2023-11-14 02:07:12
Madrid 11/14/2023 at 02:18 CET
One of the biggest problems faced by young people is long-term savings: only 24% believe they have the ability to do so
Less than half of young Spaniards (42%) consider that they can adequately cover their basic expenses (food, housing, transportation or energy) and barely 30% are able to face economic emergencies, while 40% face difficulties in saving in the short term.
These are some of the conclusions of the study “Mediterranean youth facing the challenges of the permanent crisis”, prepared by EsadeEcPol and Friedrich Naumann Foundation among young people aged 18 to 34 who, despite draw a “quite precarious” situation for young Spaniardsplaces them in an advantageous position compared to the rest of the Mediterranean countries in which the survey has been carried out (Italy, Portugal, Lebanon, Morocco, Tunisia and Jordan).
According to the study, the situation of Spanish youth It is even more complicated when it comes to long-term savings, since almost half of young Spaniards acknowledge that they do not have the capacity to save in this dimension, while only 24% do believe they have the capacity to do so.
The researchers emphasize that poor prospects for emancipation act as a determining factor in the negative state perceived by young people. In Spain, the majority become independent around the age of 28, although it is “worrying” that progress in emancipation is slow for older ages: at 30 years of age, more than 30% have not yet become independent and at 35 , 20% still live with their parents.
The lack of own income is a factor of high or very high importance for not becoming emancipated according to 66% of young Spaniards, but also the low saving capacity, and the study situation (relevant for 22.3%). However, personal or family choice only seems to be decisive in 15.9% of young people.
Among the factors, the study adds, obtaining a is especially significant because of the limitations both family and economic context, and highlights that renting is the most common form of housing in Spain (31%) and that of the minority that does own a home, almost 65% obtained it with the help of a family member.
Spain has the highest home purchase age in the countries analyzed: 25.3 years, compared to Lebanon, which has the lowest, 23.2.
The study highlights that The lack of savings capacity seems to link non-emancipation with the inability to purchase a homeespecially in European countries: around 6 out of 10 non-independent young people in Spain, Italy or Portugal give this factor a high or very high importance for remaining in the family residence.
Despite the current negative prospects revealed by the survey, the researchers emphasize that young Spaniards have “good prospects” within five years: 62% believe that their spending capacity will be good or very good and only 11% consider it unlikely or unlikely that they will be able to buy a home in the next decade.
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