MB Way surpasses homebanking in Portuguese money management

Digital tools are reshaping how Portuguese citizens manage their finances. According to the Digital Financial Literacy Barometer by Doutor Finanças, MB Way has surpassed traditional homebanking as the most used channel for money management, with 74% of respondents using the app in the last three months compared to 73% using banking apps or websites.

While digital adoption is high—with 94% of the population owning smartphones—challenges remain regarding security and education. Approximately 66% of Portuguese people reported being targets of fraud or theft attempts related to money in the last 12 months, with smishing (fake SMS) being the most common method at 45%. Additionally, 34% of the population expressed low or no confidence in digital services and data protection.

Complementing these trends, a study by Nickel and DATA E indicates that 80% of Portuguese people use online resources to improve their personal financial knowledge. This search for information is particularly prevalent among younger demographics, specifically those aged 25 to 34, who frequently utilize financial institution websites, apps, and social media to build financial literacy.