The wealth of families rises 20% in a year and exceeds the level before the crisis

  • The figure, which represents the difference between savings and loans, stood at 995,993 million euros in September, according to the Bank of Spain.
  • The increase in wealth is explained because savings grow at the expense of consumption and because fewer loans are requested and granted.
  • The 20 richest Spaniards equal the incomes of the poorest nine million, according to the NGO Oxfam.
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Euro notes, in a file image. GTRES

The net financial wealth of Spanish families -difference between savings and loans granted- stood at 995,993 million euros in September 2013, 20.8% more than a year earlier. In this way it exceeds the level prior to the crisis, which was in 2007, but still does not reach the trillion euros of 2006.

According to the data published this Monday by the Bank of Spain , compared to the immediately previous quarter, Spanish families have seen their financial wealth grow 8.1%, considerably more than the 1.20% that grew in the second quarter.

In this way, the data links five consecutive quarters to the upside , after a brief negative streak that was recorded during the first two quarters of 2012.

The increase is explained because savings grow at the expense of consumption and because fewer loans are requested and granted . According to data from the National Institute of Statistics (INE) also referred to the second quarter of last year, family savings rose by one point because of a decline in final consumption. Regarding loans, only in the case of mortgages the INE notes that those constituted in September 2013 were almost 31% less than in the same month of 2012.

More cash and investments

The financial assets of Spanish households – cash in cash, stocks, deposits and rental securities – reached 1,856 billion euros in September, compared to 1,732 billion euros a year earlier and also higher than the 1,799 billion euros recorded at the end of June. .

In deposits and cash , families hoarded up to September 872.804 million, 35.230 million more than in the same month of 2012 and 6.327 million less than at the end of the previous quarter.

Investment in shares and other equity increased 22.8% year-on-year and reached 619,069 million.

Decrease credits

As for the financial liabilities of the families-short and long-term loans and other outstanding accounts, such as commercial loans and advances-were reduced again for the fifth consecutive quarter and stood at 860,536 million euros.

Compared to the records of September 2012, financial liabilities were reduced by 48,223 million euros , since then they amounted to 908,759 million.

Consumption has fallen back with deferred payment The data show a fall both interannual and quarterly short-term loans , which stood at 28.520 million compared to 30.641 million had been granted a year earlier and 36.473 million the previous quarter.

This means that consumption has fallen back with deferred payment , since these credits are usually used to purchase goods such as televisions or automobiles.

Long-term loans also fell in the third quarter, although in this case, they had already been falling for several quarters, specifically since December 2011, as a result of lower funding requests due to the crisis and also due to the greater hardness of the conditions imposed by the banking to lend.

Specifically, at the end of September, families residing in Spain accumulated 771,006 million in long-term loans , compared to 780,563 million in the previous quarter and 813,120 million in a year earlier.

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