This has been achieved somewhat through speeches of terror, but above all through intense financial education processes promoted by the State and private banks, from which a responsible, meritocratic citizen and entrepreneur of himself has been built as an imaginary of success, to the at the same time that all informal saving practices and all \u201csuperstitious\u201d ideas that your life could have a turn of luck are put to rest. Contributing to this idea, afore<\/span> Profuturo has a campaign where it makes fun of different beliefs and popular phrases such as wearing yellow pants, the readings of stars and coffee cups, the prophecies ... and concludes with the phrase "it is time to believe in saving", making it clear that the "magical thinking" must be left behind to give way to rational-financial thinking, and that it is imperative to move from subjects who believe in luck to investors who believe in "good financial decisions" (Figures 1, 2, 3 and 4 ).<\/p>\n\n\n\n

    \n
    \n
    \n
    \n \n \n <\/i>\n <\/a>\n <\/figure>
    \n \n \n <\/i>\n <\/a>\n <\/figure>
    \n \n \n <\/i>\n <\/a>\n <\/figure>
    \n \n \n <\/i>\n <\/a>\n <\/figure> <\/div> \n <\/div>\n
    Illustration 1. Advertising of Profuturo on your Facebook page. Source: https:\/\/www.facebook.com\/ProfuturoMX\/photos\/a.418040166782\/10155748798021783\/<\/div>
    <\/div>
    Illustration 2. Advertising of Profuturo on your Facebook page. Source: https:\/\/www.facebook.com\/ProfuturoMX\/photos\/a.418040166782\/10155927368651783\/<\/div>
    <\/div>
    Illustration 3. Advertising of Profuturo on your Facebook page. Source: https:\/\/www.facebook.com\/ProfuturoMX\/photos\/a.10156187427531783\/<\/div>
    <\/div>
    Illustration 4. Advertising of Profuturo on your Facebook page. Source: https:\/\/www.facebook.com\/ProfuturoMX\/photos\/pb.153594446782.-2207520000..\/10156334042431783\/<\/div>
    <\/div>
    <\/div>\n <\/div>\n\n\n\n

    Likewise, in one of the pension guides of the Ministry of Finance and the consar<\/span> it reads that making the right decisions that will lead to retirement \u201ccan only work if you admit to saving for retirement or purchase<\/em> the retirement you truly want is ultimately your responsibility. You must become the architect of your financial future \u201d(ebsa<\/span>, 2017: 2). In this same sense, the afore<\/span> sura<\/span> launched an advertising campaign showing a series of animals (bee, camel, squirrel, raccoon\u2026) collecting or storing food for the future accompanied by a message such as: \u201cI collect pollen and nectar. How do you prepare for the future? \u201d, Giving naturalness to the process of saving for the pension (illustrations 5, 6 and 7).<\/p>\n\n\n\n

    \n
    \n
    \n
    \n \n \n <\/i>\n <\/a>\n <\/figure>
    \n \n \n <\/i>\n <\/a>\n <\/figure>
    \n \n \n <\/i>\n <\/a>\n <\/figure> <\/div> \n <\/div>\n
    Illustration 5. SURA Advertising<\/div>
    <\/div>
    Illustration 6. SURA Advertising<\/div>
    <\/div>
    Illustration 7. SURA Advertising<\/div>
    <\/div>
    <\/div>\n <\/div>\n\n\n\n

    Undoubtedly, the strategies used to strengthen voluntary savings have worked both at the motivational level and at the practical level. According to the consar (2020)<\/span>, the voluntary savings captured by the afore<\/span> went from 13 thousand 52 million pesos in 2012 to 91 thousand 220 million in 2019. In the last seven years the total amount has increased sevenfold! This situation is generating annual net profits of more than 10 billion pesos for the afore<\/span>, the result of what Lapavitsas calls \u201cfinancial expropriation\u201d, referring to the extraction of financial gain directly from household income (Lapavitsas, 2009: 48). It is an exploitation in the sphere of circulation that operates through pension funds, savings, and all kinds of credits (Lapavitsas, 2009, 2011; Dymski, 2011). Or in terms of Caffentzis (2018) and Correa (2008: 96) of a loan or \u201crent\u201d that the worker makes to the financial capitalist class, which has that money for a year in most savings funds. or for a working life in the case of pension funds, during which time it is used to invest, buy shares, securities, debt packages, among other financial assets and thereby dynamize and expand the market (Campos Bola\u00f1o, 2005).<\/p>\n\n\n\n

