2023-11-14 15:14:50
Spaniards have improved their financial health which means that, in general, they are less vulnerable than in 2016. The savings pocketed during the pandemic have helped many to free up mortgages, which reduces their incidence as a formula for indebtedness against personal credits, this is clear from the latest Financial Skills Survey published today by the Bank of Spain, which measures the financial knowledge of Spaniards and compares it with that of the rest of the OECD countries, with data collected from the end of 2021 to mid-2022
42% of the Spanish population has some type of debt, a percentage that has not changed much in the last five years, although the way of borrowing has changed, since personal loans have gained positions over mortgages.
This is one of the conclusions of the latest Financial Competencies Survey published this Tuesday by the Bank of Spain, which measures the financial knowledge of the population and compares it with that of the rest of the OECD countries, with data collected since the end of 2021. until mid-2022.
According to these data, 21% of those surveyed have a personal loan, compared to 18% who had one five years earlier, in the previous edition of the report, while the percentage of the population with a mortgage drops from 32% to 29%.
By age groups, those most in debt are those between 35 and 44 years old (62%) and those between 45 and 54 (60%), and those who owe the least are those under 34 (24%) and the oldest , who have already repaid their debts, such as those over 65 years of age (22%).
Saving
98% of those surveyed have a checking account, almost the same percentage as in 2016. After checking accounts, the most common savings products are savings vehicles (41%), a category that includes savings accounts, plans pensions, investment funds, stocks, fixed income and cryptocurrencies.
Of all of them, the most contracted are pension plans, which are owned by around one in five individuals, followed by savings accounts (18%); stocks (14%); investment funds (12%); cryptocurrencies (5%) and fixed income assets (1%). The older the age, educational level and household income, the higher the savings rate.
Insurance (medical 24% and life 31%) and credit cards (63%) are financial products that advance compared to the previous survey.
A quarter of Spain spends more than it earns
At the end of 2021, 25% of the population lived in households whose expenses had exceeded income in the previous twelve months, a percentage three points lower than in 2016.
More than half of the households whose expenses exceeded income were able to draw on savings, partly accumulated during the pandemic, while 35% had to resort to informal or non-bank credit, that is, they borrowed it.
More than half of the population residing in Spain, 57%, had savings in 2021 to sustain all their expenses for at least six months without the need to go into debt in the event that they lost their main source of income, compared to 52%. of 2016.
On the contrary, 6% of the population declared that they would not be able to last even a week, slightly below the 7% who responded that way in 2016. Of that 6% who could not live without their income for even a week, those that increased the most were those over 45 years of age, those who had less than a Baccalaureate education, the unemployed, those who lived rented and foreigners residing in Spain.
Lower savings capacity
Although less indebted, Spaniards have increasingly less savings capacity. More than half of savers, 53%, have seen their savings capacity reduced as a result of the rise in inflation in recent months, while one in four have been negatively affected by the rise in interest rates. by having a loan or mortgage. These are two of the main conclusions of the VIII Savings Barometer presented this Tuesday by the Inverco Observatory, which is published every two years.
According to this report, the percentage of Spanish savers with a conservative profile has increased nine points in the last two years, reaching 56%, which has recovered 2019 levels.
On the other hand, savers with a dynamic profile have remained at 8% and moderate savers have dropped seven points, reaching 36%.
The study also reveals that the vast majority of Spanish investors, 87%, channel savings through deposits or bank accounts, followed by 54% by pension plans, and 40% by investment funds.
Likewise, investment in fixed income has increased seven points in the last two years, up to 15%. And, according to the latest data from the Bank of Spain (August), Spaniards have increased their investment by around 18.5 billion euros. in Treasury bills in the year.
The report also indicates that deposits (27%), funds (21%) and pension plans (19%) are the products that a higher percentage of savers would contract in the coming months, or would increase their investment in them.
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