Most Portuguese do not invest. Why?

Most (61%) of the Portuguese do not invest. Above all, for lack of money to invest (37%). However, there is also a considerable percentage of people (27%) that simply prefers to have money stopped and save without investing.

The Doctor Finance released this Friday the investment habits of the Portuguese, developed in partnership with the Center for Applied Studies of the Catholic of Lisbon.

The results show that the majority (61%) do not invest, justifying this option mainly by Lack of money available to invest (37%).

The other part of the Portuguese who does not invest, although it has money, prefers to have stopped and only Saving without investing (27%).

Among those who invest, the Choice falls on guaranteed capital products: Deadline deposits (49%), Plans Savings Reform – PPR (38%) and aforro or treasure certificates (35%). This highlights the traditional Portuguese preference for safe and low risk applications.

Although gold/silver (39%), shares (29%) and investment funds (22%) appear as relevant and attractive alternatives, the highest risk assets as ETF (14%) and cryptocurrencies (10%) have reduced expressionrevealing a still cautious opening to more volatile solutions.

Risk aversion to risk

The risk profile declared by respondents is in line with the behaviors: 49% assume conservative, 41% moderateand only 6% declares to be aggressive.

Almost half (48%) only owns guaranteed capital products, revealing low devaluation tolerance. This prudence is also a reflection of the experience investment: 44% have already lost moneyreinforcing the option for safe solutions.

Concern about sustainability does not yet have a relevant weight: only 29% considers ex -expert factors, with very residual practical application. Diversification also remains limited: 71% claims to know the concept, but only 40% apply it effectively.

A Banking remains the main source of information (52%) and investment channel (50%), revealing dependence on institutional intermediaries. Despite that, increases the use of digital channelssuch as applications (20%) and platforms (17%), albeit with less expression. About 21% of respondents also seek information from friends and family.

Who invests your savings?

A overwhelming majority applies a moderate or low percentage of your income. One third (33%) invests between 5%and 10%, and a significant slice (21%) says it applies more than 20% – especially men and people over 65.

The study confirms the direct relationship between family performance and capacity to invest.

At performance levels up to € 1500, the overwhelming majority applies less than 5% of its income. Above 3,000 €, 11% invests more than 20%, revealing a larger savings margin.

Among the investors, most (45%) invest 10 years or more – More men and more senior; 32% do so in the last 5 years, and only one minority (16%) has an investment history, between 5 and 10 years.

As for the frequency, 36% reinforces its applications monthly24% does so occasional, while 15% and 12% invest annually or quarterly, respectively.

Although 41% claim to know well the products in which he invests, 37% admits to having only basic notions. A significant minority makes decisions mainly based on recommendations of professionals (7%) or family and friends (7%), reinforcing the importance of financial education and specialized counseling.

“Along with financial literacy, also We need an injection of trust”, Sérgio Cardoso, Chief Education Officer Doctor Finance, in a statement sent to zap.

This study was conducted between July 31 and August 28, 2025, through telephone inquiry (CATI) to 701 individuals, aged 18 and 65 years, resident in Portugal, ensuring national representativeness in terms of gender, age, region and socioeconomic echelon.