    "Dreaming does not cost anything", Faustian conflict between spending or saving<\/h2>\n\n\n\n

    In a famous passage from Capital<\/em>,9<\/a> Marx (1988) speaks of the exclusive desires of a capitalist: to enjoy or to accumulate. He thus names "Faustian conflict" those two wills in permanent tension, alluding to the two opposing wills contained in Goethe's Faust. These two wills that seem to come from two souls locked in the same body are also present in every saving process. Faced with the impossibility of accumulating (due to the absence of means of production), wage earners with a middle-class horizon experience the Faustian conflict as an opposition between enjoying \/ spending or saving. This is not the only parallel between accumulating for capitalists and saving for wage earners, since it is clear that financial education seeks to promote the practice of saving as if it were something as valuable and enriching as accumulation. \u201cRemember, you can pay [your pension] with determination, hard work, and a commitment to saving, the right knowledge, and a well-designed financial plan. So your money can produce for you when you need it most: in your future years \u201d(ebsa<\/span>, 2017: 3). The \u201cmagic\u201d of compound interest on savings is exposed in a similar way to the \u201cmagic\u201d of capital gains and accumulation. Without means of production, we are told: you too could one day live without your own job if you only learn to save. And this promise is integrated into the stakes for the future of the interlocutors.10<\/a><\/p>\n\n\n\n

    What I do see is, in addition to my job, being able to invest, being able to have your own business or something that generates your own, right? Then maybe say: "Well, I don't want to work somewhere anymore, now I just want to do my own thing", and to the best of my savings, have something for what is needed (Office worker, 34 years old, Law of 97) .<\/p>\n\n\n\n

    The Faustian conflict between saving and spending is present in almost any consumption, since a saving must overcome an enormous amount of consumption opportunities before it can be realized in the dream that such saving contained. It is here where the contradictions between what financial education indicates that should be done: save, and what the daily needs demand: spend. This accounts for a generalized reality, no matter how much desire and intention to save you have, saving is one of the most difficult financial activities. \u201cBut because of my finances, I almost always go up to date, and the times that I have saved, suddenly an emergency comes out and what I had saved, boom! he's gone!" (Pensioner, 63 years old, Law of 73). Let's see this story by Lul\u00fa about consumption possibilities that an income must overcome in order to be saved; let us know how the Faustian conflict is expressed. It is worth mentioning that Lul\u00fa had only recently lost her formal job as a secretary and, faced with the urgency of money, began to work as a domestic worker as well as to sell jellies and knitted dolls.<\/p>\n\n\n\n

    For example, if one day I go with a woman to do her chores and she pays me 250 pesos, and of those 250 pesos you have to buy half a kilo of meat and eggs. You have already spent 100 pesos, you have 150 left over, I keep those 150 and say: well, the electricity bill will arrive; well, I cooperate 150 or I keep it as a reserve. And I say, well here I keep my 150 and if [my son Andr\u00e9s] needs tickets for tickets, then I take 50 and give it to him. If Andr\u00e9s doesn't ask me for them (because right now I don't give Andr\u00e9s so much, because I no longer receive an income), if I keep them and tell Andr\u00e9s \u201care you going to use money?\u201d "do not". So I take those 50 and I go and deposit to my account and I already saved 50, I have 100 pesos left; I don't know of those 100, 20 for my tickets\u2026 (secretary and domestic worker, 52 years old, without paying contributions).<\/p>\n\n\n\n

    At this point the odyssey is far from over, because every time the needs are greater than the income, the idea of consuming their savings arises as an alternative. It is this Faustian conflict that is hidden behind frequent expressions of "it is easy for me to spend it" as well as the need to place different locks to make the amount saved something "untouchable". Although the will to save has been nailed in our souls like a hook and prefigures behaviors, the saving practices of the interlocutors are far from corresponding to that desire. In Andrea's words: \u201cnow what I'm thinking is that I must already contribute to the afore<\/span> to the voluntary contribution, since you definitely have to start paying, but I tell you, I believe that it will not be possible for two years \u201d(bank employee, 48 years old, Law of 73).<\/p>\n\n\n\n

