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Economy Spain's over-55s generate 33% of GDP and underpin savingsAgeing population reshapes economy as senior spending outpaces younger generations
Wednesday, 25 February 2026, 13:05
Spain’s over-55s have become the primary engine of the country’s economy, generating a third of its total GDP.
A new report by Mapfre and Fedea shows the "silver economy" now underpins national demand, with 16.1 million seniors accounting for 43 per cent of all household resources.
The study found that the over-55s have the highest spending power in the country. Average private consumption for this group is 13,511 euros a year—well above the national average of 12,088 euros.
When home ownership is factored in, the total consumption per person rises to 16,406 euros.
Researchers found that spending remains stable until the age of 50 before rising sharply. This increase is driven by higher costs for housing and both public and private healthcare.
As households shrink due to children leaving home or widowhood, the individual cost of housing and personal care services naturally increases.
In 2022, over-55s received 183.07 billion euros in benefits, mainly pensions
In 2022, the over-55 age group received 183 billion euros in benefits, mostly through pensions. However, they also remain vital contributors to the state, paying 138 billion euros in taxes and social security—more than a third of the national total.
The report also highlights a stark generational divide in wealth. Seniors hold 68 per cent of all household savings, totalling nearly 74 billion euros.
In contrast, the savings capacity of those under 30 is described as "practically non-existent." Young people account for just 2.99 per cent of national savings, with their consumption largely funded by family transfers and public spending on education.