The Portuguese savings rate is at its highest level since 2003. However, it is still far from the values reached in the 70s and 80s, when they saved almost a third of their disposable income.
A savings ratein Portugal, reached its maximum in 1972when it was 31.2%, according to the Banco de Portugal statistical series.
It remained at around 20% in the following years, but began a downward trend in the 90s, falling to its lowest point in 2008, during the financial crisis.
Em 2020, During the pandemic, savings soared to 12%at a time when the Portuguese went through several confinements and uncertainty about the future was high.
After falls in the following two years, the Portuguese began to save more in 2023 and in 2024 the rate reached 2003 highs, standing at 12.1%.
For this year, data is only available for the second quarterwhen the household savings rate rose 0.2 percentage points compared to the previous level, to 12.6% of disposable income.
According to INE’s Quarterly National Accounts by Institutional Sector, final consumption expenditure increased by 1.4%, a lower variation than the 1.5% growth in Gross Available Income (RDB), determining this evolution.
Most people can’t save much
According to a study carried out by the TGM Research Institute for XTB, the Portuguese are able to save part of their monthly income. majority cannot set aside a significant percentage.
The study, which has a sample of 1,000 respondents, concluded that 72% of Portuguese people say they are able to save part of their monthly income.
However, more than a third only set aside between 5% and 10% of their monthly income and only 16% save more than 20%.
With regard to motivations for saving, many aim to respond to unexpected expenses (37%) or achieving personal goals (36%)while about uone sixth saves for retirement or in the long term.
Obstacles to saving
Among the obstacles to savings identified in this study are the high fixed expenses (49%) and low income (47%).
