8 out of 10 Mexicans Seek Digital Financial Education to Combat Financial Stress
Tala’s Stressometer highlights customers’ financial stress and how they hope to manage it in 2024.
In a time marked by unprecedented economic challenges, Mexicans are taking an innovative approach to managing financial stress: digital education and online tools. A recent reading of our Stressometer, with more than 2900 responses, reveals trends about how citizens face their economic difficulties.
2024 is shaping up to be a year of change in terms of financial education in Mexico. According to the Tala Stressometer, 51% of respondents prefer online courses to learn about finances. Social networks, at 32%, also play a crucial role, demonstrating how digitalization transforms learning. Books, downloadables, podcasts and in-person courses also appear in the preferences, although to a lesser extent.
Regarding the topics in which participants are interested in learning, the responses were varied.
Looking towards 2024, over 50% of Mexicans plan to increase their savings and income. Interestingly, traditional financial methods like credit cards, tandas or cundinas, and bank loans ranked at the bottom of the survey.
Financial innovation is shaping up as a solution against the cumbersome processes of traditional banks and financial institutions and the informality of tandas or cundinas, which are unattractive and also risky.
The Stressometer also highlights how Mexicans faced extra expenses during the holidays. It highlights that 35% resorted to loans through applications, a reflection of recent interest in digital solutions versus traditional methods. Only 9% took on card debt and 10% resorted to other means of lending.
The rise of digital loans is a notable phenomenon in Mexico, especially among the unbanked population. Platforms like Tala not only offer access to loans, but also vital financial education. These digital services are changing the financial landscape, providing options that were previously inaccessible to many.
David Lask, Managing Director of Tala México, emphasizes the importance of this change: “For us it is crucial not only to offer access to financial services, but also to complement them with education. We seek a balance where the impact is both positive and lasting.”
2024 is presented as a year of transformation in the management of financial stress in Mexico. The preference for digital education and online tools is a clear indication of a change in financial mindset. With the help of platforms like Tala, Mexicans are finding new ways to face their economic challenges, charting a path toward greater financial stability and prosperity.
