The Extra Pay, that additional income so long awaited by all workers, is for many a valuable economic aid, a reserve to cover unexpected expenses, make the long-awaited vacations a reality or ensure a more stable future through savings. Therefore, this payment is often seen as a financial relief that helps maintain economic stability and catch up with financial obligations for many families. However, in the last year, inflation and the increase in the cost of living have diminished the purchasing power and savings potential of Spaniards.
Essential goods have reached stratospheric prices: housing has risen a lot, the price of food is through the roof, and basic services have experienced an increase in recent years. This causes workers to have much less room to allocate a part of their Extra Pay to savings, since a large part of their income will be used to cover daily expenses.
Raisin, the European savings platform, has carried out a survey with the aim of revealing what Spanish citizens invest their Extra Pay in and assessing the impact of rising inflation and the increase in the cost of living.
The results show that only 1 in 4 Spanish adults intend to allocate their Extra Pay to savings, and half of those surveyed admit that they will save less than last year.
Among those over 55 years of age, this situation is much more serious because 20% of them have expressed their intention not to allocate any of their Extra Pay to savings.
As expected, vacations continue to be the most popular expense among Spaniards. Almost 50% indicated that they will use their extra pay mainly for vacations this summer. However, this data varies by community. Despite this, more than 50% of Spanish adults agree that inflation has reduced their budget for vacations.
In summary, the expected Extra Pay in Spain has lost part of its potential as a savings tool due to rising inflation and the increase in the cost of living. Although it has traditionally been seen as an opportunity to cover unforeseen expenses, enjoy a well-deserved vacation or secure a stable financial future, the results of the survey carried out by Raisin reveal a worrying reality.
In this sense, it is important to take advantage of these opportunities to maximize the growth potential of our savings and offset the impact of inflation through platforms such as Raisin. Seeking investments that allow us to preserve or even increase the value of our savings becomes essential. Fortunately, large sums of money are not required, since there are accessible financial products that allow you to invest small amounts.
