60.3% of women in Costa Rica made adjustments in household habits to mitigate the economic effects of the novel Coronavirus Pandemic, according to a survey conducted by Coopenae (National Savings and Loans Cooperative) among 1,554 women throughout the country.
Given the economic impact that COVID-19 has represented, it stands out that 26.4% of the women consulted indicated that in the last 4 months (April to July) they have started an enterprise or supports a member of the family nucleus with a micro-enterprise. This is because 14.48% had their working hours reduced, are unemployed, or have been fired. Among the micro-enterprises promoted, is the sale of food products or independent professional services.
“The economic situation we are experiencing due to the COVID-19 Pandemic has affected the entire population, however, at Coopenae we were interested in knowing the effects that women have experienced in particular, who have traditionally played a key role in the management and administration of household finances. This survey reflects that the Pandemic has tested the resilience and adaptation capacity of women to balance their time in the face of much more intense and uncertain work, family, and financial scenarios,” said Marjorie Vargas, Coopenae Marketing Manager.
The survey was conducted in July 2020 digitally among women across the country, over 18 years of age and openly (associated or not with Coopenae). 79% of the participants have one or more personal loans, 42% affirmed that they keep their financial commitments up to date and 31.9% have sought payment arrangements. This data could reinforce what international studies of entities such as Gramming Bank have pointed out, which indicate that women show a more responsible behavior with the payment of their financial obligations.
Reduction and adjustments in consumption
83% of the participants consider that their fixed expenses (food, electricity, water, among others) increased when compared to the usual consumption before the Coronavirus emergency. Similarly, 18.3% reduced using services such as education, health, transportation, among others; and the consumption of some foods.
“Women have had to adapt and adjust their budget. Many have made changes to product brands or have simply stopped using them. As well as other services or goods that are not essential. This even though the vast majority of the women who participated in this survey still maintain their jobs, which shows us the comprehensive impact on the economy of each household,” Vargas stressed.
