Margarita Delgado: Changes in saving in Spain since the pandemic

Speech by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the 4th Observatory on Saving and Investment in Spain, organised by Bestinver-IESE (Escuela de Negocios de la Universidad de Navarra/Business School), Madrid, 1 February 2023.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning.

Allow me to begin by pointing out that we are currently observing the "quiet period" that precedes the monetary policy meetings of the ECB Governing Council. This means that I cannot refer to issues that could influence expectations about future monetary policy decisions. Therefore, my thoughts should not be interpreted as insight into the monetary or economic outlook that might shape expectations regarding these decisions.

And now let me thank Bestinver and the IESE for inviting me to take part in this closing session of the 4th Observatory on Saving and Investment in Spain.

I should like to begin by describing the developments in Spanish household savings in recent years. I will go on to discuss how those savings have been channelled towards the different types of financial and non-financial assets. And I will end by discussing the importance of strengthening financial education, noting the Banco de España's recent initiatives in that direction in collaboration with other public institutions.