Q COSTA RICA — Although more than 90% of Costa Rican households recognize the importance of cultivating a savings culture, only half manage to save money consistently. This is according to research by the Financial Consumer Office (OCF), which highlights the economic challenges families face in building a financial cushion to handle emergencies or prepare for retirement.
The savings survey, titled “El Ecosistema Financiero del Hogar Costarricense” (The Costa Rican Household Financial Ecosystem), identified debt, limited income, and unexpected expenses as key barriers to maintaining this habit—particularly in households where available resources barely cover basic needs.
Among those who do manage to save, seven out of ten allocate between 5% and 10% of their monthly income toward building their financial reserves.
Preparing for retirement is the primary motivation for saving, cited by 29% of respondents, followed by the need for emergency funds, mentioned by 28%.
However, the results show that recognizing the importance of saving does not necessarily mean having the resources to do so consistently.
Debt and insufficient income hinder saving
A key finding of the research is that economic barriers significantly impact families’ ability to set aside a portion of their income.
71% of respondents stated they would save if they had a higher income, while 51% acknowledged that unexpected expenses disrupt their savings plans.
Debt compounds these difficulties: 47% admitted that meeting financial obligations limits their ability to save money.
These constraints are more pronounced among individuals without a university education and in households where monthly income is barely enough to cover food, housing, utilities, and other essential needs. Danilo Montero, Executive Director of the OCF, explained that the results show that a lack of savings is not necessarily linked to a lack of interest or poor resource management.
“The fact that half of households manage to save dispels the common myth that Costa Ricans do not save; in fact, it is clear that there is a recognized cultural value placed on saving and a genuine desire for peace of mind,” Montero stated.
The OCF representative noted that financial education strategies must take into account the population’s economic disparities and be tailored to each family’s actual financial reality.
He explained that when nearly half of respondents identify debt as a barrier to saving and the majority state they need higher incomes, it is essential to address economic constraints alongside money management habits.
Established savers: 20.6% of households
The first group consists of individuals whose economic and educational circumstances foster the development of financial discipline.
This segment comprises 20.6% of households and is characterized by higher incomes, higher levels of education, and more consistent resource planning.
More than 83% of individuals in this group save regularly, providing them with a financial cushion to handle emergencies and prepare for retirement.
Organized under pressure: 20.2%
The second profile accounts for 20.2% of households and consists of individuals who face budget constraints yet maintain rigorous control over their expenses.
Despite having limited financial leeway, approximately three out of four people in this group manage to save.
The research highlights that these households offset some of their financial limitations by organizing their resources and keeping track of their obligations.
Aspirational savers: 27%
The third segment comprises 27% of the people interviewed and includes a higher proportion of young people.
Although they recognize the importance of saving money and express interest in adopting tools to facilitate this practice, they have not yet managed to establish it as a permanent habit.
According to the study, only 38% of those classified as “aspirational” currently save.
The OCF identified a particular interest within this group for simple digital tools that allow them to organize their income, set goals, and facilitate regular saving.
Financially vulnerable: 32.2%
The final group represents 32.2% of Costa Rican households and faces the greatest economic difficulties.
These are individuals with lower levels of employment and income, whose ability to save money is constrained by immediate needs.
Barely two out of ten people in this segment manage to save, while preparing financially for retirement poses a particularly difficult challenge.
The research indicates that, for these households, daily expenses and financial emergencies significantly reduce the chances of building up savings.
Saving for retirement: a concern for Costa Ricans
Financial preparation for old age is the primary reason for saving money among those who maintain this habit.
However, the results reveal significant differences between households capable of setting long-term goals and those that must focus their resources on meeting immediate needs.
This situation is also reflected in the ability to maintain an emergency fund, which ranks as the second most common motivation for saving.
For the Financial Consumer Office, these findings highlight the need to develop tailored strategies that address the specific economic circumstances of different population segments.
The organization believes that financial education policies and money management tools should be adapted to the actual conditions of households, rather than relying on a single explanation for why people do not save.
Survey results indicate that the main challenge lies not merely in promoting the importance of saving money, but in enabling more families to create the necessary conditions to turn that intention into a sustainable practice.