April 5, 2023 – The surge in financial digitalization, notably hastened by the impact of the COVID-19 pandemic, has opened doors to increased accessibility of financial products and services, offering individuals greater control over their financial futures. However, this digital transformation also brings forth new challenges and vulnerabilities, including online fraud, data protection concerns, and potential biases in financial decision-making. It’s worth noting that digitalization can inadvertently lead to exclusion for those with limited digital access and skills, a trend evident in countries worldwide, including Portugal.

The promotion of digital financial literacy is of paramount importance to empower individuals to securely navigate digital financial services, ensuring their resilience in online financial transactions. Ultimately, bolstering digital financial literacy is poised to enhance individual financial resilience, well-being, and make a valuable contribution to fostering an inclusive and sustainable economy and society.

Recognizing the need to further advance digital financial literacy in Portugal, authorities have undertaken initiatives to collect data on digital financial literacy levels and the current state of digital financial education in the country. This report not only outlines the existing landscape of digital financial education in Portugal but also presents the findings from a quantitative survey assessing individual levels of digital financial literacy. Building on these insights, the report identifies specific digital financial literacy needs and gaps in the existing educational offerings. The knowledge extracted from this report will underpin the development of a well-informed digital financial literacy strategy for Portugal, complete with an actionable implementation plan. More info is available here: Digital Financial Literacy in Portugal – OECD