The article quantifies the contributions made by different household groups to the change in the aggregate household saving rate in Spain between 2007 and 2016. Against the backdrop of the last crisis – heightened uncertainty and significant labour market deterioration – the findings show that certain household groups reduced their expenditure over the course of the downturn andthen increased it again at the start of the recovery phase. Both these patterns are consistent with the hypothesis of precautionary saving. In particular, between 2007 and 2013, university-educated households and households with lower secondary education at most made a similar contribution to the increase in the saving rate, although the group with the lowest level of education, who are usually poorer, made a relatively higher contribution to the fall in the saving rate in 2013 to 2016. By year of birth, the group aged under 45 in 2007 made the largest contribution to the increase in the saving rate during the downturn. When households are grouped by the tenure status of their main residence, it was observed that homeowners with housing debt outstanding made a particularly high contribution to the increase in the saving rate in 2007 to 2013.
Artículo de revista
Economic bulletin / Banco de España. Analytical articles Economic bulletin / Banco de España [Artículos], n. 4, 2019