Eight out of ten Brazilians do not prepare for retirement, shows SPC Brazil and Cndl research

Estimate is 104.7 million of adults who do not prepare. Tight budget is the main justification. The average amount reserved for retirement is R $371. Brazilians intend to retire at 61 years old

Brazil is rapidly aging. In recent years, the elderly population is gaining more and more significant participation in relation to younger people. Although life expectancy has increased in recent decades, the vast majority of Brazilians are not planning to guarantee their financial tranquility when necessary or wish to stop working. The research preparation for retirement in Brazil, carried out by the Credit protection Service (SPC Brazil) and by the National Confederation of Shopkeepers (Cndl) indicates that eight out of ten Brazilians (78%) admit that they are not preparing for the time to Retiring while only 19% of non-retirements have been prepared, A percentage that increases to 25% among men, 26% among older and 30% in classes A and B.

The estimate raised by SPC Brazil is that about 104.7 million of adults over 18 years old not yet retired do not prepare for this phase of life.

"Between 2005 and 2015, according to IBGE, the share of people aged between 0 and 14 years decreased from 26.5% to 21.0% of the total inhabitants of the country; In the same period, the percentage of those with more than 60 years went from 9.8% to 14.3%. It is estimated that the share of older people can double in the next 24 years, "says SPC Brazil President Roque Pellizzaro Junior.

Among the main reasons that led to planning for retirement are the habit of planning long-term life (35%) and the example of people who did not prepare and therefore had financial problems after retirement (29%).

Tight budget is the main justification for not preparing

Among those who do not prepare for retirement, 47% claim that there is no money left in the budget and 22% are unemployed. Another 19% have already begun to save money for this purpose, but have failed to continue due to financial problems and 15% have other plans and priorities.

Among those who started to prepare, but stopped saving money, the main reasons were the financial problems (36%), unemployment (35%) and personal and/or family unforeseen (29%). Among these respondents, 22% still have the money, while 77% no longer have it – the money was used mainly for payment of debts (52%), health treatment (17%) and purchases (13%). Most of those who stopped saving money for retirement intend to return (92%), however, 52% still does not have a definite date for this.

For some of the interviewees who have other plans that do not include reserve for retirement, 56% prioritized the purchase of their own house, 44% the studies and 27% the purchase of a car.

77% have a goal of saving money for retirement. Average reserved value is R $371

The research identified the most common means to prepare for retirement. They are the application in savings (39%), INSS paid by the company (30%) and Inss paid on their own account (23%).

For the chief economist of SPC Brazil, Marcela Kawauti, it is not promising the fact that millions of Brazilians are aging without planning the future or thinking about how they will stay. "We are experiencing a transitional period, and even with the pension reform stopped at the Congress at the moment, it is very likely that the rules will be altered in the near future, since the welfare system today runs the risk of collapsing in a short time. In any scenario, relying solely on the INSS is not recommended. The ideal is to think of a combination of public welfare, which is life-long, and a self-care preparation that begins early and is constant over the years, "Kawauti warns.

Among those who prepare for retirement, 87% claim to have the habit of making financial reserve for other purposes besides retirement, and 49% have money saved for unforeseen and 29% to make trips.

Seven out of ten respondents (77%) claim to have a goal of saving money for retirement. Among them, 91% are managing to maintain this goal of reserving an amount every month. Among those who save money for retirement in an active way, 69% keep money monthly, 18% every 2 or 3 months and 5% approximately 3 times a year – already 6% have no right frequency. On average, the reserved value, regardless of the booking frequency, is R $371.38. Currently, the total average value applied and destined for retirement is R $20,726.76.

According to the financial educator of SPC Brazil and the Portal my Happy Pocket, José Vignoli, regularity is a fundamental factor in the formation of the Reserve for retirement: "Regardless of the value that the person can keep, the effect of this action will be noticed in the long term, and Only constancy will allow the person to be able to add significant value. The financial reserve, then, needs to be planned and have a monthly habit. The important thing is to set a value, do the accounts and see if the amount saved will be sufficient to achieve the amount of retirement desired by the person in the future. "

About 28% say they know what value they will have available when retiring and 33% believe that the amount they are saving will suffice for retirement in the future. Four out of ten (43%) consider that the amount that is spared for retirement has increased in the last two years, 41% that it remained the same and only 10% that it declined.

Brazilians intend to retire at 61 years old

According to the survey, the average age at which respondents began to save for retirement is 28 years. On average, the interviewees intend to stop working and retire at 61 years, however, another 21% intend to continue working fully or partially, mainly because they want to stay active (60%) or because they like their work (18%). Among those who intend to stop working when they retire, 60% intend to have a transitional period until retirement.

The main activities planned for the retirement period are travel (60%), spend more time with friends and family (50%) and have new hobbies (42%).

"It was the time when the image of retirees was related to inactive individuals, living in a reduced social circle. Nowadays, many people who arrive at this transitional period wish to enforce their free hours; They want to reinvent themselves, travel, meet people and places, develop new skills, finally: Enjoy life to the fullest, realizing plans that, for various reasons, had to postpone over the years, "says Pellizzaro. "Any plan, however, encompasses expenditures that the pensioner needs to be prepared to deal with."

12% prepare for retirement through a private pension plan of the company that works

The research also identified how Brazilians understand the importance of private pension plans as a financial supplement or alternative to the public welfare system to which every Brazilian worker is entitled (INSS). Considering only the 12% of respondents who prepare for retirement through a private pension plan of the company where they work, 61% received a direct proposal from the company, found it interesting and decided to do. Other 39% were aware that the company had the plan and asked for membership.

In the case of these people, 72% have a plan of co-participation with the employer, which pays part of the plan and disregards the other on the payroll, while for 28% there is no contribution from the company, paying full the plan, but with a value below the practiced On the market.

The average contribution value is R $191.28 Monthly, and 38% contribute up to r $150.00. The contribution to the private pension plan represents, on average, 5.48% of the salary.

"Unfortunately, there are still few Brazilian companies that adopt programs that stimulate, among their workers, adherence to retirement plans. Ideally, companies would encourage the newly-arrived employee to save part of their retirement income through automatic membership mechanisms, such as what happens in the United States, the UK and Sweden; As well as the implementation of continuous programs of financial and social security education capable of encouraging the habit of preparing for the moment when it is necessary to stop working ", says President Roque Pellizzaro.


3,818 cases were interviewed in a first survey to identify those who are not retired and have some kind of preparation for retirement. Then, they continued to answer the questionnaire only 804 respondents who did some kind of preparation. resulting, respectively, in a margin of error of 1.59 percentage points and 3.46 p.p. To a confidence interval of 95%.

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