MetLife study reveals financial preparation gap in Brazil

A MetLife study titled ‘Democratizing Access to Protection’ reveals a ‘preparation paradox’ among consumers in Brazil, Chile, and Mexico. In Brazil, while 68% of respondents believe they could handle an unexpected event, only 36% feel financially prepared for their primary financial concerns.

Brazilian consumers rely more heavily on personal strategies than formal insurance. According to the research, 55% actively save and 53% adopt preventive measures. Notably, 25% of Brazilians rely on support from family and friends—a figure eight percentage points higher than the average of the three countries studied. In contrast, only 15% cite hiring insurance as a strategy for protection.

Key financial concerns for Brazilians include the possibility of depending financially on others (53%), the diagnosis of a disease with high treatment costs (53%), and prolonged loss of income (46%). Javier Cabello Cervellino, senior vice president at MetLife, noted that the insurance sector must understand these existing social and personal protection mechanisms to develop solutions that better complement consumer needs.