Some people think that saving is something for the rich; that, however, would mean that the USA is a country that is literally full of millionaires. In our country, 8.2 million people save through insurance, to which must be added the 7.5 million who have opened a pension plan. Is this enough savings?
As to establish a sufficiency or insufficiency it is always necessary to compare with something, we have proposed to see what our neighbors are doing, that is to say, other Europeans. Do we save more or less than them?
The first answer we can give you is the Galician one: the truth is, we save more than some Europeans, and less than others. The problem is that, in general, those Europeans who save more than us are those Europeans whom we, for the most part, want to resemble.
Denmark, Switzerland and, Netherlands, at the head of savings
Think about this: the flow of savings that Swiss households make, or that someone (usually, their employer) accumulates in their favor, is equivalent to 19% of all the income of that household or family. The Swiss, who leads the European ranking in this, save practically one out of every five euros they earn. But, that 19%, with what does it compare in Spain? Well, with 2%, which is our own ratio. So we strive to save nine times less than they do.
The Swiss top the European savings ranking: they save 1 out of every 5 euros they earn
On the European podium, together with Switzerland, we find the Netherlands, a silver medalist with a ratio of 16%; In other words, Dutch families stop spending in the present, in order to be able to spend it in the future, 16% of their income. The bronze medal goes to Denmark, with 11%. Olympic diplomas are for countries like the United Kingdom (11%), Sweden (9%), or Norway (7%). You must remember that all these percentages are compared to 2% in Spain.
European families save 2% of their income for retirement
It is evident that to reach some of these levels, things would have to turn around rather than change. For example, assuming that those who save are basically those who have income, that is, work, to emulate the Swiss, each employed person in Spain should save 6,400 euros a year on what they are already saving. A fortune, the truth, which would be 5,300 euros to emulate the Dutch, or 3,400 in the case of the Danes. But let's not kidnap each other. The differential with Germany is 953 euros per employed person and year, and that is 79 euros per month, two and a half euros a day. We are therefore two and a half euros from being German and, better still, 85 cents from being French. Equating us with France, then, would not cost us even a daily coffee. Everything is putting on.
If you want to start saving and you don't know-how, you could stop by our section Save a Lots of Life where, with four simple questions, we will guide you on which savings insurance is best suited to your needs.
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