One in three Spanish households spent more money than they earned during 2024, according to a study conducted by BBVA Research that highlights the deep differences in families' saving capacity. Specifically, 33.6% of households recorded a negative saving rate, which means that their disposable income was not enough to cover the consumption made throughout the year. This figure contrasts with the general savings statistics, which show a favorable situation for the overall Spanish families, but hide significant inequalities between those who manage to save part of their salary and those who need to resort to other resources to meet their expenses.
The report, titled "Who Saves in Spain? Heterogeneity in Households' Saving Capacity", has been prepared by economists Noelia Cámara and Sirenia Vázquez based on information from the National Institute of Statistics (INE) corresponding to 2024. The researchers analyzed nearly 30,000 Spanish households to determine what factors explain the differences in their economic capacity. The results show that the median household managed to save 19% of its income, although this figure does not represent the situation of all families. Disposable income is the main element that determines how much money can be saved, but family composition, housing, and place of residence also influence it.
33.6% of Spanish households had negative savings in 2024
The study reveals that approximately one in three households ended 2024 with expenses exceeding their disposable income. This is a situation that economists call "negative saving" and that can occur when a family uses previously accumulated money, resorts to loans, or receives help from others to maintain their consumption level. However, the researchers warn that the data used do not allow for determining exactly how each household financed that difference or whether it was a one-time or prolonged situation.
Income inequalities are especially pronounced when analyzing the income level. 75.8% of households in the bottom 10% of income recorded negative savings, a proportion that decreases to 52.9% in the second income decile. The situation progressively improves as economic resources increase: among families in the central income group, the percentage stands at 33.3%, while only 9.2% of households belonging to the top 10% of income spent more than they earned.
The analysis also finds significant differences in the incomes of both groups. The median annual income of households with negative savings was 25,759 euros, compared to 42,896 euros for those who managed to maintain savings equal to or greater than zero. This gap helps explain why two families can experience very different economic situations even when facing similar everyday expenses.
Having a job does not guarantee making it to the end of the month with savings capacity
One of the most relevant findings of the report is that negative savings do not exclusively affect unemployed or retired individuals. In fact, 52.7% of households that spent more than they earned had an employed reference person, while 24.3% corresponded to households headed by retirees or early retirees and 12% to families whose reference person was unemployed.
These data show that having a job does not necessarily guarantee that household income is sufficient to cover expenses. The situation also depends on remuneration, the number of people living in the household, and the economic obligations each family unit must face. According to the study, the incidence of negative savings approaches 38% among households whose reference person is between 20 and 44 years old, while it reaches 36.6% among those headed by individuals aged 45 to 54. In families aged 65 to 74, the proportion decreases to 27%, although it increases again among those over 75 years old.
The researchers conclude that the income level better explains the difficulties in saving than age or employment status considered in isolation. In statements collected by elDiario.es, Sirenia Vázquez emphasizes that the study reflects the situation of a specific year and does not allow for verifying whether the same households maintain these difficulties over time.
Large families have more difficulties saving
The number of people living in the same household is another determining factor. According to estimates from BBVA Research, adding an additional member to the household is associated with a reduction of 9.75 percentage points in the savings rate, once other family characteristics are considered. This relationship is particularly pronounced among families with lower economic capacity, where the difference can reach 12.5 percentage points.
The result reflects that, although sharing a home allows for the distribution of certain expenses, the needs for food, transportation, education, and other basic products increase with each new family member. This causes households with multiple members to have less margin to set aside money, even when their total income is higher than that of a person living alone.
Geographic location also influences this. The study finds that living in areas with intermediate or low population density is associated with a greater capacity to save compared to more populated areas. Researchers point to factors such as housing costs, prices of certain services, and differences between local labor markets, although they warn that they cannot precisely identify which of these elements explains most of the difference.
Do renters save more than homeowners?
One of the most striking conclusions of the research is related to housing. BBVA Research observes that households renting at market price show, in certain statistical comparisons, a higher savings rate than homeowners who have already finished paying their mortgage. Specifically, the main model of the study identifies a difference of 23.43 percentage points in favor of renters, after taking into account variables such as income, family size, and employment situation.
The authors warn, however, that this result does not mean that renting is economically more advantageous than owning a home, nor does it demonstrate that renting directly causes an increase in savings. The relationship may be influenced by consumption decisions, wealth differences, and future expectations. Among the possible explanations is that some people who live in rental properties save with the goal of buying a home, while those who already have one paid off may allocate a larger proportion of their income to consumption.
This distinction is fundamental for interpreting the results. Saving a portion of income for a year does not necessarily equate to having greater wealth, since a homeowner may have a property of high value even if their annual savings capacity is low. Similarly, a tenant may set aside money every month and still have difficulties accessing home ownership.
Household savings remain high, but do not reach everyone equally
The conclusions of BBVA Research contrast with the general indicators of the Spanish economy. According to the latest data published by the National Institute of Statistics, corresponding to the second quarter of 2026, the savings rate of households stood at 18.7% of their gross disposable income, compared to 19.9% recorded in the same period of the previous year. Once seasonal and calendar effects were discounted, the percentage was 11%.
The difference between these data and the BBVA Research study is due to the fact that they measure different realities. While the INE statistic captures the savings of the entire household sector, the research from the banking studies service analyzes how savings capacity is distributed among families with different economic and social characteristics. Therefore, it is possible that the aggregate rate is high while a considerable portion of households fails to cover their expenses with their income for the year.
This is joined by the growing weight of housing in family budgets. According to the 2025 Family Budget Survey, Spanish households spent an average of 35,101 euros annually, 3.1% more than the previous year. Of that amount, 11,665 euros were allocated to housing, water, electricity, gas, and other supplies, equivalent to 33.2% of total spending. Among the 20% of households with the lowest budget, housing and food together accounted for 61.5% of their expenditures.
The BBVA Research study thus highlights that the savings capacity of Spanish families is far from being homogeneous. While households with higher incomes can set aside a significant proportion of their income and better cope with unexpected expenses, others need to use additional resources to maintain their consumption. An inequality that explains why the positive figures of national savings do not always translate into greater economic security for all citizens.