Argentines are more concerned about finances than about health. This was revealed by a survey conducted by Mastercard and Americas Market Intelligence (AMI), according to which finances proved to be the main concern of Latin Americans and 65% of the population in Argentina. This area – finance – occupies in the minds of local users a level of concern even higher than physical (21%) and emotional (17%) health.
The survey was conducted in 13 countries in the region, including Argentina, and shows changes in consumer habits, the increase in financial services and how companies will have to adapt to this new ecosystem. The study was presented during an event that focused on how banks, merchants, and fintechs can lay the foundation for a post-Covid-19 era.
“The pandemic forced Latin Americans from Argentina, Brazil, Chile, Costa Rica, Colombia, the Dominican Republic, Ecuador, Guatemala, Mexico, Panama, Peru, Puerto Rico and Jamaica to reconsider their relationship with banks and technology,” he said the study.
50% of those surveyed in Argentina consider saving money, another 59% consider that the use of online banking from now on will become a permanent habit and almost 30% say they will pay their bills online, something they did not do before the pandemic.
“Latin America is at a time of transcendental technology adoption, where secure and seamless payment options have become a priority,” according to Walter Pimenta, senior vice president of Digital Solutions for Mastercard Latin America and the Caribbean.
The report shows that, in recent months, once cash was deemed dangerous In terms of contagion, e-commerce became the only way to buy and online banks, the easiest way to handle money.
According to the results obtained, the confinement made e-commerce almost double: before the Covid it had a 45% penetration and in recent months it reached 83% in Latin America. In the domestic market, 44% of those surveyed reported increasing their e-commerce expenses during the pandemic.
On the other hand, consumers showed a strong desire to reduce expenses, avoid going into debt, manage your finances conservatively and develop a long-term mindset regarding your finances.
In Argentina, during the pandemic period, 21% of those surveyed reduced their monthly expenses by 20% and 11% between 10% and 20%. Another conclusion of the study revealed that more than 50% of the Argentines surveyed indicated that they will be focused on saving money permanently until after the pandemic. Furthermore, 41% of those surveyed value their savings and finances more highly in general.
Regarding the use of cash and credit and debit cards, the study at the local level showed that: 47% of consumers report using less cash due to Covid, of which 32% reduced their use by 20%. Meanwhile, 27% of those surveyed in Argentina said they had increased the use of their credit card compared to before the pandemic and even more people (33%) increased the use of debit cards.