Majorca Daily Bulletin

News | Balearics

Balearic big spenders or bad savers

Balearics are the worst savers.

20-08-2013

The Balearics is said to be one of the richest regions and to have one of the highest numbers of cars per capita in the European Union, but the National Statistics Institute, which last week reported that Balearic familes have the most difficulties in reaching the end of the month, revealed yesterday that 80.5 per cent of households in the region either save nothing or a niminal amount of money each month. In fact, households in the Balearics and the Canaries are the worst savers in Spain, claiming that they are unable to put money aside. Only 19 per cent claim to save money each month. It was also revealed this week that average wages in the Balearics are among the lowest in Spain, but everybody who lives in the region knows how much the cost of living is rising every year. The commercial sector is still mystified as to what happened over Christmas, New Year and during the winter sales in January when shop takings on the Balearic high streets were the lowest for years. Across Spain it appears that families are struggling to save money, according to the National Statistics Institute, 63 per cent say they are unable to put any money aside on a regular basis.

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