Debts, job instability and the lack of sufficient income to cover necessities overwhelm Ecuadorians.
According to a study by the World Economic Forum, Ecuador is one of the countries where the levels of the so-called financial stress they are taller. This is because the levels of indebtednessjob instability and lack of income overwhelm the population.
Of financial stresswhich seven out of 10 Ecuadorians suffer, can lead to health problems such as depression, immune system disorders, cardiovascular diseases, among others.
The structural problems of the economy cause a situation where only a minimum percentage of the population has an income equal to or greater than $2,000 per month.
In addition, the lack of business dynamism does not allow generating jobs adequate enough for the more than 5 million informal workers. The President of the Republic himself, Guillermo Lasso, acknowledged that only 350,000 of the more than 800,000 have been recovered. jobs adequate lost with the start of the pandemic.
Despite this bleak scenario, and through prudent management of family income, some recommendations can be put into practice to reduce the financial stress.
Methodically organize expenses.- It is recommended to keep a daily and monthly control of expenses. With this, it is possible to determine where the income goes and how it can be better used to cover priorities in health, education and food.
Familiarize yourself with financial terms.- The low level of financial education of Ecuadorians, which implies ignorance of basic concepts such as interest rate and time value of money, makes them more likely to fall for scams or go to the chulco. This causes more losses and problems than it supposedly solves.
Establish a contingency fund.- Even if it is $1, $10, or more, the important thing is to accumulate a reserve for emergencies or unforeseen expenses. Not only is it enough to save, but it is recommended to invest everything that is allocated to the contingency fund. In other words, you can open a savings account, look for options in accumulation policies, or even fiduciary investment schemes where you can allocate $25 a month to build a reserve.
Find multiple sources of income.- One of the main recommendations is not to depend on a single source of income. You can have a main job, but as far as possible, you should look for alternative ways such as a small business, consulting or online classes, among others. There are several options to generate extra money from home. (JS)
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