King Juan Carlos of Spain announced that he will abdicate his throne Monday to allow his son, Prince Felipe, to ascend to the royal position in the hopes of restoring the monarchy's prestige in the midst of scandal and a depressed economy.

The king, who has occupied the throne for more than 40 years, announced his abdication via televised address.

"A new generation must be at the forefront... [for] younger people with new energies," the king said, according to BBC News.

Juan Carlos, 76, will make way for the crowning of his popular son, 45-year-old Crown Prince Felipe.

Juan Carlos helped Spain transition into a democratic society in the 1970s following the fall of the Francisco Franco dictatorship, becoming Spain's first monarchical head of state. He ignored Franco's followers and implemented a parliamentary monarchy. He is also credited with preventing an attempted coup in 1981.

He became more of a figurehead over the years, becoming less involved in daily politics and allowing parliament to take the reins.

But the once-popular king has since lost touch with Spanish society, fomenting discontent because of his luxurious lifestyle.

The former king took a lavish, secret elephant-hunting trip to Botswana in 2012, a time when Spain was racked by mass unemployment and general economic distress with one in four Spaniards out of work.

The king's daughter has also triggered public discontent because of a business scandal.

Juan Carlos' youngest daughter Cristina and her husband, Inaki Urdangarin, are being investigated for corruption. A judge will soon decide whether or not to put Urdangarin on trial on charges of embezzling 6 million euros in public monies through his philanthropic organization. Princess Cristina and Urdangarin have pleaded not guilty to the allegation.

The king is also in questionable health as he has undergone multiple hip operations in recent years and now walks with a cane.

Prime Minister Mariano Rajoy made the announcement of the abdication Monday morning, telling reporters that he will step down from the throne and begin the succession process.

According to political analysts, the corruption scandal and health issues are not the only reasons for Juan Carlos' abdication.

Analysts told Reuters that the ruling party, the conservative People's Party, wanted to put Felipe on the throne in attempts to diminish the public's call to abolish all monarchical rule and to combat the small liberal parties that are gaining traction with the Spanish public.

The leftist parties United Left, Equo green party and Podemos took 20 percent of the vote in the last election. On Monday, the liberal parties called for constitutional reform and a referendum on the monarchy.

"People are calling for political regeneration, a change in the institutional functioning of the state after around 40 years of democracy, and they've started with the royals," said Jordi Rodriguez Virgili, a political communication professor at Navarra University.

Felipe has enjoyed more of a public role in 2013 and is not involved in his sister's corruption scandal.

A majority of Spainiards -- 62 percent -- favored the king stepping down, according to poll taken in January, and only 41 percent had a good opinion of the king.

Conversely, 66 percent of Spaniards believe the monarchy will improve if Felipe takes the throne.

Felipe is seen as being more in touch with current politics than his father.

"Felipe has a lot more energy to do the job," said Alfonso Romero a 36-year-old student.

Felipe married Letizia Ortiz, a journalist, in 2004. The couple has two daughters.

Felipe will be head of state for Spain and will represent the country at summits and official visits.

While Spain does not have a law regarding abdication and succession, the transition of Felipe to the throne will most likely be completed through parliamentary law.

"We've been hearing continuously over the last few months on the necessity for deep change. The feeling is that the European elections have been a turning point and I believe the decision has been made in this context," said Rafael Rubio, an expert on constitutional affairs at Madrid's Complutense University.

While the People's Party and a good portion of the public believe Felipe will re-energize the monarchy and represent a younger generation, much of the Spanish public is against the monarchy, believing such wealth should not be concentrated in the hands of the few when so many still face unemployment.

Juan Carlos' abdication is the latest in a string of royals stepping down. Belgian King Albert II abdicated in July 2013 in favor of his son, Philippe, because of frail health, and Queen Beatrix of the Netherlands abdicated in April 2013, so her son, Prince Willem-Alexander, could take the throne.