Being able to save is always important and even more so in times of crisis and economic difficulties that many families in our country are currently going through. And it is that being able to save in the present means a reserve for the future, since in this way families will be able to face future commitments and the sooner they start saving, the better.
But in order to save you have to have an income, something that for many people today is quite difficult. And if we add to the complicated economic situation that we are already going through that wages are quite low, the saving challenge for families really becomes just that, a challenge.
According to the latest studies on consumption, they indicate that 28% of residents in the United States have between 10 and 100 USD per month to consume, that is, once the expenses of housing, food and basic bills are paid or covered that is the amount of money they have for consumption, or in this case for savings.
Almost half of the people surveyed say they can save a maximum of USD 100 per month, 37% say they can save between USD 100 and 400, while 18% have the capacity to save between USD 500 and 1,000 per month.
Despite the difficulties for consumption, recent studies show that family savings are growing, although we have to mention that a significant percentage of family savings is due to the revaluation of financial products that many of the families had previously contracted.
When we think of insurance, the first thing that comes to mind is car or home insurance, but insurance can also be an effective financial agent and therefore a way to save or make a profit on your money.
That is why insurance is also a very convenient savings formula for families, since it allows them to save in small amounts. Data provided by the Central Bank indicate that the financial savings of resident families during the first three months of this year 2021 grew by 3.5% and for the first time has exceeded 2 billion USD, of this amount 10.4% of financial assets is due to savings with insurance and social security entities. While savings with pension funds account for 5.6% of total family savings.
Therefore, we can see that insurance is one of the financial assets that represents the most savings for families. Among the different types of insurance that currently exist in the market, life insurance is the one that contributes the highest percentage of savings to families, followed by group insurance and social security entities.