Only one in five Spaniards had a pension plan at the end of 2018 - 16.2% that rises to 20% if employment is included -, according to data from the Inverco Observatory on investment in individual plans.
This means just over 7.5 million shareholder accounts, each of which had an average equity of 9,543 euros, 3% lower than the previous year due to the poor performance of the financial markets.
The assets accumulated by Spanish families in these savings vehicles at the end of 2018 stood at 72,246 million.
For autonomous communities, Navarra with 14,212 euros; the Basque Country, with 12,797; Madrid, with 12,117, and La Rioja, with 11,813, are the regions where the average equity of the participants in pension plans is highest.
Another fact that Inverco highlights is that if the average assets accumulated by participants in Spain are compared with the average annual retirement pension at the end of 2018, the savings accumulated in individual plans represent 60% of the one-year public pension.
Although its population represents 64% of the total, Madrid, Catalonia, Andalusia, Comunidad Valenciana and Castilla y León concentrate 71% of the savings in pension plans.
On this point, the director of Studies of the Inverco Observatory, José Luis Manrique, explains that "despite the fact that 24 Spanish provinces have a percentage of participants above the national average, the number of investors making periodic contributions is much lower ".
Hence, he insists that one of the industry's challenges is to encourage periodic contributions to pension plans as a complement to the retirement pension. "
The savings in mixed pension plans represent more than half of the assets (57.9%) and 56.2% of the participants, with Galicia and Navarra as the regions that accumulate the highest percentage of equity in this type of plans, with values above 62%.
Regarding those of variable income, with a great implantation in the Basque Country and Madrid, they group 10.4% of the total of participants and represent 12.6% of the patrimony.
However, Navarra is the community with the highest average equity per participant in equity plans (15,714 euros), while Murcia has the lowest equity (5,621 euros).
The percentage of savings in fixed-income and guaranteed pension plans evolves downwards to stand at 29.9% (compared to 33% in the previous year and 63% in 2012).
The Canary Islands and Castilla y León are the regions with the highest equity invested in fixed income plans, with rates above 20% in both cases, and the Basque Country is the community with the highest average equity in these types of plans, with a figure that reaches 10,000 euros
In guaranteed plans, Castilla-La Mancha, the Canary Islands and Extremadura accumulate the highest assets with percentages greater than 17%.
In total, equity in individual pension plans represents 6.2% of Spanish GDP, in line with data from the previous two years; La Rioja, Castilla y León, Aragón and Navarra stand out as the communities with the highest percentage of savings in pension plans over GDP, and exceed 8%.
The Association of Collective Investment Institutions and Pension Funds regrets that the insufficient degree of development of the capitalization system in Spain is confirmed, since if the employment system were added to the individual system, it would barely reach 9% of GDP, for below the recommended minimum threshold of 25%.
Therefore, the volume of assets of pension funds, compared to the size of their economy, stands at 36.4% for the average of OECD countries, Inverco clarifies.
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