The X-ray Report  - Eighth Edition

The eighth edition of X-ray of the Brazilian Investor, Anbima’s annual survey conducted in partnership with research institute Datafolha, provides an updated view of investment behavior and expectations in Brazil.

Of the 59 million people who currently invest in financial products, 14 million say they are considering discontinuing investments over the course of 2025. At the same time, among the 101 million Brazilians who are not yet investors, 18 million indicate an intention to start investing.

If these projections materialize, Brazil would see a net increase of four million investors, raising the share of the population with financial investments from 37% to 39%. The figures highlight both the scale of the domestic market and its potential for further expansion, despite short-term challenges.

Returns and safety lead investor motivations

Among those who intend to invest or continue investing, the primary motivation remains the potential return offered by financial products, cited by 33% of respondents. This factor has ranked first since the survey’s inception. Safety comes next, mentioned by 23%, followed by the ease of investing, at 14%.

One notable shift between 2023 and 2024 was the increase in the share of respondents focused on building a financial reserve, which rose from 6% to 9%. The trend points to a gradual strengthening of long-term financial planning among Brazilian households.

According to Marcelo Billi, Anbima’s head of Sustainability, Innovation and Education, return and safety should be viewed as complementary motivations. Investors with prior experience tend to see returns as a form of asset protection, a perception closely linked to the sense of security that investments can provide.

Safety as the gateway for new investors

Six out of ten Brazilians still do not invest in financial products. Among this group, 51% say they plan to start investing in 2025. For these potential new investors, safety is the main incentive, cited by 48% of respondents.

The second most common motivation is the possibility of using investment returns to purchase consumer goods, at 30%. Starting or expanding a business and improving quality of life follow, though with more limited relevance.

Investor growth stalled in 2024

The previous edition of the survey, reflecting 2023 data, projected a four-percentage-point increase in the investor base in 2024. That growth did not materialize, and the proportion of Brazilians with financial investments remained unchanged at 37%.

According to Billi, the macroeconomic environment helps explain this outcome. Rising interest rates and the high cost of household debt have weighed on families’ ability to save and invest, reinforcing the importance of financial education initiatives focused on planning and long-term decision-making.

About the survey

X-ray of the Brazilian Investor is Anbima’s annual investor survey, conducted in partnership with Datafolha. The eighth edition was based on in-person interviews carried out between November 4 and 22, 2024, using structured questionnaires administered via tablet.

The sample included 5,846 respondents aged 16 and over, across income groups and all five regions of Brazil. The margin of error is one percentage point, with a confidence level of 95%.