Portuguese people do not invest by choice or lack of savings

According to the Portuguese Investment Habits Barometer, most Portuguese don't invest due to a lack of savings or a preference for saving rather than investing. Among those who do invest, traditional products predominate: term deposits, PPRs, and savings/Treasury certificates.

This is the second barometer conducted by Doutor Finanças, in partnership with the Center for Applied Studies at Católica-Lisbon, this time with the aim of deepening knowledge about the investment habits of the Portuguese, evaluating their relationship with savings and investment products, monitoring trends and identifying challenges to financial literacy in Portugal.

The results reveal that the majority (61%) do not invest, justifying this option mainly by the lack of available savings (37%) or by the preference to save without investing (27%).

Among those who invest, the choice falls on guaranteed capital products – term deposits (49%), Retirement Savings Plans – PPR (38%) and savings or Treasury certificates (35%) – demonstrating the traditional Portuguese preference for safe, low-risk investments.

Although gold/silver (39%), shares (29%) and investment funds (22%) emerge as relevant alternatives, higher-risk assets such as ETFs (14%) and cryptocurrencies (10%) have a reduced presence, revealing a still cautious openness to more volatile solutions.

The risk profile reported by respondents is consistent with their behaviors: 49% consider themselves conservative, 41% moderate, and only 6% consider themselves aggressive. Almost half (48%) only hold guaranteed capital products, revealing a low tolerance for depreciation. This prudence also reflects their investment experience: 44% have already lost money, reinforcing their preference for safe solutions.

Concern for sustainability still doesn't carry significant weight: only 29% consider ESG factors, with very limited practical application. Diversification also remains limited: 71% claim to be familiar with the concept, but only 40% apply it effectively.

Banks remain the main source of information (52%) and investment channel (50%), revealing a dependence on institutional intermediaries. Despite this, the use of digital channels, such as apps (20%) and platforms (17%), is increasing, albeit to a lesser extent. Approximately 21% of respondents also seek information from friends and family.

The overwhelming majority invest a moderate or low percentage of their income. A third (33%) invest between 5% and 10%, and a significant portion (21%) say they invest more than 20%—especially men and people over 65.

The study confirms the direct relationship between household income and investment capacity. In income brackets up to €1,500, the overwhelming majority invest less than 5% of their income. Above €3,000, 11% invest more than 20%, revealing a greater margin for savings.

Among investors, the majority (45%) have been investing for 10 years or more – more men and more seniors; 32% have been doing so for the last 5 years, and only a minority (16%) have an investment history of between 5 and 10 years).

As for frequency, 36% increase their investments monthly, 24% do so occasionally, while 15% and 12% invest annually or quarterly, respectively.

Although 41% claim to have a good understanding of the products they invest in, 37% admit to having only a basic understanding. A significant minority makes decisions primarily based on recommendations from professionals (7%) or family and friends (7%), reinforcing the importance of financial education and expert advice.

"This study is another piece that seeks to better understand the financial reality of the Portuguese. The main indicators show that a large portion of the Portuguese still don't invest, and those who do prioritize security and capital preservation. Along with financial literacy, we also need an injection of confidence," says Sérgio Cardoso, Chief Education Officer at Doutor Finanças.

Technical sheet

In May of this year, Doutor Finanças presented the first Barometer of Portuguese Financial Habits, providing a snapshot of the Portuguese population's level of financial literacy and behavior. This second barometer aims to monitor the behavior and literacy of the Portuguese in the area of ​​personal investments.

This survey was conducted by the Center for Applied Studies (CEA) at Católica-Lisbon in collaboration with Doutor Finanças, between July 31st and August 28th, 2025. The target population is comprised of individuals aged 18 or over residing in Portugal. Respondents were randomly selected from a randomly generated list of mobile phone numbers, yielding a response rate of 16%. For analytical purposes, and given the sample size, the entire analysis was weighted and adjusted. All results were weighted according to the distribution of the resident population by gender, age group, level of education, and region, based on INE estimates. The maximum margin of error associated with a random sample of 701 respondents is 4%, with a 95% confidence level.