2023-09-18 16:25:58
Many Spaniards decide to invest so that their savings begin to generate profits at a time of economic uncertainty. In this sense, Spanish brick has been a refuge in the eyes of investors for years given that the real estate market has remained resilient in the face of the numerous economic uncertainties that have hit the country and continue to do so. So much so, that, despite the fact that the rise in rates is having a decisive effect on the slowdown in activity in the real estate sector, real estate continues to be for Spaniards the “safest and most attractive” way to protect their savings against the inflation, according to a study carried out by the Italian bank BFF. Specifically, 28% of those surveyed choose brick as their preferred investment option.
Likewise, Spaniards value other forms of investment such as gold (14%), Treasury bonds (13%) and, finally, time deposits (12%). In the case of time deposits, respondents indicate that these are perceived as more reliable in Spanish banks. In this sense, “35% of those surveyed expressed their willingness to open a deposit account in a bank that operates in Spain under a license granted by another country of the European Union, in line with the 38% who would be reluctant to do it,” explains the bank. On the contrary, the least secure savings methods are cryptocurrencies, works of art, liquor and watches, and currencies.
Short-term deposits continue to be preferred by Spaniards, although a determining factor in establishing a deposit is the interest rate, according to 53% of those surveyed. Despite this, 43% of participants expect an increase in deposit interest rates in the near future and 46% believe that the rise in rates will result in an increase in deposit rates. Likewise, six out of ten respondents do not consider the current interest rates on term deposits attractive, which could influence the reluctance of 65% of Spaniards to establish a deposit in the next six months.
The report also reveals that 30% of respondents are unaware of aspects related to deposits or the associated interests. “The results denote the need to improve financial education in the country and promote greater understanding of banking products and services,” asserts BFF.
On the other hand, more than half of Spaniards also believe that the country’s economic situation will worsen in the coming months, while 23.7% believe that it will improve. In this context, 64.6% of those surveyed plan to cut important expenses, while 45% have already limited basic expenses and 38.6% consider saving more.
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