He savings level of natural persons in the banking sector registered S/158 million 144,593 as of September 2023, which represents a reduction of S/145 million compared to the beginning of the year and S/1,288 million in relation to the last 12 months, according to the Superintendency of Banking and Insurance (S.B.S.).
About, Alfredo MarinDeputy Manager of Retail Liabilities of Banbif, indicated that it is likely that at the end of the year a slight growth in balances will be observed due to the payment of CTS and bonuses in November and December, respectively. Also, he explained that the higher level of rates that the banking system has been paying this year was not enough to attract greater savings balances from people.
Why have savings decreased?
According to the manager, the reason why Peruvians have not increased their savings significantly this year, and which has had a direct impact on families, has beento constant loss of purchasing power of the sun (inflation). This means that people this year need to have a greater percentage of their income to purchase exactly the same things as they did two years ago. (payment for services, gasoline, food, clothing, etc.).
Another factor is the labor market, since The quality of pre-pandemic employment has not yet been recoveredbecause the level of private investment, which is what generates jobs of longer duration and better remuneration (quality), has contracted.
The Banbif spokesperson also highlights the lowest economic growthwhich has a general impact and is reflected in lower sales and lower absorption of the new workforce, every year the number of people willing to work grows, for example, young people who come of age and thousands of others who graduate from the universities, the current economy cannot absorb them.
He highlighted that The pandemic changed consumption patterns and the successive deliveries of AFP funds, release of CTS, bonds, reactive program, helped to have a positive variation in the funds saved in the banks, the variation in 2022 compared to 2021 reflected an increase of S/5,671 million in natural persons but in 2023, the level of savings has decreased until September.
The manager highlighted that the high interest rates offered by the banking systemor, as a result of the BCR’s monetary policy measures, the behavior of savers has changed. In 2023, it can be seen that the balances of time deposits in banks increased by 52% until September and in the same period the savings balances of individuals have decreased by 14%.
“Those who have been able to save have done so in highly profitable products, parking their funds for a certain period. Here, a modification can be seen in the savings pattern, of those who can save and cover themselves from the effects of inflation, because their money retains real value against inflation in fixed-term deposits,” he added.
He added that COVID-19 has not only changed consumer habits but the advancement of new technologies such as digital wallets and transfer applications Plin, Yape and, since this second semester, money transfers through cell phone numbers, make physical cash will decrease in use, so this will continue to accelerate.
Source: Larepublica
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