Economic and financial pressures in Chile

In Chile, research indicates a significant gap between perceived and actual financial literacy, with actual scores of 1.6 compared to a self-rated 3 out of 5. While digital wallet adoption is high among Generation Z, debt in the 22 to 29 age demographic can multiply 33.1 times, creating sustainability risks. Furthermore, 58% of Chileans express fear regarding medical diagnoses they cannot afford to treat, the highest level of concern among studied regional neighbors.

As economic growth weakens, Chilean households are adjusting domestic spending habits to manage strained budgets. Residents are increasingly prioritizing essential home maintenance by opting to repair existing items rather than replacing them, and are utilizing tool and machinery rentals to avoid the high costs of purchasing new equipment. Planning and price comparisons have become essential tools for families attempting to prevent minor domestic issues from escalating into major financial burdens.

Recent data from the 2026 Delinquent Debt Report by Universidad San Sebastián and Equifax shows that nearly 4 million people in Chile have unpaid debts, with an average delinquency exceeding $2.4 million pesos. A growing trend of spending on self-care and wellness is contributing to this rising personal debt. Financial wellness specialist Paola Schiaffino notes that self-care has transitioned into a “financial obligation,” where individuals feel pressured to consume expensive therapies and lifestyle experiences to meet social standards. This consumption often serves as a compensatory mechanism for stress, yet the resulting debt creates further mental strain. Retail credit, particularly department store cards, accounts for the highest concentration of unpaid documents.