IDEAS home Printed from https://ideas.repec.org/a/bde/journl/y2023i02n08.html
   My bibliography  Save this article

The accrual and use of the excess savings built up by Spanish households since the onset of the pandemic

Author

Listed:
  • Pana Alves

    (Banco de España)

  • Carmen Martínez-Carrascal

    (Banco de España)

Abstract

Rationale Households overall built up a large stock of excess savings during the pandemic. The use of these excess savings and the potential amount currently available for spending are relevant to understanding how they may support consumption over the coming quarters. Takeaways •To end-2022, households had barely used the excess savings accumulated during the pandemic for purchases of consumer goods and services. The bulk of these funds have been channelled towards financial investments, specifically deposits and investment funds. •A more modest proportion of these savings – albeit one that has been increasing since 2021 – has been used to purchase non-financial assets (in particular, property) and to repay home loans. •A large share of the excess savings accumulated during the health crisis is concentrated among higher-income households, to such an extent that households in the bottom income quintile barely increased their savings in this period.

Suggested Citation

  • Pana Alves & Carmen Martínez-Carrascal, 2023. "The accrual and use of the excess savings built up by Spanish households since the onset of the pandemic," Economic Bulletin, Banco de España, issue 2023/Q2.
    • Handle: RePEc:bde:journl:y:2023:i:02:n:08
    DOI: https://doi.org/10.53479/30229
    as

    Download full text from publisher

    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/23/T2/Files/be2302-art08e.pdf
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.53479/30229?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Saving; households; consumption; financial assets; housing; repayments; deposits; investment funds;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bde:journl:y:2023:i:02:n:08. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España (email available below). General contact details of provider: https://edirc.repec.org/data/bdegves.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.