Household debts and savings, how are we doing?
Published on Tuesday, October 25, 2022 | Rectified on Wednesday, November 2, 2022 | Updated on Wednesday, November 2, 2022
Household debts and savings, how are we doing?
Summary
If we assume a path of increases in official interest rates to 2%, the financial burden of household loans could increase by about 12.5 billion euros in interest over the next 3 years, equivalent to 1.5% of the Gross Disposable Income of households.
Key points
- Key points:
- Spanish households began a process of deleveraging with the great financial crisis of 2008, when financial liabilities reached 965 billion euros, compared to 761 billion euros in 2021.
- On the other hand, financial assets have not stopped growing from 2008 to 2021 when they went from 1,745 billion euros (157% of GDP) to 2,683 billion euros (223% of GDP).
- As a consequence of the above, the net financial position of households is almost 2,000 billion euros (159% of GDP) and has improved by almost 2.5 times since 2008.
- At the current juncture, with inflation and interest rates rising, households are faced with contained income expectations, a considerable increase in their expenses, and an increase in the financial burden of their debts.
- If we assume a path of increases in official interest rates to 2%, the financial burden of household loans could increase by about 12.5 billion euros in interest over the next 3 years, equivalent to 1.5% of the Gross Disposable Income of households.
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- Geography Tags
- Spain
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- Topic Tags
- Banks
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History of rectifications
Wednesday, November 2, 2022
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