The most used financial products in Peru

The financial products with the greatest penetration in the Peruvian market are: the  SIS (27%), savings account (19%), EsSalud (17%), credit card (12%), personal or consumption loan (10%), current account (6%), Pension Fund Administrators (AFP, for its acronym in Spanish) (5%), Compulsory Insurance for Traffic Accidents (SOAT, for its acronym in Spanish) (5%). 

The report also points out that health insurance is the best known financial product in Peru. Except for the Seguro Integral de Salud -SIS (Comprehensive Health Insurance) (80%), the  Seguro Social de Salud - EsSalud (78%) (Health Insurance), and savings accounts (72%), all the other products that were evaluated were low in registration at an urban level. 

Diana Mejia, who presented the study during the II National Forum on Education and Financial Inclusion, stated, "The products with the most penetration are the SIS, especially in rural areas, savings accounts, and EsSalud insurance, especially in urban areas. However, one third of the population does not use any financial product. In addition, among those who chose a financial product, two out of five did not compare with another product before buying, and one third compared options with different institutions". 

CAF's specialist stated that the importance of understanding how the financial sector works and what benefits it offers implies that people start to plan their household economies by preparing a budget, which occurs in 60 percent of the cases in Bolivia, 58 percent in Colombia, 53 percent in Ecuador, and only in 43 percent in Peru.  

"In addition, this study reveals that two thirds of the Peruvian population needs to have extra jobs or to reduce expenses, and to a lesser extent, ask a family member for a loan due to the lack of sufficient income to cover their expenses", stated Mejia during her presentation at the II Forum on Education and Social Inclusion, organized by the National Superintendency of Banking, Insurances, and Pension Fund Administrators (SBS, for its acronym in Spanish), and the Association of Banks of Peru (ASBANC) at the headquarters of the Universidad del Pacífico. 

The survey for CAF's study included 1,200 Bolivians, 1,261 Colombians, 1,200 Ecuadoreans, and 1,210 Peruvians, with a margin of error of 2.8 percent. The educational level of those who answered the survey in Peru, carried out in 2013, includes 17 percent from higher education, 45 percent from high school, 27 percent from elementary school, and 10 percent with no education.  

It should be noted that those surveyed tend to identify themselves with savings and moderation. In addition, recommendations from people they know (51%), in-person information from the entities (45%), and publicity in the media, such as television or radio (28%) have the greatest influence in choosing financial products.