This paper examines how financial vulnerability (FV) differs across age groups and between men and women using the 2021 Survey of Financial Competences, a nationally representative sample of 7,764 Spanish households. FV is measured along three dimensions—sensitivity, (low) resilience, and exposure. Results show an inverse U-shaped pattern in overall FV, with middle-aged households being the most vulnerable; (low) resilience displays the same inverted-U, sensitivity tends to rise with age, and exposure is most pronounced among younger households. Women exhibit higher FV than men, largely explained by greater sensitivity, while gender gaps in resilience and exposure are small in fully specified models and narrow with age. Generational comparisons indicate that exposure-related risks (e.g., renting, job insecurity) weigh more heavily on Millennials and Zennials, whereas sensitivity-related risks (e.g., income constraints and debt) are more salient among Baby Boomers. These findings support age- and gender-targeted, dimension-specific interventions to mitigate household financial vulnerability.
Author(s): Jorge Ruiz-Manjivar, Sara Fernández-López, Lucía Rey-Ares, Marcos Álvarez-Espiño
