Spaniards stop saving as daily struggle grows

Nearly half of all Spaniards are just managing to get by financially while 25 percent are struggling to survive from one pay cheque to the next, key research released on Monday shows.

Spaniards stop saving as daily struggle grows
Nearly two thirds of all Spaniards think Spain's economic situtation will get worse in the next six months. Photo: lablascovegmenu/Flickr

A total of 46.1 percent of Spaniards are just getting by, the latest Consumer Confidence Index by the social research group CIS reveals.

The researchers also found that just 2.1 percent of Spaniards think they are saving "enough money" each month, while just over a quarter of people interviewed said they were saving "a little bit of money".

A further 16.1 percent, meanwhile, said they were only getting by because they were drawing on pre-existing savings.

Just over half of the 1,4000 people interviewed said their household economic situation had deteriorated in the past six months, while only 4.9 percent of people stated this had seen improvement.

The CIS survey also showed that people are not confident about the coming six months, with 59.5 percent of respondents saying that the state of the economy will only get worse in that time.

At the other end of the scale, less than one in five people, or 17.8 percent, believe the economy is on the up. 

In terms of unemployment, 13.9 percent of people said they personally knew someone was out of a job, while 7.1 percent said they knew ten or more people collecting benefits.

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