Second installment of the 13th salary will pay debts, says survey

The long-awaited second installment of the 13th salary has arrived, paid on the 20th, which should represent an injection of R$ 250 billion into the Brazilian economy, according to calculations by Dieese (Inter-union Department of Statistics and Socioeconomic Studies), considering the first and second installments .

But Brazilians are conservative in spending this year-end. According to an online survey carried out by the research platform Hazo.app, by 121 Labs, on the 11th and 12th of December, 44.5% will use the money to settle old debts, current debts, buy school supplies or pay the traditional taxes at the beginning of the year – IPVA and IPTU.

A small – but significant – portion of 12% will save or invest the money. Another 43.5% are ready to do Christmas shopping, travel, go out and spend on the holidays.

The survey was carried out online with 2 thousand consumers, nationwide, from classes A, B, C and D, with a margin of error of two percentage points.

“We perceive a much more conservative consumer, interested in keeping their bills up to date and, if possible, in saving money”, says Renato Mayer Moreira, president of 121 Labs. “With the high indebtedness of families, Brazilians seem more cautious in purchases,” he says.

Individually, the main answer for the destination of the 13th was “Christmas shopping” (35%). But considering the payment of overdue and due debts, the percentage is much higher (41%).

In the opinion of José Silvestre, deputy director of Dieese, people feel more secure in spending in an environment of rising economy. “This year, in which the economy grows very little, the same scenario predicted for next year, Brazilians tend to hold back spending, fearing losing their jobs”, says the expert.

The latest Focus bulletin, which points out the expectations of analysts consulted by the Central Bank, indicates a 3.05% growth in GDP (Gross Domestic Product) this year and only 0.75% in 2023.

According to Silvestre, the average value, per capita, of the 13th salary paid in Brazil is R$ 2,170. “We recommend that the consumer use this extra salary to settle debts”, she says. “The interest rate in the country is very high and, if it is possible to cushion the debt, so much the better.”

The Selic rate closed 2022 at 13.75% per annum. At the end of 2021, it was at 9.25%. As it is a benchmark for the Brazilian economy, with the increase in the Selic rate, interest on credit, installments and overdrafts are higher.

Another survey, by fintech Onze –focused on social security and financial health– also pointed out that 43% will use the 13th to pay debts. The survey was carried out with 1,587 workers across the country. Of these 43% who intend to pay off debts, two thirds (67%) are negative. The most common debt is credit cards (64%), followed by loans (26%) and household bills (24%).

The intention is to start 2023 with fewer accounts

While Brazilians are cautious with spending, those who manage to invest indicate a willingness to take some risk. “It is relevant that 12% of respondents want to save or invest”, says Moreira, from 121 Labs. Among these, according to the survey, 24% chose savings accounts and 23% opted for fixed income funds.

“But it is significant that 16% chose real estate funds, 13% equity funds and 8% cryptocurrencies, which indicates a willingness to take more risk, possibly in an attempt to obtain greater gains than fixed income”, he says. Another 10.5% chose to invest in the Direct Treasury and 3.5% in real estate.

Among those willing to use the 13th for purchases, Moreira draws attention to the choice of payment method in cash: 36% prefer a debit card, 24% Pix and 12% cash. Together, they are 72%.

“In the survey, only 28% chose the credit card”, he says. “It is already a sign that the intention is to start 2023 with less debt.”