8/23/2023 0 Comments Liquid assets in spanishwe do not take into account the stock of financial liabilities, which has remained fairly stable since the pandemic. Throughout this article, when we talk about households we are including non-profit institutions serving households (NPISHs). In fact, if we compare the observed level of acquisition of financial assets between the end of 2019 and Q2 2022 with the «theoretical» acquisition that would have occurred over the same period if households had allocated the same percentage of their disposable income as they did in 2015-2019, then the «excess» acquisition of these assets amounts to more than 150 billion euros. This figure rose to 14.9% in 2020 and 9.1% in 2021, and in the first two quarters of 2022 it was still above the average of those same quarters in the years prior to the pandemic. Specifically, in each year between 20, Spanish households acquired financial assets worth an average of 2.6% of their gross disposable income. In view of the restrictions on leisure and social activities, households opted to acquire more financial assets. The savings accumulated by households during the pandemic have played a significant role in this increase in financial assets: 3 This growth corresponds to an acquisition of assets of 229 billion euros and a revaluation effect of –8 billion. This is a vast increase to put it in context, between the end of 2015 and the end of 2019 the stock of assets rose by 119.9 billion, far short of the increase of the last two and a half years. Increased by over 224 billion euros between the end of 2019 and Q2 2022. In this context, the stock of households’ financial assets 2 In particular, the COVID-19 restrictions and lockdowns made it difficult for households to spend their money on in-person activities (such as tourism and leisure), while at the same time the support from economic policies softened the decline in gross disposable income – it fell by just 2.0% year-on-year in 2020, and by 2021 it was already back above the pre-pandemic level. In 20 there was a significant increase in savings among Spanish households.
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