The use of electronic commerce and digital accounts grows due to the economic crisis

In challenging contexts, Argentines reinvent themselves and adopt new habits for their daily lives. According to a report by the consulting firm Quiddity, today users choose to invest their money through digital accountssearch for prices on e-commerce platformsthey choose to meet family and friends at home instead of going out and delay payments until the due date to maximize returns on money.

According to the survey, Half of Argentines keep track of their monthly fixed expenses, but only 30% are attentive to the ant expenses, which they make mostly during the first fortnight of the month.. However, when it comes to managing their finances, more and more people are investing their money through digital accounts to generate returns, compared to 0% in other accounts.

The main reasons include that this helps prevent income from depreciating as in a savings account and is a way to mitigate the loss of purchasing power (42%). At the same time, they see it as an opportunity to cover small daily expenses (29%).

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“Through the digital account, people can generate better savings habits, plan and organize their finances. Five years ago, less than 1% of the Argentine population had a client account. With this solution we made a more sophisticated investment tool available to everyone, but in an easy and accessible way. Today it is one of the most valued tools by Argentines because, unlike other accounts, it generates daily returns and the money can be used at any time,” he says. Agustín Onagoity.

It should be noted that, currently, according to the Argentine Chamber of Investment Funds, More than 14 million Argentines invest the balances of their digital account in the Common Investment Fundwith the possibility of having your money available at all times and generating returns.

Three strategies to make your money go further

According to the survey, 38% unfreeze their salary and send it to their digital account immediately after receiving payment to generate daily returns, while 40% prefer to pay bills at the beginning of the month to be more organized and then invest the remaining money. On the other hand, the report highlights that 1 in 5 Argentines chooses to delay payments for services and/or cards as much as possible until their expiration date, while generating returns.

Shopping behaviour

When analyzing their habits when purchasing, 44% of Argentines affirm that they search and compare prices of products on e-commerce platforms before making the purchase. In addition, 4 out of 10 reduce their departures during the month or replace the leading brands with cheaper ones.

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When looking at this by generation, there are some commonalities. Gen Z (18 – 29 years old) is mostly inclined to reduce their outings (54%), while Baby Boomers (55+ years old) replace going out with meetings within the home (42%). For their part, in the Millennials (30 – 42 years old) and X (43 – 54 years old) generations, online price search predominates (41%).

Savings and organization

According to data presented, millions of users created more than 4.8 million “Reserves” to organize their expenses and meet their financial objectives. ANDAmong their main uses, it is observed that the different funds are intended for savings for vacations, vehicles and home (63%), paying bills, services, credit cards and rent (32%) and emergencies (6%).

The “Reserves” functionality is available to all users who invest in the Common Investment Fund, and offers the possibility of creating virtual pockets to generate better savings habitsplan expenses and have greater control of finances on a daily basis. As with invested account money, reserved balances are available to use at any time.