More than 60% of Portuguese can only save less than 10% of their net salary and 38% do not save even 5% of what they receive, according to the study “Consumer Sentiment Survey 2024” by Boston Consulting Group (BCG). , published this Thursday.
Announced by the consultancy on the occasion of World Savings Day, this data relating to the saving habits of the Portuguese represents a slight recovery compared to the 66% and 41%, respectively, recorded in 2023.
The study, carried out annually to evaluate consumption, spending and savings habits in Portugal, also concludes that two out of every 10 Portuguese (20%) save between 10% and 20% of their net salary, an increase of four percentage points compared to the last year, while 9% reserve between 20% and 30% and, as in 2023, only 5% manage to save more than 40% of what they earn.
When they manage to save, 63% of Portuguese people allocate this fraction of their income to respond to possible unforeseen events, 39% to accumulate for retirement and 33% to travel, with an increase of three percentage points in these last two categories compared to to 2023.
Buying a house is a priority when allocating savings for 22% of respondents, two percentage points more than last year, followed by the purchase of a car (13%) and spending on other consumer goods ( 10%), percentages that remain unchanged compared to the previous year. study edition.
Quoted in a statement, the ‘general director’ and ‘partner’ of BCG Lisbon points out that “the majority of Portuguese people are still unable to save, spending most of what they earn on basic needs and allocating the capital they manage to accumulate to investments low cost”.
“In this context, companies must try to differentiate the offer, optimizing their pricing and discount strategy and improving their ‘modus operandi’ in the promotion and distribution of products, as well as the physical and digital channels where they are present, in order to be more attractive to consumers,” says Tiago Kullberg.
“At the same time, it is urgent to invest in financial education at the national level as an instrument to have better informed and empowered citizens,” he adds.
Regarding consumption habits, BCG reports some changes compared to last year: 58% of Portuguese claim an increase in spending on food, 36% on pharmacy and healthcare, 35% on their personal vehicle, 34% in housing rental and 36% in restoration.
According to the consultancy, “the increase in spending on basic needs caused a sharp drop in spending in other categories”, namely entertainment outside the home (-34%), clothing and accessories (-34%), travel and vacations (- 31%). %), perfumery and makeup (-22%) and alcoholic beverages (-21%).
And, notice, “although most of the spending variations affected all age groups, the increase in pharmacy and health spending was felt mainly by the older population (57%), while the youngest and adults were those who felt the most an increase in spending.” your rent bill (37%).”
The work also shows that the Portuguese “continue to have a very conservative investment profile, preferring to allocate their savings to low-risk products.”
The study details that young adults mainly use current deposits (38%) and term deposits (36%), but they continue to be the age group that invests the most in stocks and bonds, allocating around 18% of their resources to this class. of assets. On the other hand, they allocate less than 10% of their resources to pension funds and non-financial assets.
Among middle-aged Portuguese, demand and time deposits stand out, with 36% and 37% of the total, respectively, while stocks and bonds lose relevance (14%), as do non-financial assets ( 3%), pensions. Funds (9%) gain importance.
Regarding the population over 65 years of age, a large part of the resources (84%) are invested in time and demand deposits, being pension funds (7%), stocks and bonds (6%) and non-financial assets (4%) the least attractive investment applications.
Comparing men with women, BCG notes that the former (18%) are more likely to invest in stocks and bonds (18% vs. 10%), revealing “a significant asymmetry in terms of risk profiles.”
The “Consumer Sentiment Survey 2024” is based on a survey of 1,000 Portuguese throughout mainland Portugal, carried out between August 6 and 20, 2024, from 38 questions related to the feelings of the respondents. about your spending habits this year.
Source: Observadora
