The Spanish Banking Association launches today the second edition of its Financial Education program Your Finances, Your Future, which this year has brought together a greater number of participating banks, volunteers, programs, students, and schools, thereby strengthening a joint sector project that was launched last year with a commitment to permanence and continuity over time.
In this first inaugural session, the President of AEB, José Mª Roldán, delivered a teaching session at the Menesiano school in Madrid to approximately twenty students in Year 10. At the end of the session, José Mª Roldán stated that “with this second edition, AEB and its member banks make clear their firm and long-term commitment to Financial Education, understood as an instrument that increases citizens’ capacity to make responsible use of financial services at all stages of life.”
This inaugural session will be followed by 280 Financial Education programs to be delivered throughout March by 560 volunteers, all banking employees. These programs will benefit approximately 7,560 Year 10 students from 110 schools distributed throughout Spain.
This year the program incorporates a new feature: an event in TEDx format, in which volunteers, experts, students, and teachers will share their experience regarding financial education. This event, which will take place at Hub Madrid on March 16 at 6:00 PM, will be complemented with video broadcasts and a networking session.
In this second edition, AEB has incorporated seven new member banks. A total of 22 banking institutions will participate, joined this year by the Spanish Banking Foundation for Financial Studies (FEBEF). Once again, AEB has had the collaboration of the Junior Achievement Foundation, linked to this project as pedagogical partner and responsible for academic content.
“AEB is open to all types of collaboration with public and private institutions. What matters is improving citizens’ ability to manage their personal finances well. Education, in whatever field, makes us freer, more autonomous, and more responsible citizens,” commented the President of AEB.
In this spirit of collaboration, it is worth highlighting AEB’s adherence to the Financial Education Plan (PEF), promoted by the Bank of Spain and the National Securities Market Commission. Likewise, the Your Finances, Your Future program is part of the European Money Week framework, an initiative of the European Banking Federation (EBF) in the field of financial education that, for the second consecutive year, will be developed simultaneously in 31 European countries.
The President of AEB emphasized that the first edition of the Your Finances, Your Future program achieved its intended objectives and proved highly satisfactory for all participants, “which has encouraged us to continue with this program.” According to the evaluation survey conducted by the Junior Achievement Foundation, 88% of students and 98% of schools participating in the first edition of Your Finances, Your Future requested to repeat this program in 2016. “With all modesty, we believe we can do something to improve financial education, which is why we have placed our resources at society’s disposal,” concluded the President of AEB.
For their part, AEB member banks have continued to develop their individual Financial Education programs, which the Association regularly reports on through a section of its website www.aebanca.es. In recent years, Spanish banks have carried out more than fifty initiatives through 4,000 volunteers, benefiting nearly three million citizens.
Finally, the President of AEB emphasized that regulation for consumer protection will not be truly effective unless accompanied by improved user understanding of financial products. “Training and information are the two tools that guarantee a correct and beneficial relationship between individuals and providers of financial services and products.”
