According to the Ipsos 2023 Pulses survey, 61% of Brazilians face difficulties in saving money. An example that illustrates this issue is in relation to some developed countries, which have higher rates of family savings, while Brazil is well below the global average.
This scenario is exacerbated by inflation and economic instability, which increase the population’s difficulty in maintaining a financial reserve. However, the lack of information and discipline in personal finance management are critical factors, and even more pressing, contributing to this situation.
According to Marilucia Silva Pertile, co-founder of Start Growth, which provides expertise, capital, and experience to startups, fintechs focused on personal finance have offered new solutions to tackle this challenge. The fintech Smart Save, a recent venture of the company, is a notable example of how innovation can help solve common financial problems. “The solution allows users to save and invest money automatically based on their daily purchases, functioning as a modern ‘digital safe’,” she explains.
Digital safe
For the investor, Smart Save brings a revolution in the way Brazilians save money because it directly addresses one of the population’s key vulnerabilities regarding expenses: the lack of control over bank statements and credit card limits.
The proposal of Smart Save is simple but promises to be effective: with each purchase made using a credit, debit, or pix card, an additional amount (previously set) is saved as an investment through rounding up of the change. “They offer our piggy bank from the past, but in digital form. It is a B2C fintech that processes in a way we haven’t seen before,” she emphasizes.
Challenges and opportunities for financial education
The lack of financial knowledge among most of the population is a significant obstacle to saving capacity in the country. However, according to the specialist, investing in innovative solutions that help them overcome these challenges can be a way for them to start showing interest in investment possibilities. “They can reach both audiences who have difficulty in saving money and those who want to learn to invest but don’t know where to start,” Marilucia reinforces.
