"Do you remember a time in your city in Spain when bar and restaurant terraces were not packed with locals having fun (except for during the Covid-19 lockdown, of course)? No matter how tight finances are, Spaniards always seem to have the money for eating and drinking out. Some would say this carpe diem attitude is to be admired rather than sniffed at. After all, it goes hand in hand with the much-admired Spanish lifestyle - outdoors, in the company of others, enjoying the moment."
"But that doesn't mean that Spaniards don't worry about money. In a recent post on Linkedin, Armando Baquero, CEO of consumer-focused financial management platform Fintonic, stated that "80 percent of Spaniards live below the financial anxiety threshold." Just as headline grabbing are Baquero's claims that "60 percent of Spaniards with average or lower incomes make it to the end of the month with less than 50 in all their bank accounts." As the data table shows, usually the younger the person, the lower their salary and the higher their struggle to make ends meet."
Spanish social life remains focused on eating and drinking out, with packed terraces and a carpe diem approach despite financial strain. Financial anxiety affects a large share of the population, with claims that 80 percent live below a financial anxiety threshold and 60 percent with average or lower incomes finishing the month with less than 50 in all bank accounts. Younger people face lower salaries and greater difficulty making ends meet. Longstanding low household savings rates, high unemployment, reduced disposable income, elevated debt levels, and limited financial literacy contribute to the struggle to save.
Read at www.thelocal.es
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