FINRESP presents the Social Report of the Financial Sector

FINRESP presented yesterday, November 16, the Social Report of the Financial Sector during an event called “The financial sector, facing the challenge of sustainable finance”, where the most prominent data and conclusions from the report were disclosed by Jerusalem Hernández, partner of Sustainability and Good Governance at KPMG Spain. Additionally, the day included an engaging debate on the socioeconomic impact of the sustainable transition between José María Méndez, president of FINRESP, and Antón Costas, president of the Economic and Social Council.

Among the highlighted data from the Report presented at the event, notable mentions were made regarding the positive indications that financial entities are acquiring as “economic drivers and value generators managing a total of 5.3 trillion euros from individuals and companies in various savings, insurance, and investment instruments last year.” It was also recorded that approximately 482 billion euros of new financing was granted to households and businesses last year, representing a 16.4% increase compared to 2021. Specifically, 36% of the new financing was allocated to SMEs, and more than 460,000 mortgages for homes were granted, which account for over 70% of all housing sales operations in Spain.

Currently, the financial sector is positioned first in the generation of quality employment, and the founding associations of FINRESP, including CECA, have generated more than 210,000 jobs, 92.8% of which are permanent contracts.

As stated by FINRESP, “A clear indication of this is that 52.3% of professionals are women, showing a better performance in equality than the national average (46.4%). Furthermore, 25% of the members of governing bodies are women, four points above 2021.” This is a clear demonstration that the financial industry is 100% committed to equality, inclusion, and diversity among its employees.

During the debate, Antón Costas highlighted in his speech that “finance is the bridge between the present and the future. It plays a key role between savers and investors. Without finance, a country is poorer. Today, the two major challenges of capitalism are social inclusion and climate change. Sustainable finance is an essential lever to respond to these two challenges.”

On his part, our general director and president of FINRESP, José María Méndez concluded by stating that “we are witnessing a structural transformation of the global economy, moving together towards a productive model compatible with the preservation of the environment, and firmly committed to society and good governance. In this shared objective, the financial system has a fundamental role: to direct capital flows towards sustainable activities. Our sector is, therefore, an essential catalyst for this transformation. And the report we are publishing today is clear evidence of this.”