Nu Mexico and CONDUSEF reveal financial impact of savings

Mexico City, August 20, 2024. In an environment in which financial stress affects more than half of the population to some extent, Nu Mexico, a transparent, clear and humane digital finance company, announced the signing of a collaboration agreement with the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), with which they seek to continue promoting the education and financial health of Mexicans, reducing stress related to money management. 

During the conference, Oscar Rosado, President of CONDUSEF, explained that 37% of the Mexican population experiences high levels of financial stress that trigger some physical consequence, such as headaches, gastrointestinal disorders and changes in blood pressure. He also stressed that this condition is usually related to behavioral factors, and not only to socioeconomic or demographic characteristics of the users.

In addition, he mentioned that the financial system has changed, finances have become digital and the behavior, emotions and motivation of people have also changed, looking for products with easy access and benefits that encourage them to grow their savings.

For its part, Nu Mexico presented the results of its study “Impacto Nu: El ahorro como factor de impulso a la inclusión” which included more than 1,900 Cuenta Nu customers. The study reveals that Mexicans are increasingly committed to planning their financial future, since among their main reasons for saving are the creation of an emergency fund, investing to make money grow, paying off debts and ensuring a good retirement. Thus, 85% of users experience a positive impact on their finances; the same proportion of customers said they feel more control and security thanks to Cuenta Nu.

“At Nu we deeply believe in the power of accessible and simple financial tools to transform lives. With 74% of customers saving with Cuenta Nu, we are committed to continuing to look for new ways to provide them with the support and education they need to take control of their financial future. This agreement with CONDUSEF also has that purpose: to make every Mexican feel secure, guided and supported on their path to financial health,” said Ivan Canales, CEO of Nu Mexico.

Access to savings and credit: a gateway to a better future

Nu Impact also highlights that only 46% of customers were saving before having a Nu Account. The combination of Nu Account’s performance, with the simplified experience and security of the platform, is ideal for encouraging both new and experienced customers to save.

Now, although access to debit accounts in the country is greater than to credit, basic doubts persist about this product and for 6 out of 10 of the clients consulted, the possibility of making their money grow was not an option that was at hand or that they were aware of.

Precisely, one of the important findings of Impacto Nu is that, for many Mexicans, access to savings is the first step in building a solid relationship with a financial institution, as it allows them to pave the way for accessing credit in the future. This considering a context in which more than half of Nu’s clients had previously been rejected by other institutions, especially when applying for credit cards and personal loans, but now, with the use of Nu Account, they are building a financial history that opens up new opportunities to meet their goals.

A partnership that is consolidating

The agreement between Nu Mexico and CONDUSEF is one more step towards building a Mexico that is more informed and prepared to face financial challenges. Recently, both institutions collaborated in the development of Academia Nu, a free online financial education platform to provide customers and the community in general with tools to make good use of credit products, find economic balance and achieve financial peace – which included an immersive experience at the MIDE specially designed for visitors to comfortably enjoy clear and simple financial education content.

With synergies such as the one established by Nu Mexico and CONDUSEF, more and more people will be able to access quality financial services that give them the possibility of making informed decisions about their money with the support of financial education. Thus, they will be able to materialize the growth of their savings in a safe way, have a responsible management of their debt and create new economic goals that allow them to achieve and maintain their financial health.