The savings rate of Spanish households will be reduced to 13% in 2025, just over half a point below the data recorded in 2024, the year in which it increased driven by the rise in types of the European Central Bank (ECB), uncertainty and heterogeneity due to sections of age and rental percentiles.
This exercise, however, monetary policy follows the opposite trend, so “It makes sense to see a decrease in the savings rate”, As explained by the senior economist in the Macroeconomics Unit of the Department of Studies of Caixabank Javier García Arenas, in his article ‘Increased saving of Spanish households in 2024’.
The savings rate last year stood at 13.6%, up to 139.9 billion euros of grosswhich amounted to more than 7,000 euros of savings per family. That 13.6% stood above the historical average of 8.6% registered between 2000 and 2019, and that this 2025 will also be exceeded, according to the provisions of the analysis.
The Spaniard’s ability to save in 2024 was also “favored by the strong advance of the available income”. In last year, the gross income of Spanish families presented a nominal growth of 8.7%, a “dynamic advance”, but less than 10.7% of 2023, as García Arenas said.
The evolution of the available gross income was also due to “A notable advance of the remuneration of employees”with 7.7%, as a consequence of the “intense job creation in 2024”. This caused the number of employees to also grow by 2.8% and the Remuneration per worker 4.7%.
Also, Caixabank’s senior economist alluded to Increase in perceived social benefits5.9% year -on -year, due to the largest number of retirees and the revaluation of pensions. They also contributed to the dynamism of the gross income available the income of the self -employed and the net income of the property, “thanks to the increase in the collection of dividends and other investment income in a high interest rates environment.”
“All this has more than compensated to increase the negative contribution of direct taxes and paid social contributions, “said García Arenas.
In this way, the increase in the available gross income of 2024 was also “much higher” to the final consumption spending of families, with a progress of 7.1% in the same period.
For this 2025, the Caixabank economist estimated a gross income growth above 5%, a rhythm that remains “Dynamic thanks to the strength that the labor market is exhibiting” and to the increase in pension spending that is also expected for this exercise.
With regard to household spending, the expected advance rhythm is close at 6%, somewhat lower than 2024 in nominal terms for the lowest inflation.
García Arenas also observed that, in the fourth quarter of 2024, for the first time since that same period of 2022, the growth of the available gross income was less than the final consumption spending.
“It indicates that, probably, in 2025 the savings rate will descend”he warned. In addition, he pointed out that it is important that the uncertainty that has once again settled in the markets and in society “will moderate again” in order to consolidate the dynamics of previous years.
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