In Spain, one in four adolescents lacks the minimum level of competence required to make decisions related to their daily expenses, as revealed by the latest OECD report. According to these data, Spanish young people continue to fall well below the average in financial competencies compared to the countries analyzed. This is a reality that greatly concerns Spanish authorities, but also our banks, because we understand that for a financial system to effectively fulfill its economic and social function, it needs responsible banking institutions, but also informed and competent consumers capable of making appropriate economic decisions. And this is important not only for individuals, but also for society as a whole, since the lack of financial literacy among citizens has very serious repercussions on a country’s economy.
For all these reasons, Spanish banks understood some time ago that they should commit to disseminating financial knowledge and skills among the population. To this end, they joined other entities and institutions in the sector, such as the Bank of Spain or the National Securities Market Commission (CNMV), to contribute their knowledge, their human and material resources, and their privileged relationship with society—the companies and families that constitute the base of their clientele—and thus facilitate users’ access to this type of training. Training that, like all education, offers those who receive it enormous opportunities for economic improvement and social advancement, since ultimately it is about how to obtain the maximum return on our daily effort, on our money, for our own benefit, that of our families, and of society as a whole.
José María Roldán, Chairman of the Spanish Banking Association
