Raisin Spain’s research shows openness of affluent Spanish users to new banking models

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New research conducted by Raisin Spain has shown that affluent Spanish users have a high level of awareness of the economy and are open to new banking models. The study covered over 6000 Spanish customers, with a net monthly income of above €2000, and aimed to understand the savings pattern and preference of the respondents. It revealed that 52% of the respondents prefer to save rather than spend, while 72% believe the interest rates in Spain are too low.

63% of the Spanish respondents hold savings in current accounts and or a savings account (59%). 43% use term deposits as their way of savings, while a third or fewer prefer other market-linked investment vehicles. 91% of the respondents are ready to move their savings outside of Spain for better rates, while 72% are open to online deposit products.

The study also showed that these customers have expressed high levels of trust in neighbouring countries as well as Benelux markets, German-speaking countries, and Scandinavia, where they can invest via platforms like Raisin.es with Norwegian, French, Belgian, Austrian, Italian, and Portuguese banks.

Raisin Spain’s survey has also shown that 79 % of the respondents want to learn more about personal finance, with 40% using the internet as a research tool.

The research also revealed that just over half of the respondents (52%) are focused primarily on retirement, while three in ten (30%) are saving to buy their own home. Seven in ten (70%) are saving actively at the moment, and of those, 72% plan ahead, setting money aside at the start of the month. Only 28% leave it to circumstance and save whatever they have left at the end of the month.