In the world of finance, as in numismatics, attention to detail can be critical. For example, think about the question: How many quarters in a roll? This seemingly simple question can actually reveal the importance of small details that, as in investing, can make a big difference to the big picture. Likewise with money: it’s not just the big financial decisions that matter, but also the little habits that we often overlook. In Spain, as in the whole world, there are many myths about money that can distort the perception of financial habits and hinder proper money management. So, today we would like to break down what Spaniards really think about money and how these myths can get in the way of proper financial planning.
Myth 1: “Spaniards Don’t Know How to Save Because They Always Live in the Moment”
Many people on the outside might assume that Spaniards, due to their laid-back culture and focus on enjoying the present, do not prioritize saving for the future. When we think about Spain, we imagine the picture of enjoying late night tapas, siestas and the joys of life, so it seems that saving is not part of the equation. However, this is far from the case.
In fact, saving money in Spain is alive and well, although not always in obvious ways. Here are some of the main ways in which Spaniards save money:
- Retirement Savings: Nearly 50% of Spaniards are saving for retirement, according to a recent survey by the Bank of Spain.
- Pension Plans: Many opt for long-term pension plans to secure their future.
- Investment Funds: Investment in funds is another method to grow savings for the future.
- Vacation Funds: A significant portion of savings is dedicated to long-awaited vacations.
- Financial Apps: With the rise of apps like Fintonic and Money Lover, Spaniards are managing their savings and budgeting more efficiently than ever before.
These methods show that while Spaniards enjoy today’s life, they are just as committed to securing their financial future.
Tip: If you want to save money like the Spanish, start by setting small goals – whether it’s a vacation or an emergency fund – and track your progress each month. The key is to balance today’s pleasures with future security.
Myth 2: “Money is Better Kept Under the Mattress”
This myth hails from past economic crises in Spain, particularly the 2008 financial collapse. Despite the increasing popularity of digital payments, around 30% of Spaniards still keep cash hidden under their mattresses, a cultural habit that remains despite the growing shift toward digital banking. Many Spaniards lost trust in banks and financial institutions, thus it led some to stash cash in what they considered a safer location – under their mattress. However, in today’s modern economy, this practice is no longer recommended.
The reality is that keeping money under your mattress isn’t just inconvenient – it’s risky. Here is why:
| Risk | Explanation |
| Theft | Storing cash at home makes it vulnerable to theft. |
| Damage | Cash is prone to wear and tear or damage from the elements. |
| Missed opportunities | Cash in a mattress doesn’t earn interest or grow over time. |
In contrast, banks offer some features, e.g., safety, insurance, and protections for your savings. Digital payments and mobile apps like Bizum, are also becoming more popular and offer convenience, security, and even rewards. Thus, due to the rise of online banking in Spain, financial transactions became simpler and safer.
Tip: To secure your money, consider diversifying your savings. For example, you may use secure bank accounts or online platforms to grow your wealth while keeping your savings safe.
Myth 3: “Wealth Brings Only Problems and Stress”
A common myth – both in Spain and around the world – is that having more money means more stress, more problems, and more drama. People often think that chasing wealth leads to a life full of worry, but where is the real truth?
The truth is, money itself isn’t the problem – it’s how we use it. When managed well, money can bring peace of mind, freedom, and stability. In fact, many Spaniards (and people everywhere) see money as a tool to build a secure and comfortable life.
Here is what smart money habits can actually do for you:
- Lower your stress levels
- Help you feel more in control of your future
- Make it easier to reach your life goals
- Give you the freedom to make choices, not just survive
One study by Spain’s National Statistics Institute found that 65% of people who plan their finances feel calmer about the future. So no, money isn’t the villain – it can be the hero if you treat it right.
Quick Tip: Want to shift your mindset? Set clear financial goals, break them into small steps, and celebrate progress along the way. Wealth doesn’t have to weigh you down – it can lift you up.
Myth 4: “Coins Are a Waste, You Can’t Do Anything with Them”
Think coins are worthless? Think again. Many people treat coins – especially the small ones – as useless pocket clutter. But in reality, some coins are worth way more than you’d expect, even more than paper bills.
Take the Morgan Silver Dollar. While most look pretty average, some are incredibly valuable. The 1893-S Morgan, for example, can sell for up to $2,000,000! These coins aren’t just old – they are historical jewels that grow in value, making them real financial assets, not just sentimental keepsakes.
Tip: If you are interested in starting your own coin collection, you can begin with focusing on rare or well-preserved coins. You don’t need to spend a lot to start, just do your research and look for coins that have the potential to increase in value. And to make sure you are not getting scammed, use tools like the Coin ID Scanner app to assess a coin’s authenticity and estimate its value. Use the app to navigate the world of numismatics easily and ensure you are investing wisely.
Interesting fact: While many see coins as just loose change, rare coins, especially those with unique mint marks, can be highly valuable. The right coin could turn a casual hobby into a profitable venture!
Myth 5: “You Need a Lot of Money to Start Investing”
Think investing is only for the wealthy? That’s one of the biggest myths out there. You don’t need thousands of euros (or even hundreds) to begin. All it really takes is a small amount, consistency, and a smart strategy.
Due to modern digital tools and convenient platforms, investing is more accessible than ever before. Even beginners with a limited budget can dive into the world of finance. Crowdfunding platforms such as Mintos and Bondora allow you to start investing with as little as 10 euros. You lend this money to people or companies, and in return you get interest, which is often much higher than traditional savings accounts.
The great thing is that these platforms are built to help you step by step. You don’t need to be a financial expert – just be curious and willing to learn. Over time, your small contributions can grow into something meaningful.
Simple ways to start investing on a budget:
- Try crowdlending platforms like Mintos or Bondora
- Explore fractional investments (buy part of an asset, like real estate or stocks)
- Set a monthly goal – even €50 a month can add up
- Use investment apps made for beginners – they’ll help you track and grow your money
Fun fact: In Spain, more and more young people are getting into investing with small monthly contributions. Many start with just €20 or €50, proving you don’t need a fortune to build one – you just need to start.
Breaking Money Myths
Spaniards, like many others, have their own myths about money, but by understanding them, we can not only avoid mistakes but also improve our financial situation. Money is not a problem, but a tool for building the future. Learn to properly manage even the smallest sums, and your savings will start working for you.