2023-10-28 21:34:08
51% of consumer loans are requested by the Millennial generation, indicated Liliana Lescano, product manager at Caja Piura. These loans have an average of S/ 5,557 and have experienced a growth of 11.37% until September 2023 compared to the same period of the previous year.
“With the proliferation of credit cards, the availability of online solutions and the different financial companies that exist, with or without SBS supervision, Millennials have easier access to this product than previous generations,” explained Liliana Lescano.
Millennials acquire more consumer loans
As mentioned, consumer loans are attractive to Millennials due to their ease of service and less rigorous requirements. Historically, these loans are most requested during events such as 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,” revealed Liliana Lescano.
In turn, Caja Piura’s product manager also mentioned that Millennials resort to immediate consumer loans, such as Caja Piura’s ‘Credifácil’ product, which projects placements of 5 million soles by the end of the year.
The report highlights that generation X accounts for 26% of consumer credit applications, while generation Z represents 13%. Furthermore, 54% of applicants are women.
Millennials have greater access to financial education. Photo: The Peruvian
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Millennials learn about finances on social networks
Liliana Lescano argues why she believes that Millennials have more knowledge 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, allowing them to learn about personal finance conveniently. Increased awareness: They have witnessed crises financial difficulties in recent years and have learned from the financial difficulties of their parents or relatives. This experience has driven greater awareness about the importance of financial education and planning for the future.Financial Technology: They quickly adopted financial technology and financial management applications, giving them greater control over their finances and allowing them to make more informed decisions.
Millennials are more knowledgeable about financial habits. Photo: Freepick
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