Financial stress overwhelms seven out of 10 Yucatecans

Photo: (Yucatán ahora)

INEGI warns that many are in financial hardship while working from home.

MÉRIDA, Yucatán .- Since the start of the Covid-19 pandemic, seven out of ten Yucatecans who have had to migrate from working in an office to working at home admit that they run out of money before receiving their next paycheck, which generates “financial stress”.

Only three out of ten could face an economic emergency with a cost similar to their monthly income, according to data from the Survey on the Impact Generated by Covid-19 in Companies (ECcovid-IE second edition) 2020 of the National Institute of Statistics and Geography (Inegi).

Specialists point out that while “teleworking” also called “home office”, has proven to be an important tool for business continuity and is presented as an opportunity to achieve a better balance between work and personal life, it also carries risks, including “technostress”, increased consumption of alcohol and recreational drugs; sedentary lifestyle; problems due to the lack of ergonomics of home furniture, as well as the risk of burnout and feeling left out.

Aroldo Dovalina, CEO of Paynom and founder of Doca Capital, highlighted in an interview that in addition to the risks associated with “home office”, there is the financial stress caused by the decrease in income.

“Recently the National Council for the Evaluation of Social Development Policy (Coneval) reported that in the first quarter of 2021 the number of people who due to their income cannot cover the cost of the basic food basket increased from 45.1 to 50.1 million, and the average real labor income of the employed population nationwide was four thousand 456.58 pesos per month,” he highlighted.

He added that “before the pandemic, only 43 percent of adults could face an economic emergency with a cost similar to their income and savings, and two out of three who experienced an economic emergency for three months did not manage to recover; in addition, one of the strategies is to postpone expenses, that is, they prefer to wait until the health problems are too serious or have enough money to cover the costs, according to figures published in the National Financial Inclusion Policy 2020,” he pointed out.