The three kings are kind to Mexicans: New (MX) survey reveals that Christmas is twice as stressful as Reyes

Tala’s Stressometer highlights the financial stress of the holiday season and illuminates customers’ optimism for 2024.  

Tala Stressometer

Mexico City, MX, January 11, 2024 – Tala today announced the results of its yearly post-holiday Stressometer with over 2,900 responses from Tala Mexico Customers. This year’s study aimed to determine if Reyes is one of the detonators of financial stress at the beginning of the year. The result is that while Reyes is the traditional date for gift exchange, this Christmas season caused double the stress of Reyes, with 24% of respondents feeling more financial stress during Christmas versus 12% during Reyes. 

Notably, we found a significant shift in financial stress year over year. Twelve months ago, approximately 67% of individuals were grappling with severe financial stress. In our most recent survey, that figure has declined to 48%. That said, a degree of stress affects all but 15% of the sample.

According to Tala’s General Manager David Lask, much of this stress stems from not understanding the available financial solutions. Many still believe they can’t access financial services without a credit score, but “The fact is that technology, connectivity, and alternative scoring methods have opened up financing options to previously underserved segments.”

A key driver of stress is related to respondents who work in informal and self-employed positions and do not get year-end bonuses. Because of this, 40% report that December is a difficult month with more expenses but the same or less income. Conversely, 45% report having extra income through their jobs or their own businesses. This contrast is not to be overlooked. As Jorge Oseguera, Head Of Marketing and Growth, states: “One worrisome figure is the 16% who, even with additional income, have outspent their earnings. This speaks to a lack of financial literacy and planning, which is something we intend to focus on in 2024.”

Fighting stress levels is an ongoing priority for Tala, given that stress is uncomfortable and causes broader effects on individuals, their families, jobs, and businesses. Reported effects of stress include:

Anxiety, guilt, anger21.00%
Excess consumption of food, alcohol, cigarettes7%
Insomnia, gastric issues, headaches23%
Work- and business-related effects7%

Unfortunately, only 10.3% of respondents stated that they had no financial stress related to the holidays or that their stress was under control.

Despite the reports of stress in the last year, we’re pleased to find that most respondents (84%) were optimistic and determined to improve their finances in 2024 and interested in financial education.  

Interest in financial education topics: 

  • Personal and family finances 28%
  • Business finances 24%
  • Digital financial tools 23%
  • Online protection 18%

Unsurprisingly, given the increasing digitization of daily life in Mexico and other parts of the world, 63% of respondents preferred to learn digitally, including online courses, social media events, and podcasts. Only 9% wished for in-person courses.

Tala Mobile Mexico is pleased that Mexicans are open to financial education. “We’re committed to offering financial education to our clients and the public at large throughout the process of providing financial services. We believe that the best way to protect our customers, reduce financial stress, and gain trust is through fostering financial literacy, ” concludes Lask.

About Tala

Tala is the first financial platform for the Global Majority. Available in three continents, Tala’s wealth-building platform offers its 8.5+ million customers instant access to bill pay, credit and remittance services, processing nearly $200 million in transactions each month.  

Tala has raised equity and debt funding from visionary investors, including Kindred, Stellar Enterprise Fund, IVP, Revolution Growth, Lowercase Capital and PayPal Ventures. Tala has been named to Fortune’s Impact 20, CNBC’s Disruptor 50 list four years in a row, and Forbes’ Fintech 50 list for seven consecutive years.

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