translated from Spanish: Chilean homes are more cautious: they save more and are less indebted

are more ordered the finances of Chilean households? According to the survey financial of homes delivered this morning, the Central Bank, the answer is Yes. And it is that the results of the survey revealed that the percentage of indebted the country households was reduced from 73% in 2014 to 66% the second half of last year.
The descent is explained mainly by the decrease in indebtedness with the consumer sector, which rose from 63% to 55%, in the midst of a widespread decline in demand by credits with commercial houses, while indebtedness mortgage purposes increased from 19 % to 21%.
On the other hand, the proportion of households with informal debt not recorded changes with respect to 2014.
Chileans seem to be more cautious about their economic situation, since 36% notes have been saved in the 12 months prior to the interview, this percentage reached only 26% in 2014. According to the survey, households save mainly to deal with unexpected expenses. And the largest increase in the proportion of savings occurs at the age of 35 years or less range.
According to the President of the Central Bank, Mario Marcel, the positive scenario has been given «since revenues are improving gradually, do not have very large rollovers, and there are also certain savings that can be occupied».
In addition, the Chief Executive of the entity said that the composition of the debt is not generated a relevant increase in the risks associated with financial stability, since «the sensitivity to exchange rate and interest rates is low, because there is no deud «in foreign currency and because the overwhelming majority of debt in Chile is issued fixed rate».
It is worth mentioning that the household consumption represents 64% of domestic demand. This is equivalent to 62 percent of GDP. In addition, saving them is 7% of GDP, which represents 35% of the gross national savings. And 88% of that saving is done through the pension system.
 
 

Original source in Spanish

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