Just 16% of Portuguese Save More Than a Fifth of Their Income, XTB-Nova SBE Survey Reveals — Bank Deposits Outrank Brokers While High Fixed Costs Squeeze the Rest

A new survey of Portuguese saving and investing habits, carried out by Nova SBE (Nova School of Business and Economics) for the brokerage XTB and released on 23 June, paints a portrait of a nation that wants to put money aside but does so in small, cautious amounts. Roughly 72 percent of the 1,000 people polled say they manage to save part of their monthly income — yet more than a third set aside only 5 to 10 percent, and just 16 percent put away more than a fifth of what they earn.

Where that money lands says even more about the country's financial culture. Asked for the best way to make savings work, 32 percent named ordinary bank deposits, 24 percent pointed to certificados de aforro (State savings certificates) and only 18 percent chose an investment broker. The instinct, in other words, is overwhelmingly toward capital-guaranteed, low-yield products rather than markets.

What the numbers show

• 72% say they can save some of their monthly income
• 5–10% of income is all that more than a third manage to save
• 16% save more than 20% of income
• 32% / 24% / 18% rate bank deposits, savings certificates and brokers respectively as the best home for money
• Motivations: 37% save for unexpected expenses, 36% for personal goals, around one in six for retirement or the long term
• Obstacles: 49% blame high fixed costs, 47% point to low income

A conservative saving culture

The findings track a long-running pattern. Portuguese households have rebuilt their savings since the inflation shock, and demand for State-backed instruments has been so strong that the Bank of Portugal reported a record €42.4 billion parked in savings certificates at the end of May. But the same caution that makes those products popular also keeps real returns thin once inflation is subtracted, and it leaves a large share of household wealth sitting idle in current accounts.

The squeeze is structural, not just psychological. With high fixed costs and modest incomes cited as the top two barriers, the survey echoes the strain visible elsewhere in the economy — from a consumer-credit market increasingly routed through loan brokers to a national debt load above €876 billion. Brokers such as XTB are growing, but from a small base in a country where equity investing remains a minority pursuit.

What This Means for Expats

• Yields are low by default: The local instinct is to leave cash in deposits or savings certificates. Shop around — deposit rates vary widely between banks, and the headline rate is rarely the best one on offer.
• Savings certificates favour residents: Certificados de aforro are a popular, State-guaranteed option, but you generally need a Portuguese tax number and registration to subscribe. Check eligibility before assuming you can use them.
• Build the emergency fund first: Locals overwhelmingly save against unexpected costs. With high fixed expenses the norm, a three-to-six-month buffer matters more here than the chase for yield.
• Mind the tax wrapper: How investment income is taxed depends on your residency status, so confirm where you stand under the 183-day residency rules before moving money.

For a market still dominated by deposits and certificates, the survey is a reminder that Portugal's saving habit is real but shallow. Whether the next generation of brokers can turn cautious savers into investors will depend less on marketing than on whether fixed costs ever loosen their grip on the monthly budget.