At the end of July, Portuguese household savings in banks reached a new record of €182.7 billion, an increase of 7.2% compared to the same month in 2021, the highest value in history.
But year-on-year inflation in the same month stood at 9.1%, which meant that the total amount of deposits was worth, for the time being, less 16,600 million eurosin real terms, as reported this Sunday by the Jornal de Negócios.
Inflation affects the value of money not only in terms of wages, but also in terms of savings.
Those who have money in deposits should therefore reflect on how they invest their savings”, explains the economist and president of – Informação de Mercados Financeiros, Filipe Garcia.
The impediment to consume together with the fear of the future, at the time of the pandemic, allowed savings to grow.
At the end of the first quarter of 2021, the savings rate in Portugal reached a maximum of 14.7%. In March of this year, stood at 8.3%. Most of this amount goes to bank deposits.
Source: Observadora
