The exposure of Spanish families to capital markets is limited to approximately 13% of their total wealth, as detailed by the Director General of the Treasury and Financial Policy, Carla Díaz Álvarez de Toledo, in her opening remarks at the MedCap 2026 Forum, organized by Bolsas y Mercados Españoles (BME).
"We believe there is room for a more balanced distribution of this investment that will also benefit investors themselves with higher risk-adjusted returns," she assured.
The head of the Treasury stressed that about two-thirds of Spaniards' savings remain concentrated in real estate and that, within financial assets, bank deposits continue to play a very prominent role.
Among the Treasury's strategic objectives is to boost the participation of small savers in the markets. To move forward in this direction, the processing of a new savings-investment account has been launched, after the preliminary public consultation concluded in January and maintaining constant dialogue with sector agents.
At the European level, the Union of Savings and Investments package incorporates measures aimed at channeling retail savings towards the markets, although a large part of these actions are to be developed by each Member State, as they concern matters of national competence.
"The challenge here is to ensure that it remains in European projects that allow financing the necessary innovation and digital transition with attractive investment projects in Europe," indicated the Director General.
Díaz Álvarez de Toledo remarked that in Europe the banking financing model continues to dominate, "the result of a strong banking sector that we must continue to support, but which must be complemented by other sources of financing," among which she cited venture capital and the capital market itself.
The aim is for these alternative financing channels to contribute to supporting more innovative companies and accompanying business growth in areas where bank credit does not reach.
Public Debt and the Role of International Investors
Regarding state debt, the Director General of the Treasury explained that since the end of 2022, when the European Central Bank's purchase program concluded, an increase in the presence of non-resident investors in medium and long-term public debt securities has been observed.
"In public debt, what we can see is that the majority of the Treasury's net issuance is being absorbed by non-resident investors," he pointed out.
In this context, the director noted that the Treasury has observed "a sharp decline in the debt ratio" since the pandemic, which allows for the projection that the volume of debt will be below 100% of GDP by the end of 2026.
Furthermore, she highlighted that both Spanish households and companies show lower indebtedness levels than the euro area average, a circumstance that, in her words, places national companies "in a very good position" to resume investment and give an additional boost to their growth.