Three out of ten citizens in Spain do not manage to save money consistently, while those who do set aside an average of 265 euros per month, according to the study "How do Spaniards save? Trends and opinions on saving and investing," prepared by Mapfre.
The report, based on a representative sample of more than 1,000 people aged between 18 and 65 residing in Spain, examines how Spaniards relate to saving and investing, what their financial priorities are, and what obstacles they encounter in creating an economic cushion.
Among those who do not save, the main cause is the lack of economic margin. Most attribute it to overly tight incomes, difficulties in making ends meet, or the rising cost of living, and not to a lack of interest in saving. In fact, 59% of those who currently cannot do so claim that they did save at some point in the past.
In addition to the difficulty of setting aside part of their income, the study confirms that the savings rate shows "significant differences" between men and women. 74% of men report saving regularly, compared to 67% of women. They allocate an average of 306 euros per month to savings, while women contribute 236 euros, that is, 70 euros less per month.
21% of savers accumulate half of the reserved money
The document also highlights a very unequal distribution of savings: 21% of savers concentrate around half of all the money saved in Spain and allocate more than 400 euros per month to this end. At the opposite end, 7% of participants acknowledge that they do not know how much they manage to save each month.
The survey also reflects that the ability to save varies depending on personal circumstances. Separated or divorced individuals have a savings rate of 55.8%, compared to 71.4% of those living with a partner and 72.4% of singles.
The report also detects a link between the level of financial education and the ability to save. While 58% of those who claim to have no financial knowledge manage to save, the proportion rises to 72% among those with basic knowledge and approaches 80% among those who consider themselves better prepared.
Regarding the destination of the reserved money, one in four Spaniards who save does so to establish an emergency fund to respond to unforeseen events. Next is the purchase of a home, with 22%; strengthening retirement, with 12%; and future travel, with 11%.
Young savers set aside 12 euros less per month than the average
Regarding the generational gap, the group aged 18 to 33 is the one that reports to a greater extent that they manage to save (78%). However, these young people set aside 253 euros monthly, that is, 12 euros less than the general average. In the age range of 34 to 49 years, 74% of respondents save, while the percentage drops to 64% among those aged 50 to 65 years.
The place of residence also influences: those living in cities show a greater propensity to save than those residing in rural areas. 73% of urban dwellers claim to save, compared to 66% in rural areas. Furthermore, urban savers tend to have more sophisticated financial profiles and resort more frequently to savings and investment products.
The study also points out territorial differences. The communities in the northwest, the two Castiles, and Levante concentrate a higher proportion of savers, while the Canary Islands and the southern peninsular regions present more contained savings levels.
Based on this data, the typical portrait of a saver in Spain is that of a man who lives in an urban area, is employed, has higher education, and has a medium or medium-high income level. He usually has more financial knowledge than average and uses various savings and investment products.
Only 27% of those who save decide to invest their money
The report emphasizes that only 27% of savers declare that they invest the money they manage to set aside each month with the aim of obtaining returns, a proportion that increases as age, income, and level of financial knowledge grow.
The research indicates that those under 35 concentrate their savings mainly in cash and checking accounts (75% of them), and hardly use pension plans. In contrast, among those over 50, investment funds (27%) and pension plans (32%) gain weight, and savings are more oriented towards supplementing income during retirement.
The study emphasizes that the spontaneous knowledge of investment products is "low" and that 42% of respondents do not identify any.
Among those who do invest, funds are the favorite alternative (58%), followed by stocks (25%) and Treasury Bills (11%). Only 3% declare investing in gold.