Monthly Savings Lag as Rent Takes 70% of Incomes
In 2025, Catalans spent an average of 70% of their monthly income on rent, far exceeding the 30% recommended by financial experts and indicating a severe housing emergency, according to María Matos, director of studies at Fotocasa. This level of expenditure severely limits the ability to save, with only 70% of Catalans managing to set aside money each month despite 96% acknowledging its importance. The average monthly saving among those who can is €292, though the median, the midpoint value, is significantly lower at €150. Data from Mapfre Vida’s first dedicated study on savings behaviour in Catalonia reveals that emergency funds are the top priority for savers, with 24% allocating money to this purpose, slightly ahead of housing purchases at 22%.
Low Financial Literacy Hinders Savings
Financial education is the key determinant of whether people save, according to José Manuel Corral, CEO of Mapfre Vida. Only 53.8% of those without financial knowledge manage to save, compared to 81% among those with high financial literacy. Spain’s financial literacy rate stands between 10% and 15%, well below the European average of 18% and far behind countries like the Netherlands (43%) and Denmark (40%), based on the European Commission’s 2023 Eurobarometer data cited by Mapfre Vida. Most Catalans, 79%, keep savings in current accounts, while only 21% use investment funds. A significant 17% store cash at home, and just 15% have pension plans. The study also found that 11% of respondents do not recognise basic investment products such as treasury bills or mutual funds.
When short-term survival dominates due to economic hardship, we must depoliticise the debate. Otherwise, we will never progress.
Employer-Led Savings Schemes Rare
Only 6% of Catalan workers benefit from employer-sponsored savings plans, despite 61% reporting their companies have no such system and 25.5% being unaware if one exists. This contrasts sharply with northern European nations: in Denmark and the Netherlands, over 90% of workers have access to private retirement savings, while the EU average is between 50% and 60%. Oriol Amat, economist, noted that only around half of Catalan companies are profitable enough to offer such benefits. He also highlighted a cultural tendency to live day-to-day, with less emphasis on risk prevention compared to other European countries.
Pension System Under Pressure
Spain’s gross pension replacement rate, the percentage of pre-retirement salary received in pension, is 80.4%, significantly higher than the EU average of 57% and much higher than the UK’s 28.4%. While this reflects a generous public system, Corral warned it is financially unsustainable, with pension spending amounting to 12.9% of GDP. He likened the situation to a company facing a liquidity crisis. Mapfre Vida’s data projects that the number of dependent individuals in Spain will rise from 1.6 million in 2026 to 3 million by 2050, increasing pressure on the system. Amat suggested that high pensions may lose purchasing power over time, making private savings essential.
Saving Varies by Gender and Region
Men in Catalonia save slightly more than women: 74% of men save compared to 72% of women. On average, men save €318 per month versus €276 for women. By province, Barcelona has the highest saving rate at 72.3%, followed by Lleida (71.4%), Girona (68.6%) and Tarragona (64.3%). Urban areas report a 76% saving rate, compared to 65% in rural regions. The Spanish insurance sector, through UNESPA, is promoting initiatives to encourage long-term savings and address longevity challenges, with Corral stressing the need for stronger public-private collaboration.
Reported by s36360.pcdn.co, viaempresa.cat.