    Young people of university age were the ones who were more easily able to keep their savings for long periods, probably because it was not up to them to respond to extraordinary household expenses. For the rest of the adults - particularly if they had children - saving was deeply complex, since there was always an illness, accident, unforeseen expense, reordering of priorities, loss of employment, etc., that altered their dreams for the future and made them sacrifice the future for the present.<\/p>\n\n\n\n

    In this context in which being a citizen or worker offers very few guarantees, where surviving successfully is assumed as a result of the managerial capacity of each one, to invest in oneself and to foresee, the popular phrase "dreaming does not cost anything" loses certainty. Each savings has the name of multiple dreams, and each dream has a mandate to save, to prevent, to anticipate and to prepare. The interlocutors conceive their dreams as the future they want and for which they must work day by day (even in the many cases in which they are not fulfilled). They know that they will not have a magical turn of luck, that someone outside will not come to solve their problems or fulfill their dreams, so dreaming requires sacrifices, deprivations, postponements, as well as complex management of time and money. And in many cases, pursuing a dream requires postponing or sacrificing another. Dreaming costs a lot.<\/p>\n\n\n\n

    Without a doubt, not every dream is built from savings; there are some others who do it from debt, for example. In the homes where I did field work, I found that on many occasions credit occupied functions that previously corresponded to savings, such as the acquisition of personal property or durable consumer goods (stove, bed or bicycle and even a car), thus like being able to go on a trip. It is interesting that in households where credit works as an extension of wages and has a wide line of credit, monetary savings are no longer expected to respond to immediate contingencies, but rather hopes for another future are placed in it. In this sense, it was common to find people who preferred to take out multiple loans before having their savings, under the slogan that one peso saved is worth more than any other peso. Although not every dream is built from savings, every dream has the mandate to build itself from now on.<\/p>\n\n\n\n

    "What do you throw at when you dream, dreamer?"<\/h2>\n\n\n\n

    The imposition of a neoliberal subjectivity is also \u2013or perhaps better said, it is above all\u2013 a disciplining of dreams and imaginations for the future. The dreams narrated by the interlocutors are far from those illustrated in the classic song by Chava Flores "What do you throw at him when you dream, Mexican?", Whose fame is due to the great characterization that he makes of that "Mexican reluctant to work."11<\/a> My interlocutors do not dream of "winning the lottery", nor of a fairy to eliminate their debts and pay their rent (reference to the song by Chava Flores), or at least it is not what they are betting on. The dream of a different world and life (of enjoyment and enjoyment for example) is blurred. The possible futures on which you bet are reduced, the dreams contingent. Instead, they dream of stability and of being able to respond to illness, old age, and layoffs. They dream that their children do better than them: \u201cNow that I lacked a lot of my medications and that I couldn't buy them because I didn't have it, now I want that, I do have saved, oh well! I'm going fast and I give myself my follow-up, right? Today I want that \u201d(secretary and domestic worker, 53 years old, without contributions).<\/p>\n\n\n\n

    They dream of being able to retire with dignity and of paying off all their debts. In many cases, leaving the house where they live is a distant dream and the dream of achieving economic autonomy always remains latent. It is interesting that except for the dream of "paying off your debts", all the long or medium-term dreams mentioned by the interlocutors coincide with one of the 16 life projects of the program "The adventure of my life" of the consar<\/span>: acquire a home, become financially independent, start a business, secure an emergency fund, pursue higher education, start a family of your own, have children, travel. They dream of achieving on their own merit the promises of a non-existent welfare state and they judge as incorrect or at least unfeasible to bet on a future without afore<\/span> nor social security.<\/p>\n\n\n\n

    My parents don't even have afore<\/span> nor do they have insurance [social security], that is, they have nothing, they are completely unprotected, none of them have any of that. Then the day it is needed, well now you have to enter it, right? ... because they have not resolved that part ... that part does worry me about them, because I know that there will also come a time when They will not be able to work (clerk, 33 years old, Law of 97).<\/p>\n\n\n\n

