the money you need to live without working

Saving money for the future is one of the goals of hundreds of people in Spain. In recent years, this action has taken on much more value in the face of an increasingly uncertain economic context in which housing prices are very high. It has always been said that It is essential to have a financial cushion to 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 key to not putting the stability of the home at risk.

A study carried out by the platform specialized in savings and investment products, Raisinhas analyzed how much money a Spaniard should have saved in order to live in total financial freedom.

How much money is necessary to live without working?

Financial freedom means being able to stop working without having to worry about expenses or having to rely on a salary to make ends meet. In this sense, and according to the calculations that Raisin has made, for a person to be able to afford this privilege they will need 2,068,213.11 euros in total. However, it is important to highlight 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 a person’s age increases. For example, an 18-year-old young person should have 2,068,213.11 euros when starting his or her adult life. On the opposite side, and with the advantage of generating income and assets, the figure decreases: at 50 years, 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 areas of our country to have that financial freedom. There would be a need for a fund of 2,333,420 euros. 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 about 265,000 euros more than men to be able to stop working. Raisin explains that it is mainly because of the wage gap and because they have a longer life expectancy. This means that she should have 2,122,693 euros, while men 1,856,982 euros.