CECA Entities Invested Over €3.5 Million in Financial Education in 2020
During the pandemic, CECA entities demonstrated their flexibility by allocating 86% of the budget to digital initiatives.
4,145 activities were developed throughout the year, benefiting over 3 million individuals from vulnerable groups.
CECA-associated institutions – CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Liberbank, Caixa Ontinyent, and Caixa Pollença – in collaboration with their foundations, allocated €3,574,774 to activities aimed at promoting and enhancing financial education in 2020. Of the total investment, €3.025 million came from the Funcas Educa Program, promoted by CECA and Funcas for the third consecutive year.
According to the presented Financial Education Activity Report, the digital realm has played a fundamental role in a year marked by the pandemic.
In this context, the associated entities and Funcas have worked to provide an inclusive response through digital channels, demonstrating once again their flexibility and capacity for adaptation to the new circumstances brought about by the pandemic. Thus, 86% of the total investment has been allocated to digital initiatives, including the development of apps, websites, and virtual workshops.
In total, 4,145 activities have been conducted across the sector.
In particular, deepening digitalization and facilitating access to telematic channels for the most vulnerable groups have been the main objectives of programs during 2020. Messages related to password management, online security vigilance, secure internet navigation, or online shopping, especially for the elderly, have been reinforced. This goal has led entities that are part of CECA to develop innovative format initiatives and adapt actions that were already designed to the digital environment.
Additionally, programs aimed at entrepreneurs, businesses, professionals, and microenterprises have multiplied in support of the groups most affected by the COVID-19 crisis.
The Funcas Educa Program has once again highlighted the social commitment of CECA-affiliated entities to financial education, a fundamental discipline for citizens to become financially responsible.
More Investment in Specific Groups and Diversification of Themes
According to the Financial Education Activity Report, nearly 53% of the investment has been allocated to specific groups such as entrepreneurs, individuals with special needs, and those at risk of social exclusion.
On the other hand, the themes have changed compared to the previous edition, due to the pandemic’s impact. Initiatives aimed at entrepreneurs, businesses, or freelancers have multiplied, concentrating nearly 30% of the investment. 35% of the beneficiaries have engaged in activities related to these topics.
In 2020, activities related to sustainability, cybersecurity, and other forms of digitalization have also increased. According to the document prepared by CECA and Funcas, actions focused on themes such as savings, spending, budgeting, and investment products and services have remained among the top positions of developed activities, due to the pandemic’s impact on household finances.
Eduardo Bandrés, Director of Public Expenditure, Regulation, and Wellbeing at Funcas, highlighted during the report’s presentation that “in the last three years, the entities affiliated with CECA, either directly or through their linked foundations, have allocated €12.35 million to financial education, partly thanks to the push of the Funcas Educa Program which, with a budget of €9.47 million, consolidates as the largest investment in financial education in Spain.”
For her part, Mónica Malo, Director of Communication-External Relations and Sustainability at CECA, stated: “Such programs are essential to mitigate the deficit of financial knowledge in Spanish society. A greater financial culture supports more accurate decision-making regarding savings and investments, thereby enabling more efficient management of personal resources and contributing to the progress of all.”
The third edition of the Funcas Educa Program is part of the Finance for All initiative from the Bank of Spain and the National Securities Market Commission (CNMV), which aims to promote financial education activities that improve the financial literacy of citizens.
