This is according to a survey by N26 with data from customers in Europe, which coincided with the celebration of World Savings Day on 31 October. The average savings rate of Spaniards was 6.6% between January and August. This is more than in other European countries such as Germany (5.1%), Italy (1.49%) or France (0.1%). The reason Spaniards save so much seems to be “a protective instinct in the face of the uncertainty of the economic, political and social context”.
The average Spanish user, for instance, has increased the percentage of savings on their average income by 57.2% since March. Average income in these months has increased by 7.2%, up from 4.6% in January and February. This represents an overall growth of 80.2% in the average amount saved in euros, the highest of any country in the comparison series.
What was the best savings month?
The months with the highest total savings were March and February, in line with the results of studies from previous years, and the worst months were May and August. In line with the trend in other European markets, March was also the best savings month for Spanish users, as they managed to put up to 11.1% of their income into their piggy bank.
Who saves the most?
On the other hand, the study shows that although men have an average income that is up to 39% higher than that of women, it is women who systematically save a higher percentage of their income (5.9% per month on average, compared to 3.7% on average for men). Men also increased their spending on leisure and entertainment by 8% and women on average up to 16.7% more in March than in January and February.
What do Spaniards spend their money on?
In terms of spending category, the N26 analysis found that Spaniards were the Europeans who increased their spending in bars and restaurants the least, with an average increase of 9.3% of their income. Germans and Austrians led the way with 31.9% and 26.5% respectively. Restaurants were the category in which Spaniards spent the most, followed by shopping, holidays and travel and finally food.