Portugal: People are saving for holidays, Bank of Portugal says

Page created: Monday, 31 October 2016 15:07 GMT

Bank of Portugal  Families Savings

Lisbon, Oct. 31 (Lusa) – A lack of income is the main reason many Portuguese people do not save money, but those that do plan to use their savings to pay for holidays and trips rather than to cover unexpected expenses, according to a study by the Bank of Portugal.


Monday is International Savings Day, which was created in 1924 at the 1st International Economy Congress, in Milan.


Just over half of Portuguese people save money (59%) based on the 1,000 people surveyed by the central bank for its financial literacy study last year, but this figure increased compared to 2010, when it stood at 52%.


In those five years, despite an increase in the number of people who save, the main reason for not saving remained the same. In both 2015 and 2010 88% of the people surveyed said low income levels prevented them from saving.


Saving for retirement is not common amongst Portuguese people and the number that do has fallen in the last five years. In 2010 just 5.9% of the people surveyed said they were saving for retirement, but last year that figure fell to 4.3%.