Consumer Choice carried out a study on the management of personal finances in Portugal, revealing a reality marked by difficulties in saving, but also by a growing financial awareness.
The results indicate that 25% of respondents are unable to save any part of their salary. Among those who can, 24% save less than 10% of their income, while 30% save between 10% and 20%. Only 10% set aside between 20% and 30%, and 11% save more than 30% of their monthly income.
The main reason for saving is to prevent unforeseen events, with 44% of those interviewed putting their savings towards an emergency fund. Another 16% save to invest and 14% for travel or leisure. The rest of the participants save for retirement or other financial goals.
The study also reveals that 48% of Portuguese people changed some consumption habits to increase savings. 25% significantly changed their purchasing decisions, while 22% maintain the same habits and 5% did not reflect on possible changes.
To reduce expenses, 24% reduced expenses outside the home, such as restaurants and leisure, and 22% opted for promotional purchases. Furthermore, 19% compare prices before purchasing, and 18% prefer white brands or generics.
Regarding investments, 40% of respondents do not invest their savings. Among those who invest, 32% choose low-risk products, while 12% opt for moderate-risk products and 8% diversify between different risk levels.
Financial literacy is growing among the Portuguese with 50% consuming content about personal finances occasionally and 19% doing so regularly. However, 17% do not consume this type of content, but are interested in starting, indicating a potential to increase the demand for accessible financial information. Only 14% show no interest in financial literacy.