Economist Gonzalo Bernardos has outlined a stark contrast in saving and spending habits between young people and older citizens in Spain. Speaking on laSexta Xplica, he described two distinct economic profiles shaping the country’s financial field: younger adults who often prioritize present-day enjoyment, and pensioners who, in his view, are notably cautious about spending.
Bernardos said many young Spaniards set ambitious goals, such as buying a home, yet their daily spending can undermine those plans. Spending on leisure and travel, including dining out, competes with saving, he argued. He believes the capacity for long-term sacrifice has declined compared with previous generations. In an interview published by Mundo Deportivo on 19 October 2026, he said that at age 25 many people lack a long-term project and focus instead on enjoying the present. That is his assessment, not an official measure of young people’s saving habits.
He has also pointed to financial pressures that make saving harder. In the same interview, Bernardos said rent can prevent young people from putting money aside and argued that wage purchasing power had barely increased between 1995 and 2025. High housing costs and weak wage growth can compound the effects of spending choices: a young household may struggle to meet monthly costs and build the deposit needed to buy a home, let alone cover transaction expenses.
Housing prices underline that challenge. Figures from Spain’s National Statistics Institute, cited by Artículo14, showed residential property prices rising 12.2% year over year in the second quarter of 2026. Prices for second-hand homes rose 12.9%, while newly built properties increased 7.4%. Bernardos has urged people to do what they can to buy a home, arguing on laSexta Xplica that an owned property can provide security in retirement once mortgage payments end and rent is no longer due. That approach still depends on having enough initial savings and accounting for debt and maintenance costs. Housing wealth also does not replace the need for liquid savings or other retirement income.
By contrast, Bernardos described older Spaniards as cautious spenders who tend to avoid unnecessary expenses. He argued that many pensioners restrict consumption despite having fewer future years ahead, while younger people with more time to plan may spend as if there is no tomorrow. This is his interpretation of differing attitudes toward money, not a quantified comparison of spending across age groups.
Retirement preparation also appears uneven in a survey cited by El Confidencial. The first MyInvestor Investor Barometer, based on approximately 2,500 of the bank’s customers, found that 40% said they were behind in preparing for retirement or had not considered it; others said they would not prepare adequately. The proportion reached 60% among respondents aged 45-54. The results describe the surveyed customers, not the entire Spanish population. Bernardos has described Spain’s pension model as viable but in need of adjustments. That is an expert assessment, not a formal government decision or enacted reform.
Spain’s aging population and the approaching retirement of the baby-boom generation add pressure to debate over household finances and pensions. The divide is so not simply a matter of discipline or age: Bernardos has also noted that young people may be able to save more as homeowners but often lack the initial capital to buy. His comments connect individual spending habits with housing affordability and wage growth, while unequal access to property also shapes the ability to save today and the resources available in retirement.
