Portugal: Only 20% of active consumers preparing for retirement

A study by ConsumerChoice regarding the aging population in Portugal reveals a significant gap between awareness of aging and financial preparation. While 94% of respondents over the age of 45 identify aging as a concern, only 20% of active consumers report preparing financially for retirement beyond mandatory social security contributions.

There is widespread distrust in the public pension system, with 80% of those surveyed believing that public pensions will not be sufficient to ensure a good quality of life during retirement. When defining the requirements for a dignified old age, respondents prioritized health (90%), financial security (61%), and autonomy (58%).

The study also highlights a lack of financial literacy, with participants rating their financial knowledge at only 6.6 out of 10. This lack of confidence in managing savings and investments is linked to poor decision-making, with 56% of respondents stating they have made a financial decision they later regretted due to insufficient knowledge.