Portugal is the fifth country in the EU where families save the least
Portuguese families save only 9.8% of their income. According to Eurostat data, Ireland occupies the first place in the table
Portuguese households are among the least saving in the European Union. The data, advanced by eurostat this Friday, proves that in 2021, Portuguese families saved only 9.8% of their income. Ireland is at the top of the table.
Among the EU Member States that joined the euro, eight countries had higher family savings rates than the EU average (16.9%) in 2021. They are Belgium, Austria, Luxembourg, France, Slovenia, Germany, Countries Netherlands and, in first place, Ireland (where there is a saving of 24.3%).
Of the EU countries that have not joined the euro, the Czech Republic is the one where households save the most, namely 19.4% of their income. The country takes, thus, the fourth place in the general table. Sweden (18.1%) and Hungary (17.4%) follow.
Household behavior is analyzed by Eurostat using indicators covering gross savings and investment rates, gross debt to income ratios and net financial wealth versus income. According to the report, the EU country with the lowest family savings rate is Poland, at just 2.8%. But if we are talking about Member States that have the euro as their single currency, the highlight goes to Greece, where families save only 3.7% of their income.
According to advanced data, among all the Member States of the European alliance, Portugal occupies the 20th place in the table, with households saving only around 9.8% of their income. The country thus becomes the fifth country in the EU where families save the least.
Between 2020 and 2021, the European Union savings rate fell by 1.6 percentage points, currently remaining at 6.9%. However, in the euro zone the same rate decreased by two percentage points. The drop in savings, warn the report’s data, may be partly due to the increase in consumer spending due to the lifting of restrictions related to Covid-19.
The only savings rate increases between 2020 and 2021 were in Hungary, Greece and the Czech Republic. In turn, the biggest declines were registered in Luxembourg, Lithuania and Poland. However, it should be noted that countries such as Malta, Bulgaria and Romania did not have any data.