In a statement to TSF, Sérgio Cardoso, administrator of the Doutor Finanças academy, said that the lack of financial literacy among the Portuguese is an obstacle to investment, as in the low-income level of most of the population.
The Portuguese “are still afraid” of making financial investments. This is one of the conclusions of a barometer presented this Friday by the Doutor Finanças portal. The document, developed together with the Universidade Católica, indicates that six out of ten Portuguese people still make no type of investment. Speaking to TSF, Sérgio Cardoso, administrator of the Doutor Finanças academy, notes that even among those who invest, there is a certain fear, with people almost always opting for conservative approaches.
“We are living in a time with much more information, many more products available, many more channels and ways for people to invest, and even so, the Portuguese have not taken off when it comes to investment habits. They remain afraid to invest. The profile of the Portuguese investor is a very conservative one, investing not to lose instead of investing to win, which is a different approach, and it is an investor who has very little confidence,” explains Sérgio Cardoso to TSF, emphasizing that those who invest “prefer more familiar and safer products, such as term deposits, savings certificates and retirement savings plans.”
The lack of financial literacy among the Portuguese is an obstacle to investment, as well as the low-income level of most of the population. The administrator of the Doutor Finanças academy also highlights the lack of confidence in investing. Sérgio Cardoso points out that this is a situation that must change and argues that investing in financial products should be part of the Portuguese way of life. He also offers some advice.
“They must see investments as a fundamental part of their financial life. That is, they must understand that, just like saving, investing must be part of their concerns. Then, they must rethink why they are investing, what they want the investment for, what the goal is, whether it is for retirement, for a house. Then, think about when they want this investment, what the period is. And then understand what products exist. And after this, do their research, seek help from professionals, so they can build a portfolio that makes sense,” he says, adding that “one of the challenges for the Portuguese is confidence or the lack of it, and confidence can only be built little by little.”
The Doutor Finanças barometer also indicates that the profile of the Portuguese investor is made up of people with higher academic qualifications, higher income and an age closer to retirement. To prepare this study, 701 people aged between 18 and 65 were surveyed.