Experts recommend diversifying products, but considering variable income products as a long-term investment
The Spanish stock market closed its best year in 2025, with figures that had not been seen since 1993, rising 49.3%. Of course, not all Spaniards still trust its success to invest their money. Only one in 10 exposes their assets to variable incomeaccording to data analyzed by Norz Patrimonia. When looking at other European countries, countries like Sweden (22%) or Finland (18.7%) have higher levels. And the difference grows when leaving the continent with a view to USAwhere 55% of Americans invest in the stock market, and even in Australia with 37% family savings on this product.
What is the reason for this difference? Experts indicate that it is not an income gap, but rather financial knowledge. “In Spain, the most common channel to invest was in real estate,” he explains. Ramon Alfonsoprofessor in the Finance Department at Esade, so until the 70s, the stock market was very “archaic and rigid unlike other countries”, mainly due to inflation and the lack of financial investment opportunity in this type of products. For this, real estate seemed safer and with higher returns. “There is a tradition in those that our grandparents and parents made that have been transmitted to the following generations,” says Alfonso.
Norz Patrimonia data indicate that in these countries where there is greater exposure to equities, this has been structurally integrated into retirement savings systems, supported by tax incentives, pension plans and a broad investment culture. Even, market access is easier and intermediation costs are low, which favors household participation.
In cases in which this type of investment is intended for the short term, Alfonso considers that the ups and downs can demotivate these families. However, “In five or 10 years, it ends up being a real investment”. These variations are due to “the noise” generated by the geopolitical context, such as Trump’s tariff war or the conflicts in Venezuela. The expert points out that in these cases it is important to recognize companies that are growing.
Expert advice
For those looking to start investing, constant saving goes hand in hand and is the first step to take as soon as possible. Once you have the amount, neither the stock market is bad nor real estate is the only stable thing. The safest thing is diversify according to the objectives. This is what Alfonso has assured: “One should have a liquid part to give security, but, for the long term – be it retirement or future savings – there must be financial investment.”
And this is where financial knowledge stands out. Education on these topics “is one of the pending tasks that remains in Spanish society,” says Alonso, and although it has been improving, it is still below other countries. For this reason, experts recommend spending time learning the characteristics of how the stock market works in a medium and long-term investment.