OECD makes diagnosis of digital financial literacy in Portugal

The Organisation for Economic Co-operation and Development (OECD) published today a report on Digital Financial Literacy in Portugal: Relevance, Evidence and Provision, as part of a joint project with the Banco de Portugal and the European Commission to design a Digital Financial Literacy Strategy for Portugal.

The report presents an in-depth diagnosis of digital financial literacy in Portugal, based on a questionnaire of national partners involved in promoting digital financial literacy, an international workshop to discuss the results of the questionnaire and a survey of the Portuguese population to assess its levels of digital financial literacy.

This document maps the existing provision of digital financial education in Portugal, including the entities involved, target groups, topics addressed and channels used. It describes the levels of digital financial inclusion, analyses people’s knowledge, behaviours and attitudes in accessing digital financial products and services, and identifies the digital security procedures adopted. It builds on these findings to identify gaps in the digital financial literacy of the population.

The results published in this report are being used to design a Digital Financial Literacy Strategy for Portugal, which will be presented at a conference at the Money Museum in Lisbon on 10 May 2023.

About the project

Digital financial literacy is important to empower people to safely use digital financial products and services, to make them more resilient to online fraud attempts and more aware of behavioural biases in accessing financial services through digital channels. Digital financial literacy intends to improve people’s financial resilience and well-being, while contributing to the inclusive and sustainable development of the economy and society.

Recognising the importance of digital financial literacy for participating in a full citizenship, the Banco de Portugal has set streamlining a medium/long-term digital financial literacy strategy for Portugal as a priority in its Strategic Plan for 2021-25.

The OECD is the implementing partner of the project, which is funded by the European Union via the Technical Support Instrument, managed by the European Commission Directorate General for Structural Reform Support (DG REFORM).