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Women put an average 800 euros more towards online savings than men

The COINC report provides an online savings overview, based on a survey of over 134,000 users.

Average savings in autonomous regions varies from 13,700 euros in Navarra to 8,490 euros in Extremadura, a difference of more than 5,000 euros.

From February to April, travel ‘goals’ (savings targets) predominate, while in November, the percentage of home buying ‘goals’ increases.

Women are, as a rule, better savers than men. While women save, on average, 7,052 euros, men usually save 6,266, meaning that women save 786 euros more than men. This is one of the conclusions drawn by the 2018 COINC report, which closely examines online savings in Spain.

COINC analysed the saving habits of its over 134,000 customers with over 900 million EUR deposited on the portal for different savings ‘goals’ (tags) that they set for themselves (eg, savings, travelling, wedding, electronics, buying a car, holidays, etc). This is the largest amount of money classified by savers themselves to be analysed in Spain. The report provides a thorough overview of digital savings customers and their savings habits in terms of their own goals, ages, geographic locations and genders.

Another difference between the sexes is that women are much more focused on savings during retirement than men. Men aged between 55 and 59 are the only age group that save more than women, but only by 116 euros. Interesting fact: between the ages of 35 and 39, there is practically no difference in savings between men and women. On the other hand, the largest savings gap is among people aged 60 and above, where women save over 1,400 more, with average savings of 12,000 euros.

The 2017 report also revealed a considerable difference in average savings by autonomous region, which currently exceed 5,000 euros. The average amount of online savings in Navarra stands at 13,700 euros, versus 8,490 in Extremadura. 

Behind Navarra, the Basque Country and La Rioja come in second and third place as the autonomous regions where people save the most: up to 13,480 euros and 13,260 euros, respectively. On the other hand, behind Extremadura, the autonomous regions where people save the least are once again Andalusia (8,497 euros) and Murcia (9,357 euros). These averages are certainly influenced by the current per-capita income of each autonomous income.

As regards savings targets, the report reveals interesting trends. The number of individuals with generic ‘savings goals’ shrunk from 51% to 49% during the year. The other objectives that were most selected were travel and holidays, with 11% of all specific goals. From February to April, savings for travel sees a significant increase. This type of savings continues to gain on savings for home purchases, which represent 9% of all savings objectives. November is the month in which home purchases stand out the most amongst all savings goals.

For new savers, namely those aged 25 or younger, saving goals are very different. Aside from general savings, 15% of individuals in this age group prioritised travelling over other ‘goals’. 12.4% cited electronic purchases, whilst 8% said their savings would be to buy a car or motorcycle, ahead of education, gifts or fashion.

On average, Spaniards continue to put more money away in order to purchase an apartment: over 30,000 euros per person.

General savings, amongst online savers, reveals an average goal of 26,500 euros, whilst the purchase of a car or motorcycle shows an average savings goal of 18,100 euros.

COINC, Bankinter’s digital platform created in 2012

COINC (www.coinc.es) is Bankinter’s fully digital financial services platform that was launched 6 years ago. Its purpose is to help users achieve specific goals by making saving and managing costs and loans something easy and even fun. COINC ended 2017 with over 134,000 users, up 21.03%, with around 1.2 billion euros in managed savings accounts. 50% of COINC customers access the platform on their mobile devices.

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2021-12-09 18:54:37.0