In the midst of a debate between young and old, in which the pensions of our retirees confront the low salaries of younger workers, a voice like that of Gonzalo Bernardos is well received, due to its relevance when talking about economic issues in Spain such as housing, investments or pensions. That is why the economist has not hesitated to issue a warning to those young people and families who complain about difficult access to housing or low salaries but who cannot stand when it comes to booking a vacation and meeting the expectations that social networks often create for them.
In a recent intervention in the program ‘Más Vale Tarde’, Bernardos made his position clear about those who live beyond their means and go to the point of asking for loans to pay for an unforgettable trip or a luxury car that they do not need: “I would recommend that you go without vacations because a loan is essential, since you have an economic hole that you cannot cover in any other way,” the economist bluntly expressed.
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The idea is clear: borrowing money to go on vacation is not a good idea. In the opinion of Gonzalo Bernardos, such indebtedness is a symptom of a deeper structural problem: living beyond one’s means. And many other economists have already spoken about the problem of the lack of financial education that people in Spain have.
Today’s consumer culture turns whims into “basic needs”
For the economics professor, loans of any type should only be used for true emergencies: a car breakdown that leaves you stranded, the breakdown of an essential appliance, a medical emergency or an unexpected expense that cannot wait. Going to the beach for a week or crossing the Atlantic to disconnect is certainly not on that list. The economist considers it an increasingly frequent error, fueled by a consumer culture that turns whims into “basic needs.”
Although for Bernardos the problem is not only occasional cravings, but turning those small pleasures into habits, to the point of putting the economic stability of families at risk. “We all know people who make a good living, but who don’t make ends meet. Why? Because it is ‘essential’ for them to go to high school. It is ‘essential’ for them to eat every Sunday in a good restaurant. It is ‘essential’ for them to take a trip abroad… But I’m not talking about a European capital, but about another continent, every semester,” he explained. When the pace of life does not match the level of income, balance is completely lost.
If you want to spend more, work more
Instead of accepting that difference realistically, many opt for the fast (and expensive) route of the loan. But that immediate solution is usually a trap in the medium and long term. Bernardos sums it up with a phrase as simple as it is true: “If you want to spend more than you earn, you have no choice but to work more. If not, what you have to do is spend less.” The key, he says, is to understand that you cannot have everything at the same time, and that knowing how to prioritize is also part of good financial health.
This message makes even more sense in an economic context full of uncertainty. Although macroeconomic data improves, many families continue to feel the pressure of daily rising prices. Housing, energy or even basic products such as olive oil (which Bernardos himself has commented on different occasions) continue to drive up expenses. Adding a vacation loan into that scenario can be just the thing to make the accounts overflow.
Young people in the 80s and 90s lived a “war economy”
To show how habits have changed, the economist recalled memory. He remembered the 80s and 90s, when many Spanish families lived just enough and summers were anything but luxurious. “We young people of the 80s and 90s are perfectly aware that in many of our families there was a war economy,” he noted. At that time, vacations consisted of returning to town, spending time with your loved ones and, above all, spending little. “We didn’t know the restaurants and the vacations. We only knew the town, and the family, instead of spending more, spent less, because the prices were also lower.”
Today, however, the environment pushes in just the opposite direction: spending more to appear more, even if that means going into debt. But Bernardos makes it clear: that dynamic does not hold. Neither financially nor emotionally. Living with the anguish of paying debts just to maintain an image is not freedom, it is financial slavery.