Do the Portuguese know what Euribor is? Not yet.
Even though there is a slight improvement, the Portuguese are still very financially illiterate, data revealed by survey from the Bank of Portugal. Only 1 in 10 people surveyed knew what Eribor was.
Euribor are the Euro Interbank Offered Rates, a part of the general life of any Portuguese who has access to housing credit. However, there are many people who are still unaware of what it means. The second survey on the Portuguese financial illiteracy brought forward by the Bank of Portugal shows that only one in ten Portuguese citizens know how to explain the concept of Eribor with precision; other common expressions, such as spread, are also unknown by many.
This survey shows that in comparison to the first survey on Portuguese financial illiteracy brought forward in 2010, very little has changed. While in 2010, only 9% knew what Eurobor was and 20% knew the meaning of spread, in 2015, that knowledge increased to 10.5% and 21.4%. respectively.
“Although showing improvements when compared to 2010, the financial knowledge is still relatively low in 2015”, is written in the report of the Survey on the Portuguese Financial Illiteracy. Even so, it was enough of an upturn to put Portugal on the international top 10, according to the Bank of Portugal; it is in tenth place in a universe of 30 countries, surpassing OECD’s average.
