The latest data on the level of financial education in Spanish society is not positive. The level is low, with no significant improvement observed in recent years despite the efforts made. This is a joint effort led by the Bank of Spain and the CNMV within the Financial Education Plan, where the financial sector plays a crucial role.
However, these results should not discourage us, given the relevance of the objective to be achieved. It is not about becoming financial experts, but about understanding and appropriately applying finance to our daily lives and throughout our lives. The ultimate goal is to improve financial literacy. Appropriate financial training will lead us to make the best decisions at all times and thus better prepare for the future. A financially responsible society is the sum of the responsible decisions made by its members.
Saving means more freedom for young people and more peace of mind for seniors. It is beneficial for everyone, as improving financial education has no age limit. At AEB, we are clear on this, which has led us to develop various projects covering children, young people, and adults. These range from training in schools by volunteers from our partner banks through the “Your finances, your future” program, to the new “Yes, tell me” project for senior training that we launched a few days ago. Also, the course “Your money and you” and the financial dictionary “Sounds a bit familiar to me,” both available through digital channels, with young people as the target audience in the first case and the general public in the second. Thanks to the 1,800 volunteers from our partner banks, financial education projects reached 1.2 million beneficiaries in 2017.
Learning to manage your money ranges from planning income, controlling expenses, and managing inevitable unforeseen events, to consuming responsibly. The financial education initiatives provided by AEB and its partner banks are developed and reviewed by pedagogical collaborators who know how to effectively and didactically explain the concepts to be conveyed, depending on the target group. Explaining savings planning to a child is not the same as explaining it to someone nearing retirement.
Financial education should begin in primary school and at home, and continue through university. Educational centers and families are key to achieving the goals we all pursue. In Spain, schoolchildren do not acquire the basic financial knowledge they will need to navigate the future, or even the present. Parents who choose to help their children learn about basic finances prepare them to better manage their future. Throughout life, we go through key moments when we need to understand financial concepts, such as when buying a home or starting a business. Banks want to help our clients in these moments, although the final decision always rests with each individual.
