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Money is not going round - Spain News

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WAGES FALL SHORT: More than 70 per cent of people forsee money problems in the future WAGES FALL SHORT: More than 70 per cent of people forsee money problems in the future

ONLY 30 per cent of Spanish get to the end of the month without problems.

Forty-five per cent have “one-off or intermittent difficulties” in making their money go round, revealed a survey by bank-users’ association Adicae. 

The remaining 25 per cent “always” have trouble, they said.

Seventy per cent remedy the solution by cutting down on their spending or using credit cards.

A large proportion of families have taken on mortgages that are beyond their possibilities, Adicae found.

For 37 per cent of the 1,651 people who responded to survey, a mortgage is eating up 40 per cent of their monthly salary. 

“It is especially worrying that more than 70 per cent foresee problems in the future,” Adicae said.

Barely a quarter can save for a rainy day.  The majority have only a minimal safety-net and some none at all. 

An ongoing shortfall means that 16 per cent are overburdened by mortgage debt and confessed that they had failed to pay several instalments.

They have little or no faith in the information supplied by banks, admitted 80 per cent of those taking part in the Adicae survey.   The Bank of Spain and the CNMV – the Spanish equivalent of the UK’s FSA – are also viewed negatively, Adicae said.

The Spanish also believe that the banks are 93.4 per cent responsible for the financial crisis, followed closely by the Government (93 per cent), the political parties (92.8 per cent) and the Bank of Spain (91 per cent).

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