More than half of Spaniards (51%) say they are not saving for retirement, compared to 39% of Europeans, according to the III Pan-European Pension Survey 2023 by Insurance Europe, the European federation of insurance associations. and includes the Spanish employers’ association of the Unespa sector. The survey, which was carried out during the months of June, July and August among more than 15,000 citizens from 15 European countries, indicates that Spain has the second highest rate in Europe of people who do not save for retirement, only behind Finland. , according to Europa Press.
According to the responses to this survey, 57% of Spaniards between 18 and 35 years old do not save for their retirement, a percentage that falls to 49% for Spaniards between 36 and 50 years old. From the age of 51, the rate of citizens who do not prepare for their retirement is 47%. On the other hand, Unespa highlights that in the rest of the European countries “people have a greater and more homogeneous propensity to save among the different age cohorts.”
Among Spaniards who save, 26% say they do so through an individual pension product, two points less than the European average; another 13% through an employment plan within their company (this percentage is 32% among Europeans); and 11% through other investment products, in this case, in line with European citizens, excluding deposits and investment funds.
The new edition of the survey includes a question about the impact of the current economic scenario, marked by inflation and the cost of living, on savers’ plans. In Europe as a whole, 47% of citizens maintain that they continue saving as before. On the other hand, in Spain this rate is 30% and is also the second lowest in Europe, only behind Portugal. Regarding the Spaniards who did recognize a change in their savings habits, the survey highlights that 29% postponed their action to save for retirement, 22% reduced their contributions, 6% increased them and 5% rescued their long-term savings plan.
Regarding the attitude towards savings, the survey reflects that more than half of Spaniards would like to start saving for their retirement, but the prediction that they will do so varies. 30% say they cannot afford it, 13% say they do not have enough information on how to do it and only 9% plan to start doing it soon. Meanwhile, 8% of those surveyed in Spain are not interested in saving through specific complementary social security products because they have other financial resources to rely on. The last 30% indicate that they are not interested in saving for other reasons.
The survey results shed light on savings preferences. 80% of Spaniards prefer the security that comes with the fact that, when their plan expires, they receive a sum similar to the amount contributed. For this reason, they choose to invest in products guaranteed to expire, while 20% choose to aspire to higher returns, assuming the risk of losing part of the invested capital. In this area, the attitude of the Spanish is very similar to that of other Europeans.
In any case, and despite the figures that point to lower savings in the case of Spanish citizens, Unespa recalls that the last time Insurance Europe carried out this survey, in 2021, the survey showed even worse savings figures in Spain. On the one hand, the percentage of Spaniards who do not save for retirement has decreased by six points, while, on the other, the proportion of respondents who plan to start doing so soon has increased by two points. The percentage of Spaniards who attribute their lack of savings to a lack of knowledge of the financial products that exist has also decreased by two points, which means that citizens are increasingly aware of the alternatives available to them to save for retirement.
Follow all the information Economy and Business in Facebook and xor in our weekly newsletter
The Five Day Agenda
The most important economic quotes of the day, with the keys and context to understand their scope.
RECEIVE IT IN YOUR EMAIL