In previous years, 45% have already used the refund to pay off debts; according to the National Association of Credit Bureaus, 76.1% of the population are in debt

A quarter of taxpayers intend to use the money from their income tax refund to pay off debts, 23% will need to pay off basic bills, and 11% will have to resolve a debt that wasn't foreseen. Only 161,000,000 of those interviewed will be able to save the amount to be refunded, and 141,000,000 intend to invest. This was the result of a survey commissioned by Serasa and produced by the Opinion Box Institute, which heard 1,973 consumers from all regions.

Although tax returns can be submitted until May 30, the refund schedule begins on the same day for so-called legal priority taxpayers (over 60s, people with disabilities or serious illnesses and educators) who filed their returns earlier.

Although the use of the refund to honor financial commitments is nothing new, the survey indicates a significant increase in the use of the lion's money to pay bills: in previous years, only 45% used the resource to negotiate outstanding debts - against the 67% who intend to use it now.

Analyzing all the responses from taxpayers who have tax to be refunded, it can be seen that 71,000,000 of those interviewed plan to use the refund to take care of their health and 61,000,000 will be able to use the money for shopping or travel. A small proportion of 3% plan to use the money or part of it to renovate their property and 2% are already counting on the amount to contribute to a business of their own.

Brazil has reached the mark of 200 million people with some kind of relationship with the financial system. However, more than three quarters of the population (76.1%) are in debt, a scenario that rekindles the debate about what quality financial inclusion really means. This was the warning made by the National Association of Credit Bureaus (ANBC) to the G20 in February.

A recent survey showed that the biggest concern for Brazilians today is being able to support themselves financially and pay off debts. The problem not only affects the pocket, but also physical and mental well-being. Among those interviewed with outstanding debts, 82% reported negative impacts on their mental or physical health due to financial stress.