A new survey published by the European Investment Bank (EIB) on 5 November found that 68% of Portuguese respondents had experienced a significant loss of purchasing power because of higher electricity, natural gas, petrol and heating fuel prices.

The figure is eight percentage points above the EU average of 60%, with almost one in four Portuguese respondents, 23%, describing the impact as very significant.

Romania recorded the highest proportion of affected respondents at 80%, while Malta had the lowest at 23%.

The findings come from the EIB’s eighth Climate Survey, which questioned 23,000 people across the EU about energy costs, household finances and the transition towards cleaner energy.

In Portugal, 1,000 people participated in the survey, conducted between 3 and 25 August.

Households changing their spending habits

The financial pressure has prompted many residents to reconsider everyday expenses.

According to the EIB, 34% of respondents in Portugal said they had reduced spending on food or healthcare because of rising energy prices, while 24% had turned down their heating to save money.

A further 13% reported taking on debt, seeking financial assistance or delaying payment of an energy bill.

Transport costs have also affected household decisions.

Almost two-thirds of Portuguese respondents, 65%, said higher prices had changed how they used their cars, compared with an EU average of 60%.

Among those surveyed, 23% reported reducing journeys for essential activities such as shopping, medical appointments or administrative tasks.

Another 33% had given up a holiday, weekend trip or visit to family and friends, while 28% said they were driving more slowly to conserve fuel.

Some 22% had replaced individual car journeys with public transport, carpooling or cycling.

Despite the financial pressure, Portugal was below the European average for respondents cutting back on food and healthcare, at 34% compared with 38% across the EU.

Energy costs becoming a European priority

The survey also found that Portuguese respondents increasingly view renewable energy as a way to reduce their dependence on imported fuels and protect themselves from future price increases.

Some 85% believe the transition to cleaner energy is urgent for Portugal, compared with 75% across the EU.

When asked about the expected benefits, 85% identified reducing dependence on imported oil and gas, while 84% pointed to more stable or lower energy prices.

Another 79% expected the transition to help slow climate change.

These priorities have changed since the EIB conducted a similar survey four years ago.

In 2022, climate change was the most frequently identified benefit of moving away from fossil fuels in 19 EU member states.

In the latest survey, reducing dependence on imported oil and gas came first in 16 countries, reflecting the growing importance of energy security and affordability.

Portugal’s respondents also expressed strong support for renewable energy, with 64% identifying solar power as an important technology for the transition and 49% selecting wind power.

More than two-thirds supported cooperation between EU countries to develop and finance the transition.

The findings are consistent with separate research published by the European Parliament earlier this year.

Its spring 2026 Eurobarometer found that 44% of Portuguese respondents considered the cost of living a leading national concern, compared with 36% across the EU.

The same survey found that 39% of respondents in Portugal expected their living standards to deteriorate over the following five years, one of the highest proportions in the EU.

The EIB’s latest findings measure people’s reported experiences and expectations rather than an official calculation of inflation or household purchasing power. They nevertheless provide an indication of how energy costs are influencing financial decisions across Portugal.

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