The fickle saver enjoys the present. The celebrated and persecuted topic of Carpe Diem —literally seize the day— fits this profile perfectly: live in the moment without thinking excessively about the future. And that’s how you also manage your capital. Their way of saving, consequently, is irregular and inconsistent. He only takes it seriously, says Laura Núñez-Letamendia, professor of Finance at IE University and director of the Family Savings Observatory, when she is pressed by necessity in the event of some unforeseen event. “Despite the lack of control, if you find yourself in a bind, you are able to set aside some money,” she points out.
This type of saver tends to consume guided by their emotions, says Paco Lorente, expert in consumer behavior and professor at ESIC Business School. “It has an irrational point,” he details. Every time he goes shopping at the supermarket, for example, Lorente continues, he does not keep a list with everything he needs for the week. He visits him every day and takes what he senses will be useful to him. “He decides at a moment very close to consumption, he does not spend time comparing and reflecting,” he highlights. He is prone to thinking in the short term and solving immediate needs. As a result, he spends compulsively and unplanned, which leads him to continually adjust his finances. Therefore, he sometimes saves and other times he doesn’t.
The fickle saver Who is it?
- It makes up the group with the highest proportion of men.
- He 43%of the members of this group have no intention of investing their savings
41% hold an employee position
30% have a higher degree
43% obtain income greater than 27,000 euros
54% have less than 25,000 euros saved
53% have less than 25,000 euros saved
The profile of the fickle saver is more easily found in the 40 and 50 age group and, above all, in men, according to the report From saver to investorprepared by the consulting firm The Cocktail Analysis in 2022. These are mainly people belonging to generation adulthood, such as taking out a mortgage, and have achieved a certain economic stability.
In this segment—more than in previous generations—there are couples who do not have children. A group that is known in English, explains Lorente, as dinkies (contraction of English words double-income, no kids, which translates to double income and no kids). These types of couples do not have to face the expenses that come with forming a traditional family, so they can relax their planning a little more.
The fickle saver
He who does not want to be distracted by finances
This way of acting is also very present among the youngest, precisely because they are at a time when they have not yet developed a solid financial education. Furthermore, it is common for them to not have a stable income. Núñez-Letamendia highlights that, despite the link with personality, we change our way of saving throughout life, since we do not always have the same needs, nor do we face the same challenges. And, much less do we have the same income.
Investment as a formula to grow your savings
The fickle-leaning saver can grow his savings through investing. Its fickle nature, however, represents a barrier when it comes to launching into it. 43% of individuals in this group have no intention of investing their savings. Just as it is difficult for him to plan, he does not know very well how to get started in investing. He lacks, Lorente indicates, financial education.
A third of those who identify with this profile prefer to keep the savings they have accumulated in deposits to have a cushion and 20% are afraid of losing their money, according to the report. In their imagination, the cited report stands out, links it to high commissions or that it is an activity that only the upper classes can access.
PODCAST What would happen if you unexpectedly received an inheritance of 150,000 euros from a stranger?
A sound fiction produced by Podium Podcast for Banco Sabadell that invites us to reflect on the curious relationship we have with money and how it conditions our future projection
How the fickle saver can get started in investing
When these types of people think about investing, they mention fixed term deposits, the most common product offered by banking entities, according to the cited report. In this investment vehicle, the holder delivers an amount to the entity during a specific period in exchange for remuneration at a previously determined fixed interest rate. The owner knows in advance the profitability that he is going to obtain, so there are no surprises, but it is much lower than that of other products that involve more risk.
The investment funds They are also in the imagination of the fickle. This type of investment product, experts highlight, adapts well to the needs of this profile. An investment fund allows the capital of the contributions of its participants to be allocated in different assets that can range from promissory notes, treasury bills, government bonds or bonds issued by companies to shares, explains Antonio Saiz, director of the Bank’s Savings and Investment Offer. Sabadell. “The funds have the advantage of being managed by experts who invest the money in the best opportunities that the markets offer according to the limits set in each fund,” he explains.
The funds have different investment alternatives differentiated, among other aspects, by the risk they entail: there are more conservative ones -fixed income, such as those that invest in public debt-, or those that imply a higher risk -variable income, which They invest in shares of listed companies. There are also mixed ones, which invest part in fixed income and part in variable income, called multi-asset. “Investment funds are supervised, in addition, every day, the client will know how much their investment is worth and will be able to withdraw the capital when they decide,” highlights this expert. However, it is essential to respect the recommended time horizons, taking into account that the longer you hold it, the greater the probability of obtaining attractive returns.
Systematize savings: a tailor-made solution for the fickle
There is a savings instrument that fits perfectly with this profile. One that could help you systematize the way you save money each month, explains Saiz, who points out that more than an investment vehicle, it is a type of current account, which at Banco Sabadell is called Savings Sabadell.
These types of accounts can offer several options for saving. For example, the owner authorizes the bank to withdraw a certain amount at the beginning of each month in order to save it. The entity itself advises the client based on their financial history and income level to determine the sum that is most appropriate and realistic to achieve their objectives.
In the second option, the rounding mechanism is activated, so that every time the cardholder makes a purchase with a card, the amount will be increased to the next euro, so that those cents will be saved. Finally, this type of account offers the option of saving only on rainy days, since, it is assumed, that is when you go out the least and, consequently, spend the least. Once the amount and the city that will serve as a reference have been established, each day with rainfall the agreed sum will be taken and transferred to the savings account.
Welcome to ‘Savers Corner’
40% of Spaniards assure that they manage to save. But not everyone does it the same way. Saving is also an intimate act that is linked to the emotions and personality of each individual. Thus, there are those who, due to their personality, are unable to keep their finances in order and, therefore, have difficulty saving capital; or who, on the contrary, is so disciplined that he manages to reserve the desired amount for his piggy bank, despite the ups and downs of life.
With these factors and with the help of experts, we identify patterns in the way of saving that draw archetypal profiles. In the Saver’s Corner we present the four most common and their relationship with investment.
The iron man who manages to save money with martial discipline, but is suspicious of investment products; the timid one, who barely raises capital, despite his efforts and fears losing everything if he invests it; the fickle one, incapable of maintaining orderly finances, and the optimistic one, who saves without much effort and is eager to set out to conquer the markets, but wants to do so with good advice.