Accessible Learning: Financial and Digital Classroom

If there is one thing that has become a constant in our times, it is, paradoxically, change. We live in a world of perpetual transformation, where transitions are increasingly frequent and their consequences increasingly immediate. This requires individuals to have a permanent capacity for adaptation, demanding continuous learning and the acquisition of the necessary skills to navigate complex and changing environments. This is a reality that is increasingly manifesting in more areas of our lives, both professional, personal, and collective. In some of them, we carry educational deficits from the past that need to be addressed. This is the case of financial education, not so much as a professional skill, but as a basic ability, essential for managing personal finances.

According to the OECD 2020 survey on financial literacy, more than half of the European population lacks knowledge of basic economic concepts. In Spain, the data also reveals significant gaps that need to be filled. For example, according to a 2021 study conducted by the Mutualidad Abogacía’s Family Savings Observatory (OAF) and the IE Foundation, 44% of families lack basic economic and financial knowledge; while 20% of Spaniards claim to have adequate financial knowledge, when reality clearly contradicts this. A recent report from EFPA Spain rated the financial knowledge of Spaniards at an average of 4.5 out of 10.

There are surely various factors from the past that explain why we find ourselves in this situation today; but rather than looking back, we should focus on the present moment and join efforts between public and private actors to draw up a coordinated, ambitious, and effective roadmap. Fortunately, we can be pleased with some of the initiatives that already exist in our country to promote plans and programs for improving the financial culture of the population. Among these is the National Financial Education Plan of the Bank of Spain and the CNMV. Under this plan, various training initiatives are promoted each year, such as those carried out by financial entities or those of a more sectoral nature, like the one by Funcas, which in its first three years has mobilized an investment of over 12 million euros.

It is a collective responsibility to make these initiatives more accessible, attractive, and agile to help our population progress on the path of financial literacy. With this intention, banking associations have launched a web platform that provides citizens access to all training initiatives in financial education developed by the banking sector, including training actions in digitalization. In an increasingly technological and interconnected world, these types of actions are undoubtedly more necessary than ever. Let us take into account that the EU’s goal for 2030 is for 80% of adults to have basic digital skills, while currently, 42% of Europeans lack them, according to the Digital Economy and Society Index (DESI) from the European Commission.