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Spain has the highest savings ratio in Europe, despite the inflation, points out N26 study

Bianca Damiano
Written by Bianca Damiano

Online bank N26 analyzed the data of over 380,000 consumers in the main five European markets (Spain, Germany, Austria, France, and Italy), with the aim of discovering the saving and spending trends in 2022.

The analysis revealed that Spaniards have the highest savings ratio overall during the period covered (January to August 2022). Something perhaps striking considering the escalation of prices that Spain has suffered, up to the point of leading the rankings of inflation amongst the European economies. However, the average savings rate for Spaniards was the highest (6.6%), followed by Germany (5.1%), then Italy (1.49%), and France (0.1%). Barcelona is the Spanish city with the highest savings rate (6.89%), followed by Madrid (6.21%) and Seville (3.57%).

Spanish users increased their percentage of savings in relation to their average income by 57.2% since March. The average income in Spain grew by 7.2% during these months, compared to 4.6% in January and February. This resulted in an 80.2% growth in the average amount saved in euros, the highest of all the countries analyzed by N26. This points to a protective instinct, triggered by the current economic, political, and social circumstances, characterized by uncertainty.

When, How, and Who saves (and spends) the most?

The months with the greatest savings globally are, in order of importance, March and February. This coincides with the studies developed in previous years, despite the changes in the macroeconomic sphere; the worst months for saving are May and August. Following the trend of the rest of the European markets, March was also the best month for Spanish users, since they managed to set aside up to 11.1% of their income for their piggy banks.

An analysis of the data based on gender highlights the fact that, despite men having a considerably higher average income than women (up to 39.0% higher), female users systematically save more: 5.9% on average monthly, compared to 3.7% in the case of men. Women save more in every aspect, averaging €112.2 per month, compared to €95.2 saved by men.

Over the period analyzed, men increased their spending on leisure and entertainment by 8%. On the other hand, women surpassed that increase significantly, reaching up to 16.7% on average from March onwards, in comparison to data from January and February.

N26’ analysis reveals that Spaniards spent less on bars and restaurants than any other country in the comparative data set. Their rise in spending in this category was 9.3% in relation to their income, whereas the Germans and Austrians are in the lead, with 31.9% and 26.5% respectively. Overall, hospitality is the category in which Spaniards spent the most, followed by shopping, vacations and trips, and food.

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Bianca Damiano

Bianca Damiano