A few weeks ago, I participated in a congress on financial education and inclusion organized by Felaban, the Federation of Latin American Banks. There, I shared with colleagues from the sector and other fields the various initiatives and trends being carried out in both Spain and Europe to foster financial education. To conclude one of my presentations, I used a quote I had read about coffee and decided to adapt it: “It is not that financial education gives us insomnia; it is that it allows us to dream while awake.” During this meeting, I realized that I am not the only one who dreams while awake.
Colleagues from Latin America also shared their experiences and explained the projects they have launched to foster financial literacy in the region, where 250 million people remain unbanked. In other words, around 65% of Latin Americans do not have access to a formal banking system, which is a necessary condition for escaping poverty in a sustainable way. With such a low level of banking penetration, it is not surprising that financial education levels are minimal. This situation is truly concerning, as a society without access to the financial system and without an understanding of basic concepts such as interest, inflation, risk, or profitability cannot prosper in today’s world. It is not possible to manage your life without knowing how to manage your money, as it is part of daily life and our future. That is why, in Latin America, financial inclusion and education go hand in hand.
Despite the state of financial education in this region, it was moving to hear the enthusiasm with which colleagues explained their action plans and initiatives to ensure that the citizens of their countries are capable of managing their money responsibly to improve their lives. This commitment is not only present in the banking sector but is also part of the agendas of governments and private companies which, in most cases, join forces to fight a problem that affects everyone directly or indirectly.
Beatriz Morilla, Head of CSR
