Spanish households have intensified their exposure to furniture capital and with financial markets in historical maximums. According to the latest data on the financial accounts of the Spanish economy, published on Wednesday by the Bank of Spain, the total of families reached 3.17 billion euros until March 2025, while the value of its shares reached 526,690 million. The latter were consolidated as the fastest growing financial asset in their portfolios, mainly driven by net investments and, to a lesser extent, by the revaluation of assets.
The shares represented 16.6% of the total financial assets of the households, which represents an increase of a percentage point compared to the same period of the previous year. Although it may seem a lower advance, for this type of indicator it is significant. This increase responds so much to an intense investing activity – that is, net purchases of shares – and the revaluation of these products, favored by. The Spanish Stock Exchange accumulates in the last 12 months a double -digit revaluation, which has reinforced the appeal of variable and mixed rental funds for retail investors.
So far from 2025, the Stock Exchange has highlighted as one of the most solid of the Eurozone, with an Ibex 35 that has risen about 21% in the first semester – marking widely to Wall Street – thanks to the good moment that sectors such as banking, energy or industry live. This strength is explained by a favorable macroeconomic context in Spain and the growing investment interest, with managers such as. In this reconfiguration of savings, fixed income gains weight, which has reinforced its appeal after the spin in the monetary policy of the European Central Bank. The reduction of interest rates has promoted the demand for sovereign and corporate bonds, whose prices have been markedly revalued.
Thus, the weight of investment funds, which at the close of the first quarter of 2024 added 463,000 million euros, closed the year above half a billion for the first time in history. Between January and March of this year it rose 2.2% and is 526,690 million euros, the highest figure in the series.
Beyond the investment, the bank supervisor’s report also highlights a 6.6% increase in the total volume of financial heritage of households and non -profit institutions at the service of households (ISFLSH), which reached 3.17 billion euros until March (about 196.7% of GDP). This evolution is due to both the net acquisition of assets and a significant revaluation of them, especially of the capital participations, which include quoted and not quoted actions. In fact, these represented 31.4% of the total financial assets of households, standing as the second most relevant component after cash and deposits (these are around 1.1 billion euros, in line with the closure of 2024).
Although cash and deposits remain the largest departure of financial wealth, with 34.9% of the total, its relative weight has descended almost a percentage point if the last year is analyzed. That is, evolution reflects a growing preference for savers due to products with higher profitability expectations, abandoning traditionally conservative positions that could make more sense in an environment of high interest rates. Now, the relaxation of monetary policy has fallen attractive to term deposits and encourages the search for profitability in the markets.
On the other hand, insurance and pension funds maintain a stable presence in the asset structure, representing 12% of the total, without large variations in the last quarters.
The reconfiguration of household savings also has a reflection, which touched for the first time in history the 2.4 billion euros, which represents an interannual increase of 8.1%. This figure represents 149.4% of GDP, almost three percentage points more than in March 2024.
Regarding indebtedness, the note published by the Bank of Spain shows a contained evolution. Although in absolute terms the debt of households increased slightly – until reaching 701,000 million euros – its weight in GDP decreased up to 43.5%, the lowest level since 2000. The decrease reflects the growth of the gross domestic product and a greater credit prudence, both by households and financial entities, in a context of moderation of the credit to consumption and the real estate sector.
