Banco de Portugal releases the final results of the Survey on the Financial Literacy of the Portuguese Population|2010
Banco de Portugal released the final results of the Survey on the Financial Literacy of the Portuguese Population. The findings were presented today at the 1st Conference on Financial Literacy organised by Banco de Portugal.
The survey assesses attitudes and behaviours of the Portuguese population with regard to the management of personal finances and basic financial knowledge. It also identifies the areas and population groups with higher financial information and education needs.
The findings of the survey are relatively positive, revealing appropriate attitudes. However, attitudes are not fully consistent with financial behaviours, such as savings habits and the adequate analysis and comparison of banking products before their purchase. Knowledge of financial concepts and information sources is also insufficient.
The diagnosis of the financial literacy of the Portuguese population is an important tool to support the preparation of financial education projects and the regulation of retail banking markets, entrusted to Banco de Portugal within the scope of its banking conduct supervision.
The survey was based on 94 multiple-choice questions, covering six subject areas: financial inclusion, bank account management, budget planning and savings, selection of financial products, selection and knowledge of financial information sources, and financial understanding.
The survey was conducted between February and March 2010, through 2,000 face-to-face interviews across the whole national territory. Banco de Portugal released the preliminary results of this survey on 18 October 2010.
Lisbon, 8 November 2011