• May 2, 2024

Beyond the ability to save that provides formal or informal employment, a study conducted by BBVA Research reveals that what drives a person to acquire this habit is a more motivational aspect, related to the confidence of individuals in the future and their degree of satisfaction with their conditions of current employment.

Through the investigation "The saving in formal and informal conditions " , the area of ​​Economic Analysis of BBVA Bancomer, details that when individuals have confidence in the future , the probability of save money it is very significant in all the regressions carried out, with increases between two and 11%. The same happens in the case of being satisfied with working conditions, which increases the probability of saving between two and 17%.

We have come to the conclusion that beyond the formal or informal conditions of workers there are other factors more related to the economic theory of self-confidence and motivation that positively affect decisions about saving, "he says.

Factors against

BBVA highlights that among the factors that affect the saving In the case of Latin America, the problem of the informal economy is particularly worrisome.

Depending on how it is measured, informal employment could represent around 40 percent of the economies of Latin America. There are extreme cases like Peru, where informal employment reaches 60 percent; while Mexico, which is one of the largest economies in this region, has an informal economy that amounts to 30%.

"This situation of informal employment is especially interesting in the case of its financial system, where at least 35% of the adult population saves in non-formal financial institutions and only six percent do so in banks," the document explains.

Challenge for banking

Through the study, BBVA highlights that how to improve the conditions of saving in Latin America it is a challenge present in the agendas of researchers, policy makers, regulatory authorities and financial institutions.

He points out that it is particularly important in developing countries and emerging markets, where banking penetration rates are relatively low and macroeconomic determinants, the link between personal characteristics and savings is also important.

Social conditions

He explains that in addition to other relevant social conditions such as income, sex and educational level, the analysis reveals other interesting effects that stand out among the others, as it found the importance of the particular characteristics of informal workers.

"We have discovered a group of informal workers with worse economic conditions that negatively affect decisions on saving, and on the other hand, the study showed very positive results of motivational factors, represented by the effects of variables such as confidence in the future and satisfaction with working conditions, "he explains.

According to the World Bank on a global scale there are two thousand 500 million people without a bank account. Only 50 percent of people on a blobal scale have a bank account.

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