Mexico City.- Almost 4 out of 10 consumers in Latin America cannot save because their income barely covers their daily expenses.
This means that in Mexico and the rest of the countries in the region, arming themselves with a financial cushion is not an option for many, despite the fact that the current uncertainty accentuates the need to have savings in case something unexpected happens.
A Visa study on how consumers in Latin America and the Caribbean save money shows that only 63 percent of consumers are saving in one way or another, of which only 33 percent do so regularly and 67 remaining percent, occasionally.
These savings are not necessarily large and may not be expected to achieve long-term stability, Visa said.
“According to the consumers themselves, they save in small amounts for a short period to be able to buy a particular item (new clothes, for example) or to organize an event such as a dinner at home.
“This type of small taste is one of the reasons why they save on apps and digital wallets, since they are means that prioritize convenience and accessibility more than long-term return,” he explained.
According to the company, there are many ways in which consumers in the region save money: from buying dollars or a local currency to keep under the mattress to using fixed terms in bank accounts.
In Argentina, the most common way to save is to buy dollars; meanwhile, saving in local currency is the preferred method in Mexico, Peru, Colombia and the Dominican Republic.
In Brazil, Chile and Costa Rica, consumers tend to use bank accounts more to save.
In all the countries of Latin America and the Caribbean, savings is one of the main sources that make personal and family growth and satisfaction possible.
