CECA and its associated entities celebrate the Financial Education Day by adapting and reinforcing their programs to the pandemic
The entities associated with CECA, thanks to their involvement and reach, organized over 2,500 financial education activities last year and surpassed 25 million beneficiaries.
The Funcas 2020 Financial Education Stimulus Program launched this year with measures aimed at mitigating the effects of the coronavirus crisis, reinforcing the social work of the entities affiliated with CECA.
On October 5, the Financial Education Day will be celebrated for the sixth consecutive year in Spain, with various activities scheduled throughout the Spanish territory and organized within the framework of the Financial Education Plan 2018-2021, in which CECA participates as a collaborating entity along with its associated entities, and which is promoted by the Bank of Spain and the National Securities Market Commission.
This day has been commemorated since 2015 on the first Monday of October through a program of activities aimed at all segments of the population and under different themes with the goal of raising awareness about the importance of being financially well-informed to manage personal finances appropriately. This year, the slogan “Responsible Finance, Finance for All” seeks to convey the need to acquire responsible financial habits when managing the finances of citizens and families, a particularly relevant aspect at this time, marked by the health crisis caused by COVID-19.
In the current context, the entities associated with CECA have adapted and reinforced financial education programs to meet new needs arising from the pandemic, deepening digitalization and facilitating access for the most vulnerable groups. The promotion of financial education and the encouragement of actions aimed at its realization have become a tradition for the entities associated with CECA. Many years ago, CECA and its entities embarked on an exciting challenge: to bring financial education to all layers of society.
Since then, they have built bridges that connect all people to leave no one behind. And now, more than ever, they continue to share their experience, knowledge, and reach throughout the territory.
In 2019, CECA and its associated entities made a total investment of 4.5 million euros in financial education programs. Of this total, 3.45 million were contributed by the Funcas Financial Education Stimulus Program (Funcas Educa), and the rest came from the own financing of the associated entities, which were distributed across 2,563 activities reaching more than 25 million beneficiaries. 58.8% of the activities were directed to children and youth, and over 400 actions were carried out for the elderly. Among the beneficiary population, 12.8 million people at risk of social exclusion and 4 million entrepreneurs are notable. The local roots of CECA’s associates, who had 8,800 collaborators, allow reaching a greater number of people with all activities.
CECA and Funcas received last year the Finance for All Award for their Commitment to the Development of the Financial Education Plan, granted by the Bank of Spain and the National Securities Market Commission, for their commitment to promoting financial culture.
The Funcas Educa 2020 program stands out with a budget of 3.025 million euros, remaining the largest investment in financial education in Spain. This is the third edition of this collaboration program that finances financial education projects developed by the entities affiliated with CECA, either directly or through their linked foundations, consolidating existing projects and promoting new ones that help improve the level and quality of financial education for Spaniards.
With the social and economic life of citizens conditioned by the pandemic, the Funcas Educa program started this year with measures aimed at mitigating the effects of the coronavirus crisis. Some of its areas of action have gained special relevance and have reinforced the social work of the entities associated with CECA. In particular, deepening digitalization and facilitating access for the most vulnerable groups to telematic channels is a primary goal of the Program, which also continues the strategy developed by the entities in 2019.
Carlos Ocaña, General Director of Funcas, states that “in recent years, society’s sensitivity to the need to improve citizens’ financial education has grown enormously, and initiatives and resources dedicated to this matter have multiplied. The challenge now is to evaluate what is being done, measure the results, compare, and keep what works.” In the framework of the Financial Education Day, Carlos Ocaña will participate in Afundación TV, where he will review the impact of the health crisis on the Spanish economy, the measures adopted, and the outlook for the coming months (more information available at this link).
Furthermore, Funcas has convened for the second consecutive year its Research Grants in Financial Education program, aimed at financing projects aimed at promoting research in financial education, with special attention to the evaluation of the impact of programs, innovations, entrepreneurs, or social inclusion, among others. This edition already includes four selected projects from the Universities of Málaga, Extremadura, Alcalá de Henares, and Barcelona, out of the twenty-one submitted. Regarding the first edition of the program, a manual with the five winning projects will be published soon.
Activities throughout the national territory
In 2008, the Bank of Spain and the National Securities Market Commission, with the support of the General Secretariat of the Treasury and Financial Policy and the General Directorate of Insurance and Pension Funds, took on the responsibility of promoting financial education in our country, creating the first Financial Education Plan (2008-2012) which was renewed for the periods 2013-2017 and 2018-2021. From the outset, the entities associated with CECA joined this initiative by signing a Framework Collaboration Agreement to the Financial Education Plan and continue collaborating with the latest plan. As collaborators of the Financial Education Plan, CECA and its affiliates are responsible for conveying concepts that help people plan for a better life.
The notable effort of Funcas and the entities associated with CECA in disseminating financial education is evident through the various programs developed throughout Spain. To celebrate the VI Financial Education Day, the affiliated entities have scheduled activities for the week of October 5 to October 11 in multiple locations targeting different audiences (for more details, please visit the following link).
It is necessary to increase financial knowledge levels to achieve more inclusive societies and greater citizen empowerment, ultimately contributing to achieving the Sustainable Development Goals (SDGs) adopted by the United Nations General Assembly.