    Conclusions<\/h2>\n\n\n\n

    The text has wanted to point out that the 1997 reform to the pension system of the imss<\/span> It has been a turning point in the financialization of Mexican households, since it meant the transformation of a labor law into an individual goal and thus normalized its inaccessibility and structural precariousness. In addition to this process, the reform, afore<\/span> and its advertising correlates have disciplined the financial practices of saving, spending and borrowing, but in particular they have disciplined the dreams and imaginaries of households and contributed to the imposition of a neoliberal subjectivity. Households think about their health, education and of course, their savings in afore<\/span> as an investment in yourself (or your children). The disciplining of dreams refers, on the one hand, to the fact that people dream according to the horizon of the middle class, and on the other, to the fact that they know well that dreaming deploys a mandate to save, which usually requires sacrifices and postponements in their daily financial practices, of So saving and dreaming have come together to become interchangeable words.<\/p>\n\n\n\n

    Although this middle-class horizon and the subjectivity of the \u201cself-entrepreneur\u201d type establish certain behaviors, these are not specified in a single way. At no point am I talking about totalizing or generalizing processes. Although scarce, I was able to register future projects unrelated to a conviction to save, as well as needs that are still considered the responsibility of the State. Like Ernesto (driver, pensioner, 64 years old, Law of 73), who dreams of learning a lot about plants and filling his house with them, or Rosalba (63-year-old housewife, unpaid), who does not stop demanding from the I government the drugs you need to live, which you don't think (and can't) pay for. It is clear that even when the mandate to save is present in everyone, the subjects face constant tensions to fulfill it, a situation exemplified in the Faustian conflict.<\/p>\n\n\n\n

    The article supports the studies of the financialization of households from savings to recognize, on the one hand, the financial expropriation that is occurring from pension funds, and on the other, to name the subjective harmful effects that the displacement of a State responsibility towards Mexican workers. Likewise, it can help to open qualitative analyzes of financialization and the imposition of a neoliberal subjectivity from savings that put the dreams and imaginaries that sustain the financial practices of the subjects and that make up their horizon at the center of the discussion. Methodologically speaking, I proposed to analyze the financialization of daily life and the disciplining of dreams as processes that transcend the sphere
    of savings and of course the sphere of savers with pension funds, but who nevertheless maintain very particular and interesting links with them.<\/p>\n\n\n\n

    The subject of this issue of Encartes<\/em> It calls us to analyze social phenomena from expectations, aspirations, anticipations, dreams and hopes and not only from custom and tradition. In a context where the idea of progress is predominant, it seems that our practices respond more to what we want to be and do than to what we have done. Anthropology has an outstanding debt with futures.<\/p>\n\n\n\n

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    \n\n\n\n

    Sayuri Gallardo Kishi <\/em>has a degree in Social Anthropology from the enah<\/span> and political scientist for the unam<\/span>. Member of the Permanent Seminar on the Anthropology of Money and the Economy ciesas<\/span>–imtfi <\/span>and the Transdisciplinary Institute on Biocultural Complexity gaia<\/span>.<\/p>","protected":false},"excerpt":{"rendered":"

    Abstract Based on an ethnography of five middle-class households in Mexico City (Mexico City), I analyze the financialization of savings and the impact it has had on the dreams and imaginaries for the future of the households. I take as a point of rupture and axis of analysis the [...]<\/p>","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[279],"tags":[722,724,727,725,726,723,721],"coauthors":[704],"class_list":["post-33942","post","type-post","status-publish","format-standard","hentry","category-279","tag-afore","tag-ahorro-voluntario","tag-cdmx","tag-empresario-de-si-mismo","tag-financiarizacion-de-los-hogares","tag-fondos-de-pensiones","tag-subjetividad-neoliberal","personas-gallardo-kishi-sayuri","numeros-705"],"acf":[],"yoast_head":"\nLos futuros del ahorro bajo un r\u00e9gimen pensionario neoliberal – Encartes<\/title>\n<meta name=\"description\" content=\"A partir de una etnograf\u00eda de cinco hogares, analizo la financiarizaci\u00f3n y el impacto que \u00e9sta ha tenido para el futuro de los hogares.\" \/>\n<meta name=\"robots\" content=\"index, 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