{"id":13779,"date":"2025-10-09T17:53:16","date_gmt":"2025-10-09T15:53:16","guid":{"rendered":"http:\/\/webecpol.esade.edu\/?post_type=publicaciones&p=13779"},"modified":"2026-09-16T16:49:23","modified_gmt":"2026-09-16T14:49:23","slug":"the-evolution-of-spanish-household-wealth-why-saving-is-so-hard-for-younger-generations","status":"publish","type":"publicaciones","link":"http:\/\/webecpol.esade.edu\/en\/publications\/the-evolution-of-spanish-household-wealth-why-saving-is-so-hard-for-younger-generations\/","title":{"rendered":"The evolution of Spanish household wealth: why saving is so hard for younger generations"},"content":{"rendered":"

This study, part of the Savings Observatory we run with Fundaci\u00f3n Mutualidad de la Abogac\u00eda<\/a>, provides an in-depth analysis of how wealth accumulation has evolved over time and across household compositions by age group, also including some particularly relevant cross-cutting dimensions.<\/p>\n

First, we look at the evolution of wealth using the Survey of Household Finances (EFF). In line with other recent analyses, we find that:<\/p>\n

\u2192 The median gross wealth of households headed by people under 35 began to fall steadily in 2008, after rising by 50% between 2002 (the first year of the series) and 2008. By 2022 it was 75% below its level two decades earlier. For the 35 to 44 age group, it is 15% lower, having risen by almost 75% at its peak. In general, all households headed by people under 55 have less wealth today than they had 20 years ago.<\/p>\n

\u2192 The main component that could explain this fall is home ownership: barely a third of households headed by someone under 35 own a home, compared with 65% two decades earlier. For the next group (35-44), the fall is from almost 80% to just over 60%.<\/p>\n

In addition, using the Living Conditions Survey (ECV) we find that income has also evolved less favourably for young people: those under 30 have seen the smallest increases in average net annual income per person of all age groups. In fact, after discounting inflation of 33% over this period, the purchasing power of those under 30 has fallen since 2008 (the first year of the series), making it harder for them to save.<\/p>\n

This work takes the analysis further by using the Household Panel of the Institute for Fiscal Studies (which provides in-depth information from actual Tax Agency records for more than one million households and compares those same households at different points in time). This allows for unprecedented depth and a breakdown by wealth vehicle. It combines this with the Survey of Household Finances (EFF, which details the composition of wealth and allows its evolution to be observed over two decades) and the Living Conditions Survey (ECV, which allows year-by-year breakdowns by socioeconomic variables). As a result, this report is able to put data on problems that until now were only intuited or partially observed, with a more complete quantification.<\/p>\n

\u2192 The net wealth (assets minus debts) of a household whose main earner is between 18 and 40 is less than or around \u20ac5,000. From that point, net wealth grows at a rate of 2,000 per year until the early sixties, when it exceeds \u20ac70,000.<\/p>\n

\u2192 There are not only large wealth differences between cohorts of different ages, but also within each group of young people. If we focus on the 18 to 40 group, the top 25% by wealth starts to grow from the age of 20-21 until 40 (when the median exceeds \u20ac30,000). By contrast, for the 25% with the lowest net wealth the value is zero until around the age of 33, when negative wealth (debt exceeding assets) starts to build up. For households at the median, net wealth grows slowly and unevenly across the age distribution, always remaining below \u20ac5,000.<\/p>\n

Given this situation, and recognising that housing-related policies will be a necessary condition for improving the wealth trajectory of younger generations, we suggest complementary ideas that would in any case make their savings more resilient:<\/p>\n

\u2192 Consider voluntary savings accounts activated by default for new workers, in collaboration with employers; or for recipients of low-income social benefits, in coordination with those benefits.<\/p>\n

\u2192 Increase and strengthen financial education focused on providing useful tools so that younger generations can gain autonomy and the ability to make independent, informed decisions aligned with their long-term interests.<\/p>\n

The result of all this can be seen in the snapshot from the Household Panel using the first and last years available (2016\u20132022):<\/p>\n

\u2192 Despite lower ownership, non-financial assets (mainly real estate) account for about 80% of the total wealth of people under 41, with only around 20% in financial assets. This means that, for those young people who have managed to buy a home, most of their wealth is tied to housing; by contrast, for those who do not own property, wealth is limited to savings in accounts or other smaller assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

This study, part of the Savings Observatory we run with Fundaci\u00f3n Mutualidad de la Abogac\u00eda, provides an in-depth analysis of how wealth accumulation has evolved over time and across household compositions by age group, also including some particularly relevant cross-cutting dimensions. 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