43% of Spaniards are not able to save more than 100 euros per month due to the increase in the cost of living, according to a report by Rastreator, which reveals that another 23% cannot save anything because they do not have the sufficient purchasing power .
Likewise, the pandemic has caused 38% of Spanish households to reduce their savings , a percentage that rises to 53% in the case of those families that have been affected economically and labor by this crisis.
This Sunday is World Savings Day, a day that aims to raise awareness among the population about the importance of saving money for a better quality of life.
“It is important to raise awareness about saving, especially at a time when many families have seen their income reduced due to the pandemic and when we are facing a higher cost of living, with some services at record highs such as energy” , has highlighted Rastreator’s director of operations, Álvaro Bas.
According to data from the National Institute of Statistics (INE) collected by Rastreator, electricity has risen 44% compared to the previous year , while the price of fuel has also registered a strong increase: a 50-liter tank of gasoline now costs 75 euros, 17 more than a year ago.
Faced with this situation, the director of the Observatory and professor at IE University, Laura Núñez, has indicated that it is most likely that more responsible consumption will occur in the immediate future and that savings rates will be higher than the minimum values registered in the years leading up to the pandemic.
Bas has added that the data indicate that the percentage of Spaniards who do not save more than 100 euros per month has increased by 33% compared to 2020, the year in which there was a rebound in family savings due to the pandemic.
Lack of savings is a problem at all ages, but especially for the youngest and the oldest. The report published by Rastreator points to those between 55 and 65 years old as those with the least ability to save .
“It is important to read the fine print in detail and review the contracted rates to avoid overpaying and thus have only contracted what best suits the needs of each user. On many occasions due to lack of time or ignorance we do not review these small aspects but they can lead to a notable increase in the ability to save, “said Bas.
Financial education, necessary for greater savings
The study published by the Family Savings Observatory concludes that financial education has, together with the socioeconomic level, a great influence on the savings levels of families: the savings rate shoots up to 80% in the case of those who count with this type of education, compared to 40% of households that lack it.
However, 90% of Spanish families do not know the different investment vehicles they have to manage their savings , while 44% do not have basic economic and financial knowledge.
Financial education is still a pending issue for Spaniards. The National Securities Market Commission (CNMV) published in April a report that revealed that the evaluation of the financial knowledge of Spaniards is six out of ten on average, with 70% of individuals with medium and high knowledge (with more than 5), compared to 25% with low or very low (failed).
Likewise, eight out of ten consumers acknowledge having signed a financial contract without fully understanding all its clauses, while four out of ten do not understand the communications sent by their bank, according to data from Adicae.