The entities of CECA and Funcas join the challenge of promoting sustainable finance on the occasion of Financial Education Day
Today, October 4, marks the celebration of Financial Education Day for the seventh consecutive year, an initiative promoted by the Bank of Spain and the National Securities Market Commission (CNMV) under the National Financial Education Plan 2018-2021, which was launched in 2015. Its celebration occurs every first Monday of October, with activities carried out across the national territory, aimed at all segments of the population, with the objective of raising awareness about the importance of being well-educated to manage personal finances adequately.
This year, under the slogan ‘Your finances, also sustainable’, the aim is to convey the significance of incorporating sustainability into personal finance. A relevant aspect to consider in daily life, given that any action taken not only impacts people’s lives but also significantly affects the environment and the economy as a whole. To achieve a more sustainable world, it is essential that plans are viable and respectful of the environment, a principle that also applies to the management of personal finances.
The promotion of financial education and the encouragement of actions aimed at its realization are part of the DNA of the entities associated with CECA. Specifically, for CaixaBank, Kutxabank, Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, Cecabank, CECA, and Funcas, financial education is one of the main priorities, with a dual purpose. On one hand, to raise citizens’ awareness of the importance of being financially educated to make informed decisions, and on the other, to contribute to improving the population’s knowledge in finance so they can act responsibly and informed. A higher level of financial knowledge promotes the stability of the financial system, making financial education a decisive tool capable of enhancing the well-being of citizens and fostering equality of opportunities. Under this premise, the following activities have been organized to celebrate Financial Education Day/Week 2021.
The importance of digital Despite the challenges posed by the pandemic, the entities have demonstrated enormous adaptability in shifting a large part of their initiatives to the online format, thus facilitating access for the most vulnerable groups. In this way, 2020 stood out for the strong commitment to the digital realm, with innovative initiatives prioritizing the use of various online channels. Thus, 86% of the total investment has been allocated to digital actions such as app development, websites, video games, virtual workshops, or streaming broadcasts. Messages related to password management, online security monitoring, safe navigation on the internet, or online shopping, especially for the elderly, have also been reinforced. Additionally, programs aimed at entrepreneurs, businesses, professionals, and freelancers, as well as microenterprises, have multiplied in support of the groups most affected by the COVID-19 crisis. Similarly, there has been an increase in activities related to sustainability, cybersecurity, and digitization, while topics on savings, spending, budgeting, or investment products and services have remained among the top positions of developed activities due to the impact of the pandemic on household finances.
A long-standing participation in line with the Sustainable Development Goals One of the priorities of the entities associated with CECA has always been to promote financial education. In the current context, this commitment is even greater, with the aim of bringing financial education to society, sharing their experience, knowledge, and outreach throughout the territory. In Spain, there has been a national strategy promoted since 2008 by the Bank of Spain and the CNMV, of which the mentioned entities are part. Thus, since 2008, the sector has supported the three Financial Education Plans already approved and will once again join the 2022-2025 Plan, which will be presented this autumn.
It is noteworthy that the entities of CECA and the association itself, as members of the Global Compact, contribute to promoting the Sustainable Development Goals through their support for financial education. In this way, they promote quality education, decent work and economic growth, reducing inequalities and aiding empowerment and gender equality, particularly among the most vulnerable.
Funcas Educa Program: the largest investment in Spain in Financial Education Through the ‘Funcas Financial Education Stimulus Program’, activities developed by financial entities are being financed, whether directly or through their foundations, promoting existing projects or new ones that address the new needs arising in society. Over the last three years, these entities have allocated 12.35 million euros to promote financial education, partly due to the push from the ‘Funcas Educa Program’, which, with a funding of 9.47 million euros, stands as the largest investment in financial education in Spain.
Only during the complex year 2020, these entities allocated 3,574,774 euros to promote, boost, and improve financial education. Of the total investment, 3.025 million euros come from the ‘Funcas Educa Program’, promoted by CECA and Funcas for the third consecutive year. With this investment, 4,145 activities were carried out. To overcome a moment like the current one, it is vital to have financially responsible citizens who manage their resources as effectively as possible and deepen digitalization in disseminating knowledge and skills.
