Spain finds itself at a decisive moment to rethink how we save and, above all, how we invest. For years, households have demonstrated a great capacity for saving. However, a very significant proportion of that capital remains today immobilised in deposits and current accounts with very limited real returns, barely managing to beat structural inflation.
The Ministry of Economy and Business has launched a prior public consultation on the creation of a savings and investment account in Spain and the introduction of the Finance Europe label. The objective of this process, officially published on the participation portal of the Ministry of Economy, Trade and Business, is to gather opinions from citizens, organisations and potentially affected entities in order to guide the regulatory design of this new financial instrument and its national implementation framework. This public consultation extends until 30 January 2026 and includes questions on aspects such as the design, authorised providers, eligible assets and the means of dissemination among the population, as well as the adaptation in Spain of the Finance Europe label that has already been agreed with several EU Member States.
Mobilising capital towards real solutions
A figure that well illustrates our starting premise: in Spain, household deposits in bank accounts and deposits reached approximately €1.077 trillion in November 2025, according to statistics from the Bank of Spain. This is not a problem of insufficient savings, but an enormous opportunity for mobilisation.
In a context marked by the ecological transition, digital transformation, social challenges and the need to reinforce the resilience and competitiveness of the European economy, keeping that volume of financial resources outside the real economy represents an opportunity cost that is difficult to justify.
This new instrument is an opportunity to transform a portion of those €1.07 trillion of dormant savings into impact investment. It can mean channelling resources towards projects and enterprises that generate economic value, but also real solutions to social and environmental challenges: clean energy, affordable housing, innovation, social inclusion, territorial resilience or digitalisation.
Impact investment allows financial returns and positive contribution to be reconciled, aligning citizens’ savings with the major challenges of our time. Furthermore, it reinforces the bond between people and the real economy, increasing understanding of how their financial decisions influence the shared future.
A paradigm shift
The initiative to create a savings and investment account in Spain, aligned with the European framework and with the future Finance Europe label, comes at a key moment. It seeks not only to improve the returns on household savings, but also to facilitate access to long-term investment, reducing barriers to entry and increasing citizens’ confidence.
At SpainNAB, we believe that this debate goes beyond the design of a new financial instrument. At stake is what economic model we wish to finance with today’s savings, and how we ensure that people can participate simply, transparently and consciously in that collective construction.
This paradigm shift also opens a key opportunity for citizen engagement. This is not only about facilitating access to investment or improving financial literacy in the classical sense, but about offering citizens a new impact lens through which to understand how their savings contribute to transforming the real economy. Recognising the impact generated, making it visible and comprehensible, allows the shift from ‘where do I put my money’ to ‘what change am I driving with it’. This connection between investment and social, environmental and economic outcomes not only increases knowledge, but reinforces engagement, confidence and the sense of belonging of people as active agents of change.
The moment is now
Europe has clearly pointed the way: to mobilise private savings towards productive, strategic and long-term investment. Spain has the opportunity to position itself at the vanguard of this process, designing a framework that combines simplicity, investor protection and an impact orientation.
From SpainNAB, this positioning has already been conveyed through institutional channels, via our contribution to the public consultation on the savings and investment account. That step is essential, but not sufficient.
The greater challenge begins now: attracting, convincing, inspiring and, above all, instilling confidence in the retail investor. Getting citizens to make the move from dormant savings to investment requires trust, clarity, financial education and a comprehensible proposition that connects returns, purpose and protection.
Transforming a portion of those €1.07 trillion currently immobilised into impact investment does not depend solely on regulatory design. It depends on our collective capacity to demonstrate that investing can be simple, transparent and aligned with people’s values and priorities.
The capital is there. We have built considerable ground in constructing the impact investment framework. Now the task is to activate trust, accompany the retail investor and open the door to mass participation in the financing of real solutions for a more resilient, competitive, sustainable and fair economy.
