51% of consumer credits are requested by millennials, with an average ticket of S/5,557, revealed Liliana Lescanoproduct manager Piura Box. Furthermore, he added that, as of September of this year, Placements of this type of loan grew by 11.37% compared to the same period in 2022.
“With the proliferation of Credit cardsthe availability of online solutions and the different financial companies that exist, with or without supervision of S.B.S.millennials have easier access to this product than previous generations,” Lescano explained.
Consumer loans are an easy-to-access product that requires fewer requirements. They offer greater benefits to those who have CTS accounts or fixed-term deposits and, historically, they are more requested during school campaigns, Mother’s Day, national holidays and Christmas.
“Millennials have greater access to financial education. Some of them strategically use credit as part of their planning, taking out loans at low rates to invest or start a business. There is also a group more aware of the importance of maintaining good credit scores to access loans with lower interest rates in the future. They care about building a solid financial risk profile,” commented Lescano.
Like other generations, millennials face significant expenses in their lives, such as buying a home, college education, automobiles and others. To pay for them, they often resort to immediate consumer loans, such as Caja Piura’s ‘Credifácil’ product, which projects loans of S/5 million by the end of the year.
According to the executive, generation 26% of consumer loans, while Z represents 13%. Furthermore, 54% of applicants are women. He added that there are a few reasons to argue that millennials are more knowledgeable about financial habits:
● Access to information: They grew up with easy access to online resources, blogs, educational videos, and mobile apps that offer financial literacy information. This allows them to learn about personal finance more conveniently.
● Greater awareness: They witnessed the financial crises caused to a greater or lesser extent by the political situation of recent years and have learned from the economic difficulties experienced by their parents or family members. This experience has driven greater awareness about the importance of financial education and planning for the future.
● Financial technology: They are a generation that quickly adopted financial technology and financial management applications. With this, they have greater control over their finances to make more informed decisions.
Source: Larepublica
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