Two contrasting realities coexist in Spain: an increase in families that cannot cover their basic expenses -1.7 million- with those that, despite inflation, continue to reduce their debts and save. According to the financial accounts of the Bank of Spain, the net financial wealth -the difference between financial assets and debts- of households and non-profit institutions stood at two trillion euros in March 2023, which represents an increase 2.9% compared to a year ago.
To achieve this, families continued to moderate their debt, to 51.1% of GDP, five points less than in the same period in 2022. However, their net financial assets were equivalent to 147% of GDP at the end of the first quarter, ratio which was 9.9 points lower than that of a year earlier, which is attributed to the increase experienced by this macromagnitude during the period.
The total balance of financial assets of households and non-profit institutions was 2.75 trillion, 1.7% more than in March 2022, which are distributed in cash and deposits (38%), shares in capital (31%), investment funds (15%) and insurance and pension funds (12%).
For its part, the consolidated debt of companies and households and ISFLSH reached 1.648 trillion euros in the first quarter of the year, 1.7% less compared to the same period of the previous year. However, household indebtedness is still 2.3% above pre-pandemic levels.
Regarding the debt of non-financial corporations, this was reduced by 19,600 million, to 952,700 million. While that of homes did so at 8,900 million, up to 694,900 million.
