In this first newsletter of the year, I bring a topic that has caught my attention and I think you should find out too because it concerns all of us as a society. I’m talking about Brazilian financial literacy.
In November 2023, the Central Bank of Brazil and the Credit Guarantee Fund (FGC) released the results of a survey they carried out in partnership. Three aspects were considered to identify the level of literacy: financial behavior, attitude when making financial choices and financial knowledge.
Here I have separated some data from the research:
In financial behavior, Brazilians reach the highest level among the three categories analyzed (67.8 on a scale of 0 to 100).
- 81.8% of respondents say they always or often pay bills on time.
- 81.4% responded that they think about whether they can pay a bill before paying it.
- 79.6% of individuals responsible for financial decisions adopt more than one budget control measure
In terms of financial attitude or posture, the average score was 53 (on a scale of 0 to 100).
- 42.7% disagree and 37.3% agree with the statement “I feel more satisfied spending money than saving it in the long term”.
The average for financial knowledge was also 53 (on a scale of 0 to 100).
- Only 14.3% were able to do a simple interest calculation.
That’s right, guys! I think that for a more balanced society in economic terms, raising financial literacy rates is a challenge that needs to be faced.
It is worth mentioning that the study itself highlights that the “financial literacy of the Brazilian population still has room for improvement, especially in some specific sociodemographic groups such as women, the elderly and the low-income population.”
I, who follow many companies on a daily basis, observe how vital it is for the evolution of businesses that entrepreneurs surround themselves with information about finances.
How about a chat about the subject for a confident and promising 2024? Shall we schedule a call?
