In the last year, mortgage credit grew 83.4% among the youngest

The youngest are using the credit, mainly, to purchase a home.

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According to the most recent report of Datacrédito Experianwhich collects the information recorded by its transactional system, during the first quarter of the year there was an increase of 20.8% in the value of credit operations, going from $46.3 billion to $55.9 billion .

“On average, for each month of the year 2022, about 19 billion pesos were made in loans from natural persons. This demonstrates the great reaction and the increase in credit activity in Colombia, which has contributed to the good growth of the country’s economy,” the report details.

Naturally, given data such as the above, the number of credit operations also registered an upturn (35.6%), going from more than 7.91 million in the period January – March 2021, to the more than $10.73 million in the same period of 2022.

Also read: The party is over: interest on credits is already rising

It also highlights the fact that, in the first quarter of the year, the women They surpassed men in growth of the number of credit operations, with women having a 53.2% share and men with 52.3% (the gap was 0.9 percentage points). This figure contrasts with that registered in the same period of the previous year, when men represented 47.7% and women 46.8% (the gap was -0.9%).

By regionsthe study details that the department with the highest share of credit operations was Cundinamarca, with 31.7%, followed by the Coffee Region and Antioquia (21.6%), Pacific and Southwest (19.1%), Caribbean (14 %), Santanderes and Boyacá (9.4%) and Orinoquía and Amazonía (4.75%).

By credit uses, the consumption is the one that registers the largest number of operations in the country, with 63.35%. Followed by Commercial (29.5%), microcredit (6.5%) and mortgage (0.6%).

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“Reviewing exclusively some of the types of products that make up the financial sector, it can be seen that bank portfolio and credit card products have the largest share and the largest increase between the two years. The banking portfolio grew by 2.4%, from 9.7% to 12.1%, and credit cards increased their share by 2.2%, reaching 11.7% in 2022. It is important to note that during the previous years with the impact of Covid-19, this product had a decrease in its credit activity,” the report states.

The study also indicates that stratum 3 is the population group that registers the most credit operations, with 37.55%. This was followed by stratum 2 (27.85%), 4 (15.35%), 5 (7.3%), 1 (7.05%) and 6 (4.85%).

Young people gain participation

In this issue, Datacrédito Experian explained that, in the first quarter of the year, young people between 18 and 35 years old increased their participation by 35.6%, going from more than 7.91 million credit operations to 10, 73 million.

Of this group, the youngest (those between 18 and 28 years old) were the ones that registered the most growth in the last year, with 60.9%, while those between 29 and 35 years old did so by 37.6%. .

Also read: The value of credit in 2021 exceeded pre-pandemic figures, after falling in 2020

“Reviewing the growth between men and women globally, it is evident that women grow 37.3%, while men 32.3%. The behavior between men and women is maintained for both age groups, where especially Centennial women grow 62.1% and men 59.4%, showing that younger women have the greatest access to credit”, the report specifies.

By region, the greatest growth in the young population occurred in the Caribbean, with 41.5%, followed by Orinoquía and Amazonía (39.6%), Santanderes and Boyacá (35.3%), Cundinamarca (35%) , Coffee Region (32.8%) and Pacific and Southwest (32.1%).

Among the youngest, and contrary to the national trend, the most representative use of credit growth was in the mortgage field, with 83.4%, followed by consumption (69.9%), microcredit (67%) , and commercial (50.3%).

“Reviewing exclusively some of the types of products that make up the financial sector, it can be seen that the bank portfolio (68.9%) and credit cards (66.4%) grew above the total (35.6%). Now, analyzing the first age range (18-28), it is shown that four types of financial products grow above the total for that age range (60.9%). The bank portfolio grows annually by 194.7%, credit cards by 107.9%, revolving loans by 80.9% and the housing portfolio by 83.3%. For the age range between 29 and 35 years, the bank portfolio and credit cards grew annually by 91.3% and 59.4%, respectively. All of the above indicates that, within the financial sector, young people have been using different products to meet their resource requirements,” the report concludes.

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