90% of parents believe that teachings related to how money works, its management and administration should occupy more time in the compulsory education curriculum, according to the latest ‘Financial Culture and Education’ survey by Funcas.
It is important to reinforce our children’s financial knowledge at school and also at home. These topics should be addressed naturally within the family, so that children become aware of what things cost, learn to prioritize and, especially, understand the value of saving for the future.
Financial education developed at an early age promotes awareness of value, rationality in spending decisions and the importance of control and planning. But it can also foster attitudes that go beyond skills, such as recognition of effort, reward and contribution to civic capital.
Acquiring financial knowledge from an early age prepares generations for the future, providing greater awareness of spending, saving and investment. It must be taken into account that these are digital natives who navigate online banking with ease and multiply their access possibilities to financial products. Therefore, it is also essential to have solid foundational training in key topics such as long-term savings, responsible investment or debt management.
However, according to the 2024 PISA Report, the average knowledge of 15-year-old Spanish students in economic-financial matters has worsened in recent years and is well below the OECD average. More than half of the students in our country knew concepts such as salary, budget and loan, but this percentage decreased when faced with other questions about taxes, shares, compound interest rate or exchange rate.
Therefore, the commitment that the banking sector is showing to financial training is essential. The AEB Foundation promotes two financial education programs in schools: ‘Finance for the Community’ for students aged 9 to 12 and ‘Your Finances, Your Future’ for secondary school students, both in collaboration with the Junior Achievement Foundation and implemented throughout Spain. The first program, taught by teachers, aims to introduce the youngest to the community, showing how its members work, generate income and make expenses. In the case of ‘Your Finances, Your Future’, a program that has already reached its 10th anniversary, it is taught by banking volunteers who convey the main financial concepts to young people.
The Foundation also participates in the Financial Education Plan ‘Finance for All’, an initiative of the National Securities Market Commission (CNMV), the Bank of Spain and the Ministry of Economy, Trade and Business; with the shared objective of improving citizens’ financial literacy, providing them with the basic knowledge and necessary tools to manage their finances in a responsible and informed manner. Financial training is essential for everyone, at any age, and whatever profession or occupation they perform or will develop in the future.
The European Council called a few months ago for urgent measures, starting in schools, to promote financial knowledge in society. It reached this conclusion following the publication of the latest Eurobarometer, which shows that only 18% of European citizens have a high level of financial knowledge. In the Council’s opinion, “financial literacy is important to improve citizens’ well-being and strengthen their financial inclusion, so that they are better prepared for the future and make investment decisions with sufficient information and considering all existing possibilities, such as those derived from capital markets, which ultimately also contributes to financial stability”.
Taking up the challenge, last week the European Commission announced two important initiatives to boost the Savings and Investment Union and also to improve society’s financial knowledge, for everyone and at all stages.
Most of the decisions we make throughout our lives are the cause or consequence of financial variables. Thus, if knowledge is the main asset of our society, and investment in education is essential, it is no less so in financial knowledge. Knowledge that is important in daily life and for our future. Having basic notions in finance will allow us to make economic decisions appropriate to our needs and expectations. It makes us freer as citizens and more capable as a society. It is advisable to start as soon as possible and never stop.
José Luis Martínez Campuzano, Spokesperson for the Spanish Banking Association
