Ramon Alfonso, partner at Norz Patrimonia, in La Razón:
Lack of financial knowledge explains families’ low exposure to markets
Only one in ten Spaniards invests in the stock market, which means that, in terms of savings, only 12.5% of the financial assets of Spanish families are exposed to variable income. This proportion contrasts with that of countries such as the United States and Canada, where the percentage is 55% and 49%, respectively, according to the data analyzed by the team of experts at Norz Patrimonia, a company specialized in financial and tax advice. But the investment of Spanish families in the stock market is also lower than that of other surrounding countries. Thus, in Sweden, 22% of savings go to listed companies and, in Finland, 18.7%. Economies such as France, with 15.1%, or Germany, with 14.2%, also surpass Spain.
«We are not facing a gap in income, but rather in financial knowledge. In Spain, the stock market continues to be associated with short-term risk when, in reality, it is a key tool for long-term wealth construction,” explains Rafael Rabat, managing partner of the company.
Likewise, in North American countries, investment in variable income is structurally integrated into retirement savings systems, supported by tax incentives, pension plans and a broad investment culture. Furthermore, access to markets is simple and intermediation costs are low, which favors household participation.
In Spain, however, savings continue to be concentrated in bank deposits, guaranteed products and real estate assets, a historical preference that has limited the diversification and real profitability of family assets. Spain has traditionally been a country with low financial culture. Basic concepts such as inflation, interest rates or diversification are still not fully internalized by a relevant part of the population. “For decades, savings management has been delegated to credit institutions, speaking of ‘our bank’ or ‘our savings bank’, and not of our financial advisor, as happens in other countries,” adds Rabat.