Household savings soar and those who do not make ends meet




The crisis of Covid-19 it has multiple faces. Labor, economic, social … and its impact on the different groups has not been homogeneous. Officials and permanent workers have held out better than temporary and self-employed. This is clear from a study carried out by the Negotiating Agency, based on the analysis of the application files for credit grouping operations.

The saving rate of Spanish households has shot up to 31%, the highest ratio in the entire historical series, with a growth of 12 points in three months in seasonally adjusted terms, in data relative to the second quarter. The gross rate has touched 30%, ten points above the previous maximum, although between April and June the gross disposable income was cut by 8.8%. Those who have been able to save by better weathering the crisis are those groups that enjoy greater job stability. These are civil servants, pensions, and permanent employees not affected by ERTE, for example.

On the other hand, temporary employees, the permanent ones immersed in FOR HIM and the self-employed have gotten the worst of it. People who claim to have difficulties making ends meet have gone from 25% to 31% in one year. Thus, almost a quarter of Spaniards have been forced to request loans or exhaust the limit of their credit cards for current expenses, according to Agencia Negociadora.

«This apparent paradox (that savings and payment difficulties rise at the same time) is nothing more than the exacerbation of a socio-labor reality very characteristic of Spain: the great difference in economic stability between the permanent, civil servants, public employees and pensioners, and workers with temporary and self-employed contracts, who have been the most affected by the Covid hack and who have not, for the most part, received help with which to sustain themselves until the end of the pandemic, ”the organization highlights in the study. In general terms, yes, Almost two-thirds of Spaniards have seen their income reduced during the Covid.

The worst is yet to come

Despite the blow of this crisis, Negotiating Agency he does not hesitate to point out that the worst scenario has not yet been reached. “We will have to wait for the unemployment data to reflect the situation after the end of the thousands of ERTEs that are in force, which, predictably, will mean a considerable increase in the unemployed, precisely among those who suffer the most from the gap: temporary and self-employed”, stresses. The reason: that those who are “temporarily unemployed” do not add to the unemployment figures since they continue as contributors.

It should be noted that in Spain there were around 3.4 million people in ERTE. Now, at the end of November, there were about 750,000 workers in this situation, after the recent increase derived from the new restrictions. In the case of the self-employed, according to figures from ATA, the group calculates a hole of 60,000 million euros in their accounts in terms of income so far in 2020; and that some 300,000 self-employed workers will be forced to close. Dramatic figures that draw a black portrait of the future of the country.

This whole situation, likewise, occurs even with the so-called “Social shield” of the government. A “shield” that has not turned out to be as effective, in view of how those who do not manage to make ends meet are increasing. ICO guarantees, mortgage moratoriums, rental aid, maintenance of supplies … a host of measures that have cushioned the crisis for the productive fabric but that have proven insufficient given the evolution of the pandemic.

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