Young People and Saving: Netflix Isn't the Problem
The median wealth of young households is 75% below what it was two decades ago, and entertainment spending doesn't explain the drop.
Entertainment went up; real spending didn't
CaixaBank Research measured card spending among young people ages 16 to 29: entertainment went from 16.7% in 2018 to 27.2% so far in 2026. Restaurants nearly doubled their share, from 7.7% to 14.3%, and culture (tickets, Netflix, Spotify) rose from 4.3% to 7.6%. At a quick glance, it looks like partying ate up the savings.
The Household Budget Survey tells a different story. In 2006, a young household spent 12.2% of its budget on bars and restaurants; in 2023, 12%. The share is identical, but once inflation is factored out, that household eats out 35% less: 258 euros a month versus 400.
The rest of the cutbacks look similar. In durable goods, the real drop reaches 65%, and buying a car fell from 11.3% to 4.9% of the budget. They aren't spending more on living: the same money simply goes less far. The Bank of Spain called this phenomenon "diverflación" in July 2024 and clarified that it doesn't mean spending more, but putting entertainment ahead of planning.
«They aren't spending more on living: the same money simply goes less far.»
Housing took over the budget
In 2006, rent took up 5.7% of a young household's budget; in 2023, 15.6%. Adding utilities, housing absorbs 20.9%, more than double what it was then. Homeownership collapsed in parallel: in 2002, 70% of households headed by someone under 35 owned their home; in 2022, barely over 30%.
That's the crux of it. For decades, a home was the vehicle for building wealth, and this generation was left out, according to the report by Javier Martínez Santos and Jorge Galindo of the EsadeEcPol center.
The other symptom is leaving the family home: among ages 16 to 29, it fell from 24.3% in 2006 to 14.5% in 2025, according to the Observatory of the Youth Council of Spain. That same council estimates that it now takes 4.7 years of full salary to cover the down payment on an apartment.
"The claim that young people don't save because they spend everything on having a good time is, quite simply, a lie," says Jordi López-Sintas, professor at the Universitat Autònoma de Barcelona. Young people's pay has barely moved: measured in 2024 euros, someone starting out in 2008 earned about 14,000 a year; in 2024, around 13,500.
What is in your hands
There are two mistakes worth avoiding. One is blaming an entire generation over a concert or a subscription. The other is concluding that, because the problem is structural, it isn't worth organizing what comes in every payday. Neither idea helps you pay the bills this month.
A simple starting point: set entertainment as a fixed amount and put your savings aside the same day you get paid, not from whatever is left over. Start by covering one month of essential expenses before thinking about big goals. If you're carrying consumer debt, tackle it first: no purchase on installments is worth the interest it charges. And for decisions that overwhelm you, find a certified professional.
Scripture sets the limit where it's needed, quoting Luke 12:15 (ESV): "And he said to them, 'Take care, and be on your guard against all covetousness, for one's life does not consist in the abundance of his possessions.'" Your worth isn't measured in net worth, and that is good news when housing has become out of reach. But whoever is thankful for what they receive also takes care of the little they have, keeps track of it, and manages it in an orderly way.
This week, just one action: review how much went to going out and streaming platforms last month, and set an amount you can sustain without guilt or debt. What did you find?
