Brazil: Study shows 104 million adults unprepared for retirement

A study conducted by SPC Brasil and the National Confederation of Retailers' Leaders (CNDL) estimated that 104.7 million Brazilian adults had not financially prepared for retirement. The research, titled “O Preparo para Aposentadoria no Brasil,” indicated that approximately 78% of non-retired adults had not taken steps to build a supplementary income reserve.

While the data originated from a 2018 survey and does not reflect current 2026 figures, the study highlights persistent structural challenges in Brazil, including tight budgets, unemployment, informal labor, and a lack of financial literacy. The findings suggest that only 19% of respondents had taken measures to secure additional income for their later years.