The National Council of Financial Supervisors (CNSF) of Portugal published on Wednesday the results of the “3rd Survey on Financial Literacy of the Portuguese Population.” The study, conducted before the Covid-19 pandemic stalled, noted that just 1% of the people surveyed had investments in crypto assets or initial coin offerings (ICOs) in 2020.
In general, the report unveiled that Portugal ranks seventh in the global indicator of financial literacy among 26 participant countries. Furthermore, it noted that the proactivity in investing savings increased compared to 2015 figures. “About a third of respondents continue to mention that they invested money in time deposits and increased the proportion of respondents who invest in stocks, bonds or investment funds (9.4% in 2020 and 3.9% in 2015). In addition, some interviewees also mention the investment in crypto assets or initial distribution offers (Initial Coin Offerings or ICOs),” the survey said.
According to the 130-page study, the 1% figure of people who invest in cryptocurrencies was taken from 977 interviews during multiple answers-style surveys. Also, the least known financial products among the surveyed people are crypto-assets (34.7%) and crowdfunding (21.2%), compared with demand deposits and time deposits, which had 99.3% and 93.5% in the report, becoming the most known financial products in Portugal.
Financial Profile in Portugal
“Among those interviewed who in 2020 claim not to have saved in the last year, the very young (45.5% of those aged 16 or 17) and those aged over 55 (about 42%) appear with above-average proportions). Also noteworthy are the unemployed (55.7%) and retired people (42.5%), those with schooling up to the 3rd cycle of basic education and those who belong to households with incomes below 1000 euros,” the report noted.
Regarding the latest crypto developments in the country, a neighbor of Spain, Portugal’s central bank, Banco de Portugal, recently issued the first two crypto-related licenses for crypto exchanges after the new law was enacted. As a result, Criptoloja and Mind the Coin are now able to run operations within the country, now having legal permission to accept Portuguese customers.