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Majority of Brazilian consumers unable to save money: report

Xinhua, February 22, 2017 Adjust font size:

Some 62 percent of Brazilian consumers cannot save any money and have no savings, according to a report published Tuesday by the National Confederation of Shop Owners(CNDL).

The report showed that 29 percent of the consumers save whatever is left over from their budget and another 7 percent set aside a fixed amount of money each month.

Among those few Brazilians who do save, an average monthly savings amounted to 480.85 reais (155 U.S. dollars), said the report.

According to the CNDL, the Brazilians do not have the habit of savings and, when they do, it is mostly because of having surplus money, instead of making prior plans.

"The creation of a cash reserve is a crucial topic for a balance in personal finances, but this tends to be ignored by a good part of consumers. The consequence of this it that if they are hit by an unpredictable event, many cannot pay for it," wrote Roque Pellizzaro, president of the Service to Protect Credit in the report. Endi