Financial and Digital Literacy Strategy for Portugal

10th May, 2023

Banco de Portugal has today released the Digital Financial Literacy Strategy for Portugal, outlining the vision and action plan for the next five years. Its goal is to empower the population to use digital financial services properly and reduce digital financial exclusion. 

APB's chairman, Vítor Bento, who attended this paper's presentation event, expressed the APB's willingness to endorse the Strategy and testified to the initiatives developed by the Association to promote digital financial literacy among seniors and young people.

The Strategy, designed with the technical support of the Organisation for Cooperation and Development in Europe (OECD) under a project financed by the European Union, is based on the conclusions of the OECD report entitled Digital financial literacy in Portugal: Relevance, evidence and provision (OECD, 2023). This report revealed the existing gaps in the current supply of digital financial training and exposed the deficiencies in the digital financial literacy knowledge, behaviours and attitudes of the Portuguese population.

With the Strategy now presented, the OECD and the Banco de Portugal aim to address the gaps identified, fostering citizens’ resilience against online fraud attempts and increasing their awareness of their behavioural biases when using digital channels for financial services.