23% of Colombians say they have financial difficulties due to covid-19

File photo. People line up to hand in their resumes in search of a job in Bogotá, Colombia, May 31, 2019. REUTERS/Luisa González

This January 19, the firm TransUnión revealed a survey that shows that the financial effects of the covid-19 pandemic in Colombia have decreased. According to the figures, there are fewer people who feel difficulties regarding your household income, as it went from 29% (first quarter 2021) to 23% (last quarter 2021).

Portfolio compiled the information from the survey and showed that although there is an improvement in household finances, those with the lowest income continue to be the most affected by the pandemic.

68% of households with the lowest income (less than one million per month) feel affected, while in those with income between $1 million and $3 million per month, 42% feel a change in their pockets due to covid-19. Finally, in households with higher incomes (greater than $3 million per month), 24% feel it.

The credit bureau also said that the loss of employment, the reduction of wages by companies and fewer working hours are the main causes of the financial impact.

By last, 27% of respondents said someone in their household has lost a job, a rate lower than the 36% that ensured the same in the first quarter. Likewise, 27% and 19% indicated that someone in their household saw their salary and work hours reduced, respectively.

Four out of ten Colombians only receive income that covers expenses necessary to survive and more than half are behind on their financial obligations, according to a study on financial well-being in Colombia published this Wednesday.

41% of people declare that they only have a fair income for their survival and 41.2% say they are worried or very worried that money is not enough. This is how it is rescued from the study “Online transactions and financial well-being in Colombia”, based on a survey of 3,721 adults conducted by Banca de las Oportunidades, a Colombian government program for financial inclusion.

The financial well-being index of Colombians, according to this study, is situated, despite the data, at a medium level, with 49.8 on a scale in which 14 is the lowest level and 95 the highest. In this way, 22.5% of those surveyed could not face an unforeseen expense with their current income and 40.3% assured that giving a gift supposes a “huge burden for their monthly expenses”.

“It stands out that people between 18 and 24 years old and men reach higher levels of financial well-being”, emphasizes Banca de las Oportunidades.

This “financial well-being” also increases for those who have completed school degrees, especially if they have university degrees. Living in a rural area or not having a family charge also gives greater financial well-being, as do those who carry out financial transactions online. In this last line, the report ensures that the pandemic reduced by ten percentage points the number of people who prefer to use cash over card or mobile money payments, which before 2020 were at 88.4%.


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