Wednesday 16 June 2021

Low-Income Costa Ricans Prefer Cash


QCOSTARICA – Low-income Costa Ricans prefer cash for their purchases, reveals the study National Income and Expenditure Surveys of 2013 and 2004 the National Institute of Statistics and Censuses (Encuestas Nacionales de Ingresos y Gastos de 2013 y 2004 of the Instituto Nacional de Estadística y Censos – INEC).

The data shows that Costa Ricans with higher purchasing power make their purchases with plastic in 26 out of 100 payments, while only between 2.2 and 3 percent among the poorer.

- Advertisement -

Overall, in 2013, 69.5% of Costa Ricans made their purchases in cash (efectivo in Spanish), 15.3% using plastic cards, 4.7% buying on credit and other forms, that includes gifts, barter or even illegally.

Statistician Yorlene Quirós, who participated in the study, explained that in other findings, households with secondary education and the elderly are more likely to use cash, while the young with a college education prefer electronic media.

When segmented by geographic regions, it is observed that cards are used more frequently in the Central region and urban areas, while in the coastal areas, the northern zone and the Caribbean the use of plastic did not exceed 8.2%, in 2013.

This shows that, although more people have access to formal means of payment (cards and online payments), the use has not been uniform. In fact, the latest survey conducted by the World Bank (2013), found that half of Costa Ricans did not have a savings account at a financial institution, nor debit or credit card.

- Advertisement -

According to Quirós, electronic forms of payment are less risky to walking around wich cash and a sign of modernization in the financial system. Electronic payments also improves the traceability of money that benefits tax revenues.

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Cynthia Ann Telles named new U.S. Ambassador to Costa Rica

QCOSTARICA - Today, U.S. President Joe Biden announced his nomination of...

Simple to request certification of vaccines against covid-19 applied in Costa Rica and abroad

QCOSTARICA - The Ministry of Health issued a new guideline on...


The US improves travel alerts for Central America; Not Costa Rica and Nicaragua

QCOSTARICA - The United States has eased travel advisories for most Central American countries, with the exception of Costa Rica and Nicaragua, according to...

Daniel Ortega undertook a hunt for presidential candidates and opponents

TODAY NICARAGUA – In an unprecedented persecution, the Daniel Ortega regime detained four presidential candidates in one week, a move that is part of...

Southwest adds yet another route to Liberia, now from Denver

QCOSTARICA - Southwest airlines will add a new route to the Daniel Oduber International Airport, in Liberia, this time connecting with the city of...

Costa Rica cannot feel safe from covid-19 before having about 80% of population vaccinated

QCOSTARICA - No doubt, vaccines are one of the most powerful tools to maintain control of Covid-19, but when it comes to entire populations,...

Seven out of ten over 58 years have been fully vaccinated against covid-19

QCOSTARICA - The Caja Costarricense de Seguro Social (CCSS) reports that 70.3% of people over 58 years of age, the so-called Group 2 of...

College of Physicians negotiates donation of a million and a half vaccines against covid-19

QCOSTARICA - This week there could be very good news for the country in the fight against the coronavirus pandemic if the College of...

Today’s Vehicle Restriction: June 12, “ODDS”

Today, Saturday, June 12, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Today’s Vehicle Restriction June 14: 1 & 2 CANNOT circulate

Today, Monday, June 14, vehicles with plates ending 1 & 2 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Lack of space on Racsa’s hard drive paralyzed immigration consultation at the airport this Monday

RICO's DIGEST - We've all had this happen, your computer's hard drive is full and your computer crashes. But we are not the Radiográfica...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.