In Jalisco, only two out of 10 people save at a financial institution
The Institute of Statistical and Geographical Information of Jalisco (IIEG) carried out the “Survey on financial inclusion in Jalisco households”, which showed little encouraging numbers in terms of formal savings strategies, since approximately two out of every 10 Jalisco have a saving mechanism.
What’s more almost 20% of the population trust informal savings mechanisms such as batches and raffles.
In this regard, Mireya Pasillas Torres, director of Economic and Financial Statistical Information of the IIEG, detailed the savings figures in the entity.
“16.8% told us that they do use a means of saving such as batch or raffle, of this 14.7% it is sometimes and 2.1% on a regular basis, of this type of mechanism 82.9% say no. We also asked about formal means of savings, 25.7% said yes, 70% said no, “said the specialist.
The “survey on financial inclusion in Jalisco households” was conducted by telephone from October 1 to 3, 2021 by the IIEG, to an effective random sample of 457 households. This sample size implies a margin of error ± 4.5% and a confidence level of 95 percent.
The interviewees were all over 18 years of age.
Among the topics that were addressed in the telephone survey were:
- Formal complaints filed with a financial institution and / or the Condusef
- Payment method for small purchases
- Formal and informal means of saving at home
- Financial products used
- Perception of commissions
In the first issue of formal complaints filed with a financial institution, only 4.6% of the sample collected has complained, while 94.9 indicated that they had not.
Of complaints before the National Commission for the Protection and Defense of Users of Financial Services (Condusef), only 2.9% have filed a claim, while 96.2% have not filed a complaint.
Of the complaints filed, 51.9% are of unrecognized charges on debit or credit cards; Another 18.5% of claims are for fraudulent calls from people posing as a banking institution; 11.1% due to poor service from the institution; 11.1% on the fact that the cashier did not give the correct amount and 3.7% on card cloning.
In the second topic that IIEG dealt with in the survey of forms of payment used most frequently when making purchases of 500 pesos or less, the sample indicates that 86.3% use cash, 7.2% debit card, 3.6% credit card, 1.5 % do not make payments and 1.3% electronic transfer.
In another section on the topic of savings, the answers to the question What instrument (s) or services (s) do you use? 91% have a formal financial mechanism, 91% have a savings account, 4.9% an investment fund , 3.3% promissory notes, 0.8% Cetes and 2.5% others.
Regarding financial products for the home, 30.1% have a department store card; 6.7% of the sample has a home loan; 7.2% have some automotive credit, 90.9% do not use that type of credit; furthermore, only 17.5% have life insurance and 80.4% do not have this type of insurance.
In the section of insurance of medical expenses, only 9.9% of the sample has protection from medical expenses, while 88% do not have this service; in automobile insurance only 26.3% have their vehicle insured, 72% do not have auto insurance.
The last point of the survey on the perception of the commissions paid for the use of the aforementioned financial services, for 50.9% of the sample the commissions are high, 16.7% adequate, 13.7% do not pay commissions, 9.6% very high.
- Jalisco economy
- Financial services