The CECA sector allocated 2.58 million euros to financial and digital education in 2023, 50% more than the previous year

59% of the investment has been allocated to programs for children and youth. Regarding the senior community, there has been an increase in investment of more than 24%, reaching 3.6 million impacts.

The commitment of the CECA sector to the most vulnerable individuals is reflected in an investment of 1.34 million in training for groups with specific needs.

Savings and budget management, sustainability, digitalization, cybersecurity, and investment services are among the priority training areas.

The CECA sector consolidates itself as one of the largest investors in financial education in Spain, having allocated nearly 18 million euros in the last six years.

CECA, its associated entities, and its foundation Funcas invested 2.58 million euros during 2023 to promote over 100 programs aimed at strengthening financial education in Spain and distributed across 6,362 activities, which represents an increase of more than 50% compared to the previous year. During this period, more than 33.8 million impacts were registered, including in-person attendees and digital accesses, with more than double the growth in digital impacts compared to 2022. These are some of the data collected in the Executive Report on Financial Education 2023, which reflects the main figures regarding initiatives developed by the CECA sector to enhance financial knowledge and digital skills in society over the past year.

The financial education of the CECA sector, a commitment to all groups

Financial education is fundamental for the financial well-being of individuals and households, especially in the current context of uncertainty, characterized by periods of high inflation, the emergence of cryptocurrencies, and an increase in attempts at fraud. Today, more than ever, it is necessary to continue improving the financial culture of society to ensure that financially responsible individuals are equipped to effectively manage their resources and appropriately handle new digital technologies. Therefore, for the CECA sector, financial education is an absolute priority, as well as an important lever for improving the lives of individuals, particularly among the most vulnerable groups.

The entities associated with CECA are aware of these needs and, through their programs, share their experience, knowledge, and reach throughout the territory, catering to youth, adults, and seniors. Through their projects, they promote the enhancement of financial culture, which favors the stability of the financial system, financial inclusion, and social cohesion. By age, 59% of the investment (1.51 million euros) was allocated to projects aimed at individuals under 25 years old. Specifically, 23.5 million impacts pertained to the youth collective. Regarding the senior community, in 2023, there has been a growth in investment of more than 24%. Furthermore, activities directed to this community have increased by more than 48%, with CECA registering over 3.6 million impacts. The commitment of the CECA sector to the most vulnerable individuals is part of the DNA of all its projects. Proof of this is that over 1.34 million euros were allocated to specific groups. Furthermore, activities have increased by 68.64% (with more than 2,600 activities), and both in-person and digital accesses have grown by 57.44%, reaching over 14 million impacts.

By specific groups, 47% of the investment was allocated to individuals at risk of social exclusion, followed by individuals with special needs (28.21%) and training programs for entrepreneurs (24.78%).

Among the themes that received the most investment are: savings, spending, and budgets (27.68%); sustainability, digitalization, and cybersecurity (19.78%); investment products and services (15.52%); banking products and services (13.43%); insurance (10.48%); and entrepreneurship and rural world (7.37%).

The CECA sector, one of the largest investors in financial education in Spain

In the last six years, the total investment made by the CECA sector to improve financial culture has reached 17.9 million euros, of which 12.79 million corresponds to the ‘Funcas Program to Stimulate Financial Education (Funcas Educa)’. This program allows entities affiliated with CECA, whether directly or through their linked foundations, to promote ongoing projects or new initiatives to meet the needs identified in society.

This investment has enabled the development and strengthening of financial education in Spain, benefiting various groups and contributing to sustainable development. For the year 2024, the allocation of Funcas Educa has reached 2.5 million euros.

The financial literacy of youth, key to progress

CECA and Funcas collaborate on initiatives framed within the current Financial Education Plan 2022-2025, driven by Banco de España, the National Securities Market Commission (CNMV), and the Ministry of Economy, Trade and Business. As part of this plan, the Financial Education Day is celebrated annually. This year, under the motto “Digital finance: learn, advance, innovate”, the focus will be on the financial education of youth and managing their personal finances in the digital environment. Additionally, special attention will be given to training in digital skills, specifically on the need to understand the risks associated with the use of technology.

Education frees individuals, and in a world where the economy permeates all sectors and is part of our daily lives, financial culture occupies a fundamental place. Early financial literacy prepares children and youth to face economic challenges in adult life; for example, paying bills, applying for credit and understanding its costs, or planning for retirement. Knowledge of finance becomes a key element for the progress of a responsible society.

Aware of this, the entities in the CECA sector promote activities throughout the national territory year-round, which are enhanced during Financial Education Week: round tables and conferences, training sessions, contests, and transversal projects in which volunteers from the banking sector collaborate in favor of more inclusive finance.

Download Executive Report on Financial Education 2023

Download Financial Education Brochure 2023

[1] The digital accesses refer to online metrics that include: standard views, app downloads and digital content, website visits, and streaming.