Financial literacy: an exploratory analysis in Portugal

Fernando Oliveira Tavares, Luís Gomes Almeida, Vasco Jorge Soares and Vasco Capela Tavares
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Fernando Oliveira Tavares: ISCET - Higher Institute of Business and Tourism
Luís Gomes Almeida: ISCET - Higher Institute of Business and Tourism
Vasco Jorge Soares: ISVOUGA - Higher Institute of Between Douro and Vouga
Vasco Capela Tavares: ISEG-UL - Lisbon School of Economics & Management, University of Lisbon

Studies in Business and Economics, 2022, vol. 17, issue 2, 252-269

Abstract: This work aims to verify, through an exploratory factor analysis, which are the determinants of the financial literacy of the Portuguese over 18 years old. The quantitative method is used, by using a questionnaire survey, and 839 surveys were obtained. It is observed that the factors resulting from the exploratory factor analysis are: (1) planning and financial goals to 1-2 years, (2) long-term savings and (3) the taste for numerical calculation. We analyse the statistically significant differences between means regarding gender, school education, the existence of household budgets and age. It is concluded that it is important to obtain some financial training at the beginning and throughout life, to better be able to make the financial family planning, to make applications with better return and to reduce the financial risk of the family. It is concluded that the closer to the retirement age, the more people tend to save, since during retirement income usually decreases.

Keywords: Financial literacy; Financial education; Financial literacy; Financial decisions; Financial well-being. (search for similar items in EconPapers)
Date: 2022
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