8.6 C
New York
Thursday, May 23, 2024
Home Uncategorized N26 study shows Spain has the highest savings ratio in Europe

N26 study shows Spain has the highest savings ratio in Europe

N26 has recently 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.

Read also: The UK Startup Atoa Payments has raised $2.2 million in a pre-seed funding round

This analysis shows 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 also 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.

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.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.