Spanish households maintain a volume of wealth in capital markets that is 35.7% lower than the European average and, in addition, they concentrate a larger part of their money in bank deposits, according to a report released this Monday by the Association for Financial Markets in Europe (AFME).
According to the document, Spaniards had 31,039 euros invested per adult in capital markets products, compared with 48,290 euros on average in the European Union. In countries such as Denmark, Sweden or the Netherlands, the figure exceeds 110,000 euros per adult, a piece of data attributed to the greater weight of private pension systems.
Across the EU as a whole, "pensions and insurance" account for 59% of households' financial savings. Investment funds make up 24%, quoted shares held directly 11%, and bonds 6%. Since 2022, funds, including ETFs, have become the main driver of the increase in savings channeled into the markets.
For AFME, this difference shows the advisability of fostering more intense involvement by families in capital markets, in order to redirect part of the savings toward business financing, innovation and Europe's strategic priorities.
The calculation of investment in capital markets includes quoted shares, bonds, investment funds, life insurance provisions and pension fund assets, leaving out cash, deposits and unquoted shares.
"Companies have access to smaller capital markets exchanges than many of their global competitors, while too large a share of European savings continues to go unused. Efforts to mobilize that savings must continue to be a priority," said AFME's CEO, Adam Farkas.
Beyond investment in markets, the study shows that 34% of the financial wealth of Spanish households is kept in cash and deposits. This percentage exceeds that of Italy (25%) and France (28%), but it is lower than that of Germany (37%).
AFME considers that the "limited participation" of European households in capital markets represents a "structural obstacle" to meeting the EU's strategic financing needs. Although the volume of savings in Europe is high, an "insufficient" share is directed to instruments that support business financing, innovation and long-term projects.
Business financing in the markets
The report also analyzes how companies are financed through capital markets. In the case of Spanish companies, this source of financing increased by 18% year-on-year in the first half of 2026.
Despite that progress, Spain continues to lag behind the EU average. In Spanish companies, financing through bonds and shares represents 8.6% of the total, compared with 13.7% across the European Union.
In the first six months of 2026, Spanish companies issued 14.3 billion euros in investment-grade bonds, which represents a 53% increase year-on-year, according to AFME. By contrast, other segments showed weaker performance: ‘high yield’ bond issues reached 4.5 billion euros, 15% less; exits to the Stock Exchange via share offering totaled 200 million, a 71% decrease; and secondary placements of shares were 3.3 billion euros, 5% less.
The weight of venture capital prior to going public in the financing of Spanish SMEs increased from 1.5% in 2025 to 1.8% in the first half of 2026, still far from the 5.1% average in the EU. This indicator includes venture capital, expansion funds, investment by ‘business angels’ and participatory financing through equity.
The report also records 15.9 billion euros in ESG-labeled bond issuances, 68% more, as well as a securitization volume of 9.6 billion euros, which represents a 7% decline.