World Savings Day: a habit that Portugal is recovering
October 31st marked World Savings Day — a date that for some is one of celebration, and for others, of reflection. There are those who see this day as recognition of the effort and discipline that allow them to accumulate financial reserves; but there are also those who see it as a reminder of the difficulties in saving in a context of limited wages and high cost of living.
The numbers show a mixed reality, but with encouraging signs. In 2024, for every 100 euros of disposable income, Portuguese families will save 13 euros — a value still slightly below the European Union average (14 euros), but which represents a significant recovery compared to the last decade.
At the turn of the century, Portugal was side by side with the European average: in 1999, the national savings rate was 14%, while the European rate stood at 13%. However, from 2004 onwards a downward trend began. For almost two decades, the Portuguese savings rate fluctuated between 7% and 8%, creating a persistent gap with Europe. Only in moments of uncertainty — such as the 2008-09 financial crisis, the sovereign debt crisis and the pandemic — were temporary increases recorded, as a result of families’ fears about the future.
Today, Portugal returns to values it has not seen for more than 20 years. Although the savings rate is still 8% lower than in 1999, the country has regained a margin of financial security closer to the European standard. According to Eurostat, the savings rate of Portuguese families is currently 13%, while the National Statistics Institute (INE), based on a different methodology, points to 12.5%.
More than an economic indicator, savings are a confidence thermometer. We save when we believe in the future — when we feel stability, predictability and opportunity. Portugal is beginning to find that balance again. If we manage to consolidate a more productive economy, with higher incomes and less penalizing taxes, the culture of saving could stop being an exception and become a rooted habit again. Because a country that saves is also a country that prepares itself better for what comes next.
- The facts seen through the magnifying glass by André Pinção Lucas e Juliano Ventura – A partnership between POSTAL and the Institute
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