How the BIGS fared Brazil on the Financial Literacy Index

How the BIGS fared Brazil on the Financial Literacy Index

Brazil is one of the most recent studies on financial education. In monitoring analyzing financial inclusion around the world between 2022 and 2023, the country rose 14 positions out of 42 markets observed, the volume of real-time transactions, especially Pix.

The study was carried out by the UK’s Center for Economic and Business Research at the request of Principal Financial Group, a North American financial services company. The survey also showed improvement in financial inclusion worldwide, rising 5.6 points to 47.3 out of 100 points.

The analysis also highlights that Brazil is the biggest highlight of this edition, moving up from 35th to 21st place. The main justification for the performance was Bigx, which accelerated the use of digital payments, and the government of Luis Inacio Lula da Silva (PT) was cited as one of the main reasons.

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The central bank’s inflation control and the performance of Lula’s government were also highlighted in the research as factors driving Brazil up on the index this year.

Seema Shah, senior global investment strategist at Principal Global Investors, noted in the report, “The sense of improvement in financial inclusion is mainly credited to the government – ​​a step forward for Lula’s new administration.”

Challenges to Global Financial Inclusion

Despite significant progress in Brazil and increasing financial inclusion globally, 64% of adults in G20 economies that started having an account in 2021 declared themselves unsecured, even with access to digital financial services. Managing them.

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Additionally, 1.4 billion adults are financially excluded, more than 50% of whom are in seven emerging markets and developing economies.

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About the Author: Morton Obrien

"Reader. Infuriatingly humble travel enthusiast. Extreme food scholar. Writer. Communicator."

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