52% of people save conservatively, almost four in ten save moderately and 9% are dynamic. Inflation has had a decisive impact on the ability to save, and above all we save to cover unforeseen events.
The majority of savers in the Basque Country have a conservative profile (52%), five points more than in 2021, almost four in ten are moderate and 9% are dynamic, almost double that of two years ago, according to the conclusions of the VIII Savings Barometer of the Inverco Observatory for the Basque Country, carried out by the Front Query company.
By generation, the percentage of savers with a conservative profile is more than 50% in all age groups, except among the youngest Centennials, which is 36%.
The research confirms that the context of inflation has been a prerequisite for the savings capacity of the majority of Basque savers. In concrete terms, more than half (53%) have a lower savings capacity due to the increase in prices, while 14% were forced to change the composition of your investment portfolio. In the case of the Silent Generation, the percentage of savers who have seen their saving capacity decrease is almost 60%.
In this scenario, the rise in interest rates has had a negative impact on 28% of Basque savers, due to some increase in the repayments of their loans (mainly mortgages), a figure that rises to 50% in the case of Generation X.
On the contrary: 12% have been positively influenced by the improvement of the rewards of the products they invest in (up to 36% in the case of Centennials)
What and how do we save?
Covering unforeseen events is the first reason for saving among Basque savers (36%), ahead of increasing capital without a specific purpose (30%). 21% of Euskadi savers prioritize saving for their pension, two points more than in 2021.
The main products through which the Basques channel their savings are, in this order, deposits (87%), pension plans/EPSV (72%) and investment funds (48%), nine points more than two years ago.
61% of Centennials save through investment funds, 45% in the case of Millennials. Generation
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
