Average monthly savings in Spain 2018

Most Spaniards managed to save an amount of under two hundred euros with their monthly salaries in 2018, according to the latest data. The share of respondents that did not have any monthly savings stood nearly at 27 percent, while 23 percent stated they could save an amount between two and five hundred euros. In contrast, only about 7.6 percent of the surveyed population stated they succeeded to save over five hundred euros on a monthly basis.

Low salaries are Spain’s main problem when putting money aside

The share of Spaniards that did not manage to save up each month fluctuated in the recent years, with its highest point registered in 2014 at 34 percent of the surveyed population. Spaniards confirmed that the main reason why it was hard for them to save some money at the end of the month was the fact that their salaries were too low to achieve so. Some 36 percent of the respondents stated they did not manage to save enough money due to unexpected expenses, although almost 20 percent also pointed at their whims as the main reason for not putting some money aside.

Money for a rainy day and retirement: Spain’s major reasons to save up

Most Spaniards decided to deposit their savings into their bank accounts over other methods to keep their money, with a share of 53 percent of respondents. According to the study, only approximately 13 percent of the population preferred to keep their money in cash and merely 4.5 percent invested their savings in other industries, such as art or jewelry. With a share of roughly 61 percent of respondents, saving money for a rainy day topped the list of leading factors that motivated Spaniards to put money aside. Half of the Spaniards stated to have been saving for their travel expenses, while some 40 percent also confirmed they intended to save for retirement. In contrast, only 12 percent of Spaniards were saving so they could afford a smartphone.