The results of Wednesday’s “3rd Survey on Financial Literacy of Portugal” were published by the National Council of Financial Supervisors of Portugal (CNSF). The study was conducted before the Covid-19 pandemic stalled. It found that only 1% of the surveyed had made investments in crypto assets (or initial coin offerings) in 2020.
According to the report, Portugal is ranked seventh among 26 countries participating in the global indicator for financial literacy. It also noted an increase in savings proactivity compared to 2015. “About a quarter of respondents still mention that they have invested in time deposits. This has led to an increase in the percentage of respondents who invest directly in stocks, bonds, or investment funds (9.4% in 2020 vs 3.9% in 2015). The survey also revealed that some respondents mentioned investing in crypto assets, or initial distribution offers (Initial Coin Offers or ICOs).
The 130-page study shows that 1% of those who invest in cryptocurrency were derived from 977 respondents to multiple-answer surveys. The least well-known financial products among the respondents were crypto assets (34.7%) and crowdfunding (21.2%). This is in contrast to demand deposits and time deposits which had 99.3%, 93.5%, respectively, and are now the most popular financial products in Portugal.
Portugal’s Financial Profile
“Among those who claim not have saved in the past year in 2020, the very young (45.5%) and the over 55s (about 42%) are the highest. The report also noted the notable contributions of the unemployed (55.7%) as well as retired people (42.5%). These include those who have completed schooling through the third cycle of basic education, and those whose income is below 1000 euros.
Concerning recent crypto developments in Portugal, a neighboring country, Portugal’s central banking, Banco de Portugal recently issued two crypto-related licenses to crypto exchanges. Criptoloja, Mind The Coin, and others are now legally permitted to operate in the country.