According to the data collected by the Bank of Spain, the remuneration of employees has increased from 487,328 million euros in 2015 to 528,214 million euros at the end of 2016. That is, fortunately we earned more, but we decided to invest that gain in consumer products and little or nothing ends up in the savings account.
Money, what do I love you for? To consume!
The truth is that this data does not presage anything good. Quite the contrary because our great economic collapse came partly motivated by the custom assumed by the Spaniards of going to the credit to finance our way of life instead of saving for it.
2009, the year we became more savers
The year 2009 was when we finally learned to save. The experience of the first years of the crisis burned us with the need to influence savings and save money for the turbulent economic times we were living. In fact, we achieved record savings of 13.4%, but as of that date this figure went into decline.
2017, the worst saving data
Thus, for this year, the Foundation of Bored Banks (FBB) estimates that the savings rate will be equivalent to 7.2% of gross disposable income, while last year it was 7.7%. In short, we return to levels very similar to those before we entered into recession. Indeed, everything seems to indicate that we have already forgotten that when foreign flows closed, our economy began to fall as we lacked internal savings to finance investment and consumption . Do we stumble twice on the same stone? It looks like yes.
Obviously, lower savings also have greater indebtedness. Families believe that the worst is over and they start to consume without fear.
“People are now giving way to marginalized consumption needs that they could not meet in the crisis,” says Mª Jesús Fernández, senior economist at the FBB cashier.
If we take a look at our European neighbors we see that they have more learned the lesson. Specifically, the average rate in the European Union is 10.1% and 12.5% in the euro zone, according to Eurostat.
Although we must recognize the presence of certain factors that explain this increase in savings in Europe. Fernández argues in the following way: ‘It is true that it is lower because incomes fell in Spain more than in other countries. But there is another explanation: most of the Spaniards have their home owned and that does not happen in other countries where their citizens choose less to invest in the purchase of housing as if it were a savings fund.
And if we start saving, what do Spaniards invest in their savings?
Those who manage to save – because some swarm out there – 21% allocate their money to pay for a great trip, something that means a saving effort of 10,800 euros. Of course, housing also appears in the sparing savings of many, as it appears in second place. Something for which they set as a goal of saving about 32,000 euros.
Some may disagree with these goals, but these seem to be the concerns of Coin Lender customers, a digital savings tool from Bankinter and that have been put together for the preparation of the ‘Coin Lender Savings Report 2016’.
Who saves more?
This document also shows data such as the age of savers. Thus, the youngest have more difficulties in kneading a small capital. They receive less pay and, in addition, short-term objectives are proposed that do not require them to save to achieve them.
And if a man is thinking of saving better than entrusting this mission to a woman, they are better savers, although only if they are over 30 years old. In this sense, they are more successful in saving large amounts of money and, in addition, they do so faster than men.
And in which community in Spain do you save more?
The place of Spain in which we live also weighs in savings. Thus, the Basque Country, Cantabria and Castilla y León lead the ranking of the largest volume saved. While in Extremadura, Murcia and Andalusia we find the regions with less success in saving.
Although it is true that this gap is partly explained by the obvious differences in per capita income between regions. In addition, these differences have become more pronounced in recent years.
Apply for a quick payday loan when savings fail?
Of course, saving is basic for families but when it is not possible – since the expenses incurred always lurk – we can go to a quick payday loan to get out of this small economic trouble. Do not forget that in our comparator we work with many trusted financiers and here you can choose the one that best suits your economic needs. In addition, we offer you the resource of comments from previous users, whose experience is real and will help you decide. And, of course, you can always ask us with confidence if you have doubts. We are here to assist you!