Pandemic "demonstrated the importance of savings"

The President of the Republic has said that the pandemic "has demonstrated the importance of savings", whether for the country or for citizens.

By TPN/Lusa, in Business, COVID-19, Politics, Finance · 01 Nov 2021, 14:27 · 2 Comments

"The pandemic we've been experiencing in the last year and a half has demonstrated the importance of savings, whether for the country or for each family or citizen," said Marcelo Rebelo de Sousa.

"Although for many fellow citizens it is not easy to save, the promotion of national savings is important for the financing of public and private investment", he considered, pointing out that "the country's saving capacity is also a guarantee of autonomy and freedom in individual choices".

In addition, "savings allow citizens to face periods of greater difficulties and face unexpected situations", defended the head of state.

Marcelo Rebelo de Sousa also considered that "the valuation of savings is particularly relevant in younger generations, through the promotion of financial literacy, something in which the school has played an increasingly important role".

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Comments

How can the low paid workers save when you have Portuguese banks stealing savings from the public with no limited protection from the Government. Before Portugal joined the EU, the interest rate was so high I had invested 60% of my wage into the Portuguese saving system and off shore accounts, now the rates in Portuguese banks are a joke to invest. I can invest better rates in UK with my kids account tax free. The Government needs to provide a 100% protection on the money the public save into the Banks and increase saving rates. Or have the Government setup it's own saving system like UK Bonds where it's protected with better rates.

By Jose Santos from UK on 03 Nov 2021, 15:19

I'd undoubtedly have more to save were I not already overburdened with sales tax, fuel tax, income tax and social security.

Also, what's the point of saving if central banks print money to get out of manufactured crises?
Inflation is nothing more than a tax on savings, and uncle Marcelo is actually in the position to help us average Portuguese keep a little more of what we earn.

By Quentin Ferreira from Lisbon on 03 Nov 2021, 18:33