More than half of Brazilian adults have bank accounts, but only two in every ten save money.
A recently disclosed report by the IMF (International Monetary Fund) and the World Bank stresses the positive aspects of growing financial inclusion in Brazil.
However, it shows concern with Brazilians' low savings and the risks of debt, especially among those with low income.
The number of people with access to bank accounts, 56% in Brazil, is higher than Latin America's average of 39% and also that of most developing countries.
Despite that, in 2011, only 21% of Brazilians said they had saved money in the previous year. And only half of them did so in banks.
The report highlights that countries with income similar to that of Brazil have twice the amount of savings. "Credit expanded quickly and became more widespread than savings accounts, creating an unhealthy potential for high indebtedness," says the document.
The IMF and the World Bank, however, praise the Brazilian government's efforts to promote financial education among the population.
Source: BBC Fohla de Sao Paulo
