What is the Average Savings of Spaniards?

The average savings of Spaniards have fluctuated significantly in recent years. Savings levels rose notably during 2020 and 2021 due to the pandemic and related restrictions, but they declined in 2022 due to rising inflation. Despite some improvements, many Spaniards still find it challenging to save consistently.

Even though the economy has experienced ups and downs, Spaniards maintain a strong interest in saving and are concerned about their financial future. This is why most people strive to save as much as possible.

 

The Average Savings of Spaniards is Higher than Expected

On average, salaries in Spain are lower than those in many other European Union countries, which often leads to the perception that Spaniards’ average savings are also low. However, the reality shows otherwise.

Before 2020, the average savings rate in Spain was around 6.9% of disposable income. With the onset of the pandemic, it surged to 16%. In 2021, as pandemic-related restrictions began to ease, the savings rate decreased to 11%, and in 2022, it fell further to 7.6%. Last year, it rose back to 2021 levels.

Now that the worst of the pandemic has passed, the average savings rate of Spaniards is around 7% of disposable income. In total, Spaniards are estimated to have saved €2.7 trillion, much of it invested in deposits. Additionally, assets in real estate are valued at approximately €5 trillion.

 

How Savings are Distributed in Spain

Although Spaniards tend to save a considerable amount, many people report difficulties making ends meet, which hinders their ability to save. The primary reason for this disparity is the unequal distribution of savings. While younger generations find it harder to save, older generations save as much as they can.

 

How Much Should You Save?

If you are committed to achieving financial freedom, closely monitoring your expenses to maximize savings and later invest that money is key. According to recommendations from the Bank of Spain, an ideal savings amount should be equivalent to three to six times your monthly salary. This would allow you to maintain an emergency fund to cover unexpected expenses without affecting your household finances. Once this fund is in place, you can begin saving for the long term.

Experts also suggest that having three to six months’ worth of regular expenses saved is a sensible approach for financial peace of mind. For example, if your salary is €1,600 and your regular monthly expenses (mortgage/rent, food, utilities, internet, etc.) amount to €1,000, your minimum emergency fund should be between €3,000 and €6,000. This is often referred to as an "emergency fund."

It is recommended to save 10% of your monthly income, or even 20% if possible. In this way, you can establish your emergency fund within 30 months (if saving 10%) or within 15 months (if saving 20%). Once you become accustomed to living without that 10% or 20% of your salary, you can continue saving every month, gradually increasing your savings almost effortlessly.

The average savings of Spaniards have returned to pre-pandemic levels, but it is within everyone’s power to boost those savings again. If you want to know more about managing your finances more efficiently, don’t hesitate to seek specialized advice.

 

FAQs

What is the average amount of money in bank accounts in Spain?
In 2022, half of the families in Spain had around €8,000 or less in their current accounts, so average savings fall within this range.

How much savings do Spanish families have?
Statistics indicate that the gross savings of families increased by more than 70% in 2023 compared to 2022, reaching €108.139 billion.

How much money does a middle-class family in Spain have?
A person is considered middle class when their income ranges from €1,343 to €3,581 per month. For a family, this range varies depending on additional factors.