Brazilians still choose saving accounts over better options

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* Saving Accounts

* Investment

* Belo Horizonte - Minas Gerais - Brazil

BELO HORIZONTE, Brazil - Aug. 15, 2018 - PRLog -- After facing a complicated economic scenario recently, Brazilians faced even more difficulty to save money. The habit, which was already not as common as it should in the country, was even less present in the routine of the population.

According to a survey carried out by the Credit Protection Service and the National Confederation of Shopkeepers, less than 20% of Brazilians were able to save part of their earnings in last May.

Even among those who have managed to dodge problems and save some amount at the end of the month, the picture is not very positive. After all, only a small portion of the Brazilian population chooses to deposit the values ​​saved in more profitable investments.

According to the survey, a quarter of the savers still keep money at home. The high number of people who believe this is the best outlet is troubling, as this choice is quite risky.

In addition to the chances of having the money stolen, lost in some home accident or even forgotten, there is another problem: the lack of profitability. Kept in a safe or other place in the house, the money saved does not yield interest and there are serious risks of losing purchasing power due to inflation.

Another equally negative issue is the preference for keeping the money in a saving account. While saving is a commendable habit and one that must be maintained, the amount saved can be applied in more interesting options than the saving account.

However, many Brazilians still prefer using saving accounts because of the lack of knowledge about other options and also because of the practicality that the bank offers. Thus, even offering a low income, saving accounts remains the preferred financial application in Brazil.

Approximately 60% of survey participants said they would rather keep their money in a saving account. This proves that, even after the creation of several digital banks in the country, the popularization of exchanges and the possibility of negotiating federal government bonds over the Internet, Brazilian are not familiar with other types of investment.

Second among the favorites of Brazilians is the current account, with 18% of respondents assuming that they use the service also to save money. Investments in Private Pension accounts totaled for 7% of mentions, while Investment Funds, Bank Deposit Certificates and federal government bonds accounted for 5%, 4% and 4%, respectively.

When questioned about what drives the habit of saving, 52%, that is, more than half of respondents said they continue to save money regularly to protect themselves from unforeseen events such as health problems, accidents or natural disasters.

Among the reasons cited were also the desire to provide a better future for the family, cited by almost a third of the participants, and to maintain the family's lifestyle in the event of a sudden loss of employment, mentioned by 28% of the people.

In addition, justifications related to consumer desires, such as the willingness to make a trip (17%), buy a home (16%) and ensure a quiet retirement (14%) were pointed out.

As can be seen from the survey data, many Brazilians worry about the future and the uncertainties it reserves. However, remains the difficulty of knowing all the options to achieve the long-awaited financial independence. In this way, saving accounts remain the favorite application of Brazil's population, even though it offers very low income.
To understand how saving accounts in Brazil are not the best investment, read in portuguese:

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