The data is included in the most recent Financial Stability Report from the Bank of Portugal (BdP), which reveals that, in 2024, “households' nominal disposable income recorded the highest growth rate in the last two decades, 10.5%, which corresponds to a 7.8% increase in disposable income in real terms”. This scenario is, above all, explained by the increase in the wage bill and, to a lesser extent, by the increase in property income, for example.

In addition to increasing income, families also saved more money. Last year, the savings rate rose again for the second consecutive year, reaching 12.2%, a value that is above the average between 2015 and 2019. “This increase occurred in a context of higher interest rates and economic uncertainty, factors that promote savings for precautionary reasons”, explains the BdP, also mentioning that the difference between the national savings rates and the euro area has decreased, although in Portugal it continues to be lower.

But where do families keep their savings? “In 2024, savings were mainly allocated to cash and deposits (5.9% of disposable income) and to investment in real assets (5.9% of disposable income), mainly housing”, the report also says. In savings certificates, a disinvestment of 0.3% was observed in 2024, after a “significant investment” was recorded in 2023 (5.7% of disposable income).