POUPANÇA X TESOURO DIRETO
Autor: Artur Assunção | Publicado: 2015-05-19T23:05:00-03:00


Em tempos de inflação alta a
modalidade de investimento mais conhecida dos brasileiros, principalmente os de
baixa renda, tem se apresentado pouco atrativa para os agentes econômicos que conseguem,
ainda que de forma sofrida, ser parcimoniosos.



Dados do Banco Central (BC) apontam
que a Caderneta de Poupança ainda é, disparado o tipo de investimento de maior
capilaridade entre os brasileiro, parte dessa facilidade se deve a sua
simplicidade de contratação, isenção de Imposto de Renda e, em alguns situações,
das taxas de administração cobradas pelas instituições financeiras.

Conforme
dados do BC, em 2014 o estoque de recursos depositados na caderneta de poupança
fechou o ano com um saldo de R$ 648 bilhões em caixa (valores arredondados). Entretanto,
o primeiro quadrimestre deste ano tem se mostrado atípico em relação aos dos
períodos. Somente nos quatro primeiros meses os saques da poupança superaram os
depósitos no montante de R$ 29 bilhões (valores arredondados), conforme
observa-se no gráfico 1, são quatro meses consecutivos de queda, com o mês de
maio seguindo a mesma tendência.



GRÁFICO 1 – CADERNETA DE POUPANÇA (SSPE + RURAL)
COTAÇÃO LÍQUIDA - MENSAL


 
 
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
<v:shape id="Gráfico_x0020_1" o:gfxdata="UEsDBBQABgAIAAAAIQDC7q8uFgEAAKECAAATAAAAW0NvbnRlbnRfVHlwZXNdLnhtbKySy07DMBBF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" o:spid="_x0000_i1025" style="height: 158.25pt; visibility: visible; width: 453.75pt;" type="#_x0000_t75">
 
 

























Fonte: BC



Gostaria de me ater a pelo menos dois
motivos, dentre vários que podem ajudar e entender esta mudança brusca de
senário:



O primeiro refere-se ao aumento do endividamento
das famílias. Com a economia brasileira passando por um difícil processo de
restruturação, moderado aumento da taxa desemprego, redução do consumo, etc. As
famílias tem sido cautelosas em seus dispêndios e lançado mão de suas economias
para saldar seus débitos evitando entrar na espiral dos juros alto;



O outro ponto, no qual gostaria de
gastar maior tempo, tem a ver com a perda da rentabilidade da poupança com
relação a outros ativos de renda fixa: a elevação da taxa de juros é um dos principais
fatores para a queda do rendimento que pelo quarto mês consecutivo apresenta
rentabilidade negativa, ou seja, depositar o dinheiro na poupança só não é pior
que guarda-lo debaixo do colchão. Soma-se a isso o aumento da taxa básica de
juros da economia (Selic) que, em abril, passou de 12,75% para 13,25% ao ano,
tornando investimentos em renda fixa, como o Tesouro Direto e outros ativos mais
atrativos.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 

A guisa de exemplo, tomamos como
base o rendimento do acumulado dos últimos 12 meses da poupança que foi de
7,44% a.a, contra um título do Tesouro Direto de curto prazo o LFT Tesouro
Selic 2021 reajustado para 13,25% a.a., ambos com resgate em um ano para uma aplicação
de R$ 5.000,00. 



TABELA DE INVESTIMENTO POUPANÇA x LFT SELIC (R$)

 

  
APLICAÇÃO

  
TAXA
  DE JUROS A.A.

  
PERÍODO

  
MONTANTE

  
JUROS

 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000,00 

  
7,44%

  
&nbsp;1 ANO 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.372,12 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372,12 

 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000,00 

  
12,25%

  
&nbsp;1 ANO 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.604,78 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604,78 

 

  
&nbsp;DIFERENÇA 

  
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232,66 

 




Como podemos ver os rendimentos
auferidos pelo Tesouro Direto excedem os valores obtidos pela caderneta de
poupança. Contudo é necessário lembrar que as modalidades de investimento em
Renda Fixa estão sujeitas a tributação do IR juntamente outras taxas e
emolumentos embutidos do processo financeiro, em resumo o valor líquido ficaria
em R$ 486,00, o que ainda assim superaria o rendimento da poupança em R$
113,88.



Vale ressaltar que, em se tratando de
dinheiro, principalmente quando é nosso, tanto para investimento (variação a
maior) como para um financiamento (variação a menor) qualquer mudança da taxa
de juros implica na rentabilidade da aplicação ou custo do bem adquirido seja
qual for o caso. 




Artur Assunção