High inflation, rising interest rates, and speculation have led to a loss of purchasing power. A third of consumers in Portugal are left with only 10% of their income after paying the bills
A third of consumers in Portugal are left with only 10% of their income after paying their bills. The conclusion is from a report by consultancy firm Intrum, which conducted a survey in 24 European countries.
High inflation, rising interest rates and speculation have led to a loss of purchasing power, writes Diário de Notícias, citing the study.
The answers reveal that six out of ten Portuguese are living worse than in 2021.
More than 70% of the Portuguese interviewed consider that their fixed expenses are growing faster than their salaries. The figure compares with 51% in 2021, representing a 22% increase in one year.
With interest rate increases influencing household loan instalments, the effort rate becomes higher and higher. One third of respondents will have less than 10% of their salary after paying off their monthly debts.
In Europe, a quarter of people borrowed money or reached their credit card limit to pay bills in the last six months, compared to 27% in 2021.
In Portugal, the figure is 24%. Of those who currently borrow money each month, in addition to their mortgage and credit card, 37% borrow more than 10% of their income and 13% more than 25%.
In the European Consumer Payment Report 2022, promoted by Intrum, more than 24 thousand European citizens were surveyed.
A new indicator from Eurostat reveals that Portugal is the country with the 10th lowest gross annual salary in the European Union. On average in the EU, people earn more than 33,000 euros a year.
In Portugal, the average is just over 19,000 euros, which is 10,000 euros less than what is earned in neighboring Spain.
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