Household savings, income and finances in Spain: how did they fare in 2025 and what can we expect for 2026?

In 2025, GDI grew above the rate of average annual inflation (2.7%) and the growth in the number of households (1.3% according to the LFS), which allowed for a recovery in purchasing power. In this context, real household income has grown by 4.5% since before the pandemic, highlighting that households have continued to gain purchasing power in real terms.

The strong financial position of households is reflected not only in the high savings rate but also in their financial accounts. In this regard, households’ financial wealth continued to increase in 2025: their financial assets amounted to 3.4 trillion euros at the end of the year, versus 3.1 trillion at the end of 2024. This increase of 292 billion euros is broken down into a net acquisition of financial assets amounting to 95 billion, higher than the 21.5-billion average in the period 2015-2019, when interest rates were very low, and a revaluation effect of 194 billion. When breaking down the net acquisition of assets, we note that households invested 42 billion euros in equities and investment funds, just under 9.6 billion less than in deposits, while they disposed of debt securities worth 6 billion following the fall in interest rates.

On the other hand, households continued to deleverage in 2025, and by the end of the year their financial liabilities stood at 46.9% of GDP, compared to 47.8% in 2024, the lowest level since the end of 1998. This decline reflects the fact that, in 2025, households took advantage of the interest rate drop to prudently incur debt: net new borrowing amounted to 35 billion euros, representing an increase of 3.8%, which is lower than the nominal GDP growth of 5.8% and the GDI growth of 5.3%.

As a result of the increase in financial assets and the decrease in liabilities as a percentage of GDP, the net financial wealth of households recorded a notable increase of 7.3 points compared to 2024, reaching 156.8% of GDP.