Confidence in pensions has continued to fall, according to the ESADE - "la Caixa" Social Confidence Index
The Social Confidence Index, which measures the Spanish population's degree of confidence in nine indicators, has recovered slightly since last year to reach 82.6 points out of 200
The indicator with the largest decrease is pensions, now at just 57.4 points out of 200, its second-worst score in the past three years
Suspicion of the pension system is on the rise, according to the latest edition of the ESADE - "la Caixa" Social Confidence Index, which currently stands at 82.6 points out of 200. Meanwhile, Spaniards' confidence has risen in seven of the nine indicators that make up the Index: political institutions, economic and business institutions, education, housing, social benefits, the media and the job market. The current score indicates a slight recovery in confidence, which had fallen steadily since September 2015. The only indicator that has continued to fall since that date is the pension system, which stands at 54.7 points out of 200, its second-worst score in the past three years.
According to Francisco Longo, Associate Director General of ESADE, one of the main causes of distrust in the pension system is the fact that "although this issue is widely discussed, the debate focuses on the crisis in the system and not on possible solutions". He added: "We need a shift in our mindset, but not in the direction of fear. We need a more constructive outlook. We must build social consensus on a new framework that will address the problem once and for all."
Confidence in the job market continues to rise
Despite the slight increase in most components of the Index, the only indicators to exceed the 100-point confidence threshold are the job market (112.8) and the media (108.6). Those indicators are followed closely -although below 100 points- by housing and education (both 94.8) and healthcare (84.2). Further down the list are economic and business institutions (70.2), social benefits (68.6), pensions (57.4) and political institutions (52.7), the latter having recovered somewhat from its score of 38.3 just six months ago.
Confidence in political institutions has risen by +14.4 points since the last edition of the ESADE - "la Caixa" Social Confidence Index, published in September 2016, perhaps due to the formation of a government after a year-long political deadlock. The other indicators that saw the largest increases in confidence are the job market (+7.6), the media (+5.2), and economic and business institutions (+4.5). The smallest increases were recorded for education (+3.1) and (+1.3).
The study also measures respondents' projected confidence for September 2017. From this perspective, the general confidence index increases to 84.1 points thanks to expectations for the job market and the media, which are expected to increase to 119.5 and 115.4 points out of 200, respectively. The decrease in confidence in pensions and housing is expected to continue (54.7 and 86.4 points, respectively). Confidence in healthcare, however, is expected to recover slightly over the next six months, to 86 points.