The pandemic and the measures to prevent the spread of the virus have altered household money management behavior.
Savings shot up in Q2 2020 as a result of the strict lockdown in response to the pandemic. Spanish families increase their savings way above those of German ones in times of crisis.
Private consumption decreased mainly out of fear of contagion and the restrictions on mobility and certain activities, generating a supply of “forced” savings. In addition, households increased their savings as a precautionary measure in an uncertain environment. Individual earnings have not fallen more because of state assistance designed to soften the economic impact of the pandemic.