Saturday, 28 November 2020

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 -
"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

Playas del Coco, Costa Rica

QPHOTOS - Playas del Coco is one of the oldest beach...

Canada’s largest city going on Covid lockdown

QTRAVEL - Canada's Prime Minister, Justin Trudeau, on Friday warned so-called...


Nicaragua still the country with the greatest mobility in Central America in times of pandemic

TODAY NICARAGUA – Eight months after the first case of Covid-19 was registered in Nicaragua, the country is experiencing a feeling of “normality” amid...

Puntarenas reaches the highest number of homicides in the last five years

QCOSTARICA - With the homicide of a 61-year-old man this Sunday, in Puntarenas, the province reaches 77 murders, the highest number in the last...

Traveller’s Tale: Costa Rica has reopened to travelers. Here’s what it’s like to visit

LONELY PLANET -  Twenty-one years ago, Costa Rica was the first country I had ever visited outside the United States. Since that first trip,...

The Best Mobile Casino Games Ranked In 2020

As the world of online casino games continues to boom in 2020, players across the globe are choosing to head to the web for...

Government dialogue concludes with many intentions and few concrete proposals 

Government dialogue concludes with many intentions and few concrete proposals

Playas del Coco, Costa Rica

QPHOTOS - Playas del Coco is one of the oldest beach communities in Guanacaste Province, Costa Rica. This region is also one of the...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

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.