A recent study by AXA Partners has shed light on the family economic situation in Spain, highlighting the increasing reliance on credit and other financing instruments. Titled “The reality of the family economy in Spain. Evolution of the use of credit and other financing instruments,” the report reveals that 30% of families consider access to credit essential to maintain an acceptable standard of living and plan for their future.
The analysis, which combines expert insights with surveys of the population, indicates that a concerning 52.3% of respondents foresee facing significant expenses in 2025 that will represent at least a month’s worth of family income. However, 36.4% have not yet defined how they will address these unexpected costs. Among those who have outlined a financial plan, the most common options are installment purchases and credit cards with deferred payment. In 2024, nearly 29% of citizens applied for some form of credit, mainly to deal with mortgages or cover unforeseen expenses. Despite this, over 55% of families admit to facing difficulties in accessing financing.
Ernesto López, director of Credit Lifestyle & Protection at AXA Partners, highlights that the current economic situation, marked by inflation and the complexity of accessing housing, has reshaped the use of credit. Increasingly, credit is being used for immediate needs rather than improving quality of life. In this landscape, 30% of households consider credit essential for managing ordinary expenses and settling debts, thereby facilitating a more stable financial planning.
The study also reveals divergences in financial behavior according to age groups. Young people aged 18 to 24 tend to rely more on family or friends for financial support, prioritizing the speed of the application process over economic conditions. This group shows particular optimism regarding the future economic situation, with 42.5% believing it will improve, a figure that contrasts with the 27.5% of the general population.
Furthermore, the report highlights an increase in the contracting of payment protection insurance, although 56.5% of respondents are unaware of its existence. Around 19.5% have purchased some form of this insurance, mainly linked to mortgages or personal loans. López emphasizes the importance of promoting financial education so that families better understand the available alternatives and the true value of these products.
In terms of economic self-perception, 44% of Spaniards evaluate their current situation positively, although there are evident inequalities according to income level. While only 22.4% of households with less than 2,000 euros per month have a favorable view, over 80% of those earning more than 3,000 euros per month share this perception.
On the other hand, 43.2% of respondents claim that their saving capacity has remained stable in the past year, compared to 37.6% who believe it has deteriorated. One-quarter of the population did not manage to save in 2024, and the average savings rate is below 25% of income. Although 61.7% admit to lacking solid financial knowledge, the analysis suggests that there are greater skills in this area among men and those with higher incomes. Finally, unemployment and health issues are identified as the main threats to the economic stability of families in Spain.
via: MiMub in Spanish