The Spanish Banking Association (AEB) and its Foundation have launched, with the support of their member banks, a new e-learning financial education program on the occasion of Financial Education Week. “Your Money and You”, aimed at adolescents aged 13 to 15, seeks to disseminate basic knowledge to enable young people to manage their money and personal finances.
The course comprises 10 videos, each four minutes long, explaining concepts such as budget management, expenses, taxes, savings, payment methods, how banks work, smart consumption, loans and financing, taxes, etc.
Each chapter features Marta and Nacho, two students from the University College of Financial Studies (CUNEF), who explain these concepts with examples from daily life. Additionally, the course will be available through digital education platforms and other multimedia channels such as YouTube.
With this program, the AEB, in collaboration with its Foundation, demonstrates the commitment of its member banks to fostering financial education, not only among young people but also among the adult population and individuals at risk of social exclusion, in order to improve personal financial management and promote their integration.
According to data from the Organisation for Economic Co-operation and Development (OECD), which assesses the level of knowledge of children in different countries worldwide, Spanish students perform poorly in financial literacy. In its latest report, presented in 2015, Spain was once again below average in financial knowledge.
For this reason, the AEB promotes financial education among children and adolescents, to instill values that help them become responsible citizens in the financial sphere as well.
AEB Financial Education Initiatives
Throughout 2016, AEB’s associated banks carried out more than 50 initiatives, involving around 1,800 volunteers who dedicated over 6,500 hours of their time and reached more than 1 million beneficiaries through in-person activities and over 7 million through online initiatives, mostly young people.
Regarding accumulated data, more than 230 initiatives have been carried out with the involvement of approximately 10,000 banking employee volunteers, who have dedicated over 22,600 hours. These proposals have reached at least 7 million beneficiaries through in-person activities, and over 16 million through digital and online initiatives.
Public Initiatives Reinforcing Financial Culture
Banks, Public Administrations, and other entities have been working for years to improve basic financial literacy in Spain. Initiatives such as the National Financial Education Plan (2008), promoted by the Bank of Spain and the National Securities Market Commission (CNMV), as well as the introduction of financial education in schools (primary education) by the Ministry of Education, Culture and Sports (latest reform), are some of the public initiatives launched at a national level.
For their part, banks in Spain have launched, in recent years, financial education initiatives with the participation of employees who, through their efforts, have helped millions of people. This contribution adds to others made by the sector within the framework of its Corporate Social Responsibility (CSR) policies.
You can access the “Your Money and You” course by clicking here.
Please do not hesitate to contact us if you require further information.
