Saving money for the future is one of the goals of hundreds of people in Spain. In recent years, this action has gained much more value in the face of an increasingly uncertain economic context and where real estate prices are very high. We have always said that It is essential to have a financial cushion be able to deal with any unforeseen event, for example an urgent repair, an unexpected expense or the loss of a job. Having this money can be essential to not endanger the stability of the house.
A study carried out by the platform specializing in savings and investment products, Grapesanalyzed how much money a Spaniard should have saved to live in complete financial freedom.
How much money do you need to live without working?
Financial freedom means being able to stop working without having to worry about expenses or relying on a salary to make ends meet. In this sense, and according to the calculations carried out by Raisin, for a person to be able to afford this privilege, they will need 2,068,213.11 euros in all. However, it is important to emphasize that The figure changes depending on age, gender or region where you reside.
It must be taken into account that the money needed decreases as you get older. For example, an 18-year-old should have 2,068,213.11 euros at the start of their adult life. Conversely, and with the advantage of generating income and wealth, the figure decreases: at age 50, 789,596.98 euros and at 70 years old, 273,371 euros.
The region in which a person lives is also important. And the platform data explains that: The Basque Country is one of the most expensive regions of our country to have this financial freedom. A fund of 2,333,420 euros would be required. Next on the list is Madridwith 2,222,636 euros and in third position, Navarrewith 2,189,529 euros. On the other hand, the most economical areas are Canary Islands (1,677,257 euros) and Castile-La Mancha (1,721,370 euros).
On the other hand, gender influences financial freedom. Women need around 265,000 euros more than men be able to stop working. Raisin explains that this is mainly due to the wage gap and the fact that they have a longer life expectancy. This means that she should have 2,122,693 euros, while men 1,856,982 euros.
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