Portuguese want to save more for retirement

The Portuguese are aware that they have not been saving enough for their retirement.

According to a survey called the Retirement Awareness Index (Índice de Consciência Reforma) by pension and insurance group Fidelidade-Mundial/Império-Bonança, only 21.3% are satisfied with the amount they are putting away for retirement.

The study confirmed that the Portuguese are increasingly concerned about the need to save for old age, and 83% of those asked admitted that they should have adopted a more sensible attitude towards saving.

Around 67.8% of those questioned admitted that they hardly ever compared prices when they went shopping.

When compared with the statistical results of the same study carried out in 2008, this year’s results showed a decrease in consumer behaviour in reaction to the overall economic and financial situation.

As far as those who were already saving are concerned, the results showed that they were increasing the amount they were putting in their nest egg.

Rita Sambado, director of marketing for Fidelidade-Mundial/Império-Bonança explained the trend: “Generally people who regularly put money away do so because they are aware of the need to save for the future, but need help in doing so in a disciplined way.

“By making regular deposits, savers don’t really feel the absence of the money and can do so without too much effort,” she added.

With respect to the best time to begin saving for retirement, the earlier the better. In 2008 28.4% thought it was better to save before the age of 30.

This year that figure had climbed to 36.1%.