CECA and Funcas Commit to Promoting Safer Finances on Financial Education Day

• Financial Education Day focuses on the importance of training in personal finance and data protection
• The total investment of the ‘Funcas Educa Program’ in 2020-2021 amounts to 4.29 million euros, with the implementation of nearly 8,000 activities aimed at vulnerable groups
• CECA and SECOT have signed a collaboration agreement for the development and implementation of in-person educational programs and workshops on financial education

On October 3rd, the Financial Education Day will be celebrated, an initiative promoted by the Bank of Spain and the National Securities Market Commission (CNMV) under the National Financial Education Plan launched in 2008. The CECA sector, which includes CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, Cecabank, its foundations, CECA, and Funcas, has united since the first edition eight years ago. This celebration takes place on the first Monday of October, with activities carried out throughout the national territory, aimed at all segments of the population, with the goal of improving the financial culture of society and raising awareness about the importance of being financially well-educated for proper personal finance management.

This year, under the slogan ‘Education for Safer Finances’, the focus is on the importance of training and information to protect finances and personal data against attempts of fraud and cyber scams. With the use of new technologies, the digitization of financial services, and new payment methods, most transactions allow users to operate with their financial institution 24 hours a day from anywhere. However, risks related to cybercrime may arise during their use that should be taken into account.

Advances in Digital Banking Education

Digital banking in Spain has seen significant advancements in recent years due to changes in consumer usage habits. Financial institutions, particularly aware of the importance of cybersecurity, are committed to technology as a method to protect their clients’ data and remain at the forefront of security systems. The link between financial literacy and the digital environment is necessary to reinforce messages that help citizens manage their finances securely, as reflected in various initiatives developed by the CECA sector. Among them is the portal Nuestros Datos Seguros, which provides knowledge and confidence regarding data, privacy, and security online, and the platform Aula Financiera y Digital, an initiative of the banking sector promoted by CECA, AEB, and UNACC.

Funcas Educa Program: The Largest Investment in Financial Education in Spain

The drive for financial education and promoting actions aimed at its implementation are part of the DNA of the entities associated with CECA. So significant is this initiative that, on this day, CECA and its entities actively participate in celebrating seventy activities across the national territory, some of which extend into October. In the context of this day, it is worth noting that CECA and Funcas publicly announce the Financial Education Activity Report of the CECA Sector for the years 2020 and 2021, a reference source for firsthand information about all the programs and projects carried out.

Through the ‘Funcas Program for Stimulating Financial Education’, they continue to contribute to funding activities developed by financial institutions, either directly or through their foundations, promoting existing projects or new ones that address the needs identified in society.

In the current context, it is of utmost importance to have financially responsible citizens who can manage their resources efficiently and know how to navigate new digital technologies to acquire and improve their knowledge and skills. For the CECA sector, financial education is a priority; therefore, during the challenging years 2020-2021, its associated entities allocated 4.298 million euros to promote, support, and enhance financial education. Of the total investment, 3.025 million euros come from the Funcas Educa Program, promoted by CECA and Funcas for the fourth consecutive year. This investment enabled 7,918 activities to be carried out.

Considering the last four years, these entities have allocated a total of 13.07 million euros to promote financial culture, largely thanks to the impetus of the Funcas Educa Program, which, with an allocation of 10.97 million euros, consolidates as the largest investment in financial education in Spain.

Additionally, Funcas has today presented issue number 35 of its Panorama Social, “Financial Education in Spain: Balance and Perspectives,” which includes a dozen articles that analyze financial education in Spain from different angles and outline some perspectives for its development and improvement. Next Monday, Funcas will publish the Survey on Youth and Financial Education coordinated by its Director of Social Studies, Elisa Chuliá.

Collaboration Agreement with SECOT Association

On July 12, 2022, CECA and SECOT (Seniors Españoles para la Cooperación Técnica) signed a collaboration agreement on general interest activities. Specifically, the goal of this agreement is to implement and develop in-person educational programs and workshops to enhance financial education, thereby reducing the digital divide between the elderly and those in rural areas. The agreement also contemplates collaboration on other possible projects in the field of financial education.

In this way, CECA reaffirms its commitment to spreading financial education and supporting vulnerable groups, in this case, the elderly, by providing knowledge, experience, methodology, and professionals for the better development of the agreed activities. For its part, SECOT will offer its knowledge, resources, experience, and senior volunteers for the implementation of the various training activities.

Financial Education in Sports

The CECA sector and the world of sports have been united since 2020 in promoting and disseminating financial education. CECA entities see sports as a tool that fosters inclusion and social progress, alongside numerous values such as overcoming challenges, effort, and dedication, in line with the values the CECA sector identifies with. Evidence of this is the selection of Ona Carbonell as the ambassador for Social Work and Financial Education, a figure representing CECA’s commitment to effort and adaptability to reach all individuals, especially vulnerable groups.

In December 2021, CECA launched the online course on Financial Education for Athletes, an initiative supported by numerous sports federations, which has already seen over 500 athletes enroll. The project aims not only for athletes to learn how to manage their personal finances and income during their active sports careers, but also to evaluate and reflect on the moment of their retirement.