Portugal is the 2nd gloomiest country in Europe, or maybe the second most realistic, second only to bombed-out Greece when it comes to personal finances.
The Portuguese remain downbeat with regard to their financial positions, despite signs of general economic improvement that have emerged since the end of the 2013.
The Genworth Index looks at the financial situation of households in several countries and in the 2014 survey the index shows that in Portugal only 10% believe that their financial situation will improve over the next 12 months, compared to an average of 41% in Europe.
Only 2% of Portuguese believe they are financially secure and 49% feel financial difficulties "always or almost always" and consider themselves to be financially vulnerable.
The cost of living is the main concern for the majority of those surveyed, followed by worries over a drop in income and job loss. These immediate issues are the biggest cause of discomfort among citizens with only 13% worrying about the bigger picture such as the contry’s economic and structural reforms.
Over half of the Portuguese financial products acquired in the last two years, in fact the Portuguese were big users of ‘financial products’ with 45% taking out a savings scheme, 44% buying insurance but just 6% investing in pensions, reflecting less of a concern with long-term issues and operating in the knowledge that pensions are ripe for the taking by governments in trouble.
