Since 2024 has just been released, Revolutthe global financial application with more than 35 million customers worldwide and more than 2.5 million in Spainreveals what Spaniards' financial wishes are for 2024 and what their biggest challenges were in managing their money in 2023. According to a Dynata survey commissioned by Revolut, Spaniards are asking the Magi for three big financial wishes for 2024: 1. Get a raise (25.74%), 2. Pay off your debt in full (24%), and 3. Finally let inflation take a break (15.7%).
Financial successes and failures of the Spanish in 2023
After a difficult year marked by inflation and rising costs of living, one in four Spaniards believe that their greatest financial success in 2023 was learning to save money effectively. 28% of respondents stated that their purchasing power remained stable in 2023and yet 17% say their finances have worsened in the last year. The data shows that older generations were most affected by this decline in their finances: 26% of Baby Boomers (55-64 years old) and 24% of the Silver Generation (+65).
Spaniards, especially those aged 35 to 44, have also started to expand their sources of income this year 24% of those surveyed said they would have found additional income in 2023. The youngest were the biggest savers: 46% of Generation Z (ages 18-24) said they had found more efficient ways to save in the past year, followed by 34% of respondents ages 25-34 and 32% of respondents ages 35 and 35 years 44 years old.
Just over half (57%) of Spaniards rated their spending in 2023 as “good”, stating that in the vast majority of cases they made good decisions and spent their money wisely. Men were more confident in their financial decisions in 2023 (60%) than women (54%) and those over 65 (59%). Generation Z (18-24 years old) has mixed feelings about their spending habits (49%). She believes that in some cases she made the right decisions, but in other cases she simply wasted the money. The 45-54 age group has the most regrets about their financial decisions in 2023. 7% are sure they made bad decisions and wasted money (compared to an average of 5%).
New year, new financial resolutions
No matter how successful 2023 was for the Spaniards, from a financial perspective there is always something to improve in 2024. Although a third of Spaniards are satisfied with the management of their personal finances in the last 12 months and nothing would change, at the other extreme, one in four respondents regrets not having saved as much money as they wanted, with women in comparison Men are the ones who regret their excesses when it comes to spending more (25% vs. 22%).
In addition, one in ten Spaniards would have liked to discover an additional source of income, andl 8% invest more and 11% improve their money management skills. Research also shows that experience is a factor when it comes to making good financial decisions, and that more mature age groups (65+) are less likely to regret their money management (58% have no regrets).
Ignacio Zunzunegui, Head of Growth at Revolut For southern Europe he commented: “Thanks to the variety of products and features added in 2023, Revolut enabled its customers to learn, test, develop their skills, track their daily spending, save or invest all in one place in the app. At Revolut, we have a long-term commitment to delivering product innovations aimed at meeting our customers' everyday financial needs and wants, from shopping and travel to savings and insurance, subscriptions and donations, to the democratization of wealth and cryptocurrencies..
