Portugal is in the worst top-10 in the world in this chapter, along with several European countries. Switzerland is the most financially responsible nation.
In a context of economic uncertainty, saving or investing correctly is even more important.
It is no coincidence that searches for “best ways to save money” have almost tripled over the last month.
BrokerChooser looked for how people in each country manage their income. Basically, understand which countries are more and less financially responsible, more disciplined.
And Portugal is in the top-10…of the worst. On average, Portuguese families save only 4.58% of their income and invest only 6.68% of their financial assets; by comparison, 16.40% of financial assets are invested in Spain.
This is despite the fact that financial assets in Portugal are relatively high, at US$103,807 per household.
This scenario justifies a score of 6.33 (the maximum is 10). Portugal is the 10th worst country in this context, almost next to Estonia (6.30).
Interestingly, European countries reign in financial indiscipline: Latvia is the worst with 3.36 points, followed by neighboring Lithuania (3.95 points) and Greece.
In Latvia, locals save practically nothing of what they earn (0.02%) – and Greeks even spend 9.30% more than they earn, highlights the statement sent to ZAP.
The 10 least financially disciplined countries include: Greece, Colombia, Mexico, Slovakia, Poland and the United Kingdom.
Switzerland is the most financially responsible country, with almost a fifth (17.48%) of family income going directly to savings.
Switzerland (9.54), Sweden (8.96) and Canada (8.77) occupy the podium of countries with the most “judgment” in this context.
Adam Nasli, chief analyst at BrokerChooser, leaves 5 tips for becoming more financially intelligent.
The first is to automate: automatic transfers, retirement contributions and regular bill payments, all scheduled.
The second is to create savings and investment goals. Something realistic – something that actually comes to fruition.
Set a spending rule. Many people adopt the 50/30/20 approach: 50% of income goes to basic needs; 30% for superfluous but more emotionally rewarding purchases; 20% of the income goes to savings or investments.
Invest early, not necessarily at the perfect time.
Finally, review your finances monthly. Every month, see what you’ve done, what’s happening to the numbers and what could change.
