Saving is a deliberate and planned act. We save when we stop spending today so that we can do so in the future, either because we have a specific consumption goal or to be prepared to meet an unexpected expense. But saving also means making our money work for us, so the return obtained is an important factor when making decisions.
In Spain, buying a home is families’ main wealth-related decision, a behaviour that goes beyond a purely financial decision. The rest, which we could call “financial saving”, should be based on three principles: availability, consistency and return.
Availability gives us room to act in times of need. Consistency is essential when planning savings and, in this way, protects us from unconsidered or impulsive decisions. As for return, although it is not an objective in itself when saving, it does influence where we place our money among all the existing alternatives. And there are many in Spain.
Financial education and, where appropriate, sound professional advice tailored to our saver profile can help us make the best decision at any given time. Each person’s savings goals are as personal as their priorities and their value system.
According to the 8th Savings Barometer, a study by the Inverco Observatory, the percentage of savers with a conservative profile at the end of 2023 rose by nine percentage points in two years, returning to 2019 levels. 87% of savers hold deposits, ahead of pension plans (54%) and investment funds (40%). Security and trust are the two most valued factors when saving. Return ranks fourth, behind transparency.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
