We live in a world in constant transformation. A trend that demands permanent adaptation from individuals, requiring them to have the capacity for continuous learning in order to acquire the necessary skills to enable them to function in their environment. In the same vein, over the past two years, the pandemic has intensified the way citizens manage their finances and driven new consumer habits based on digitalisation. However, in certain day-to-day operations, such as bank transactions or weekly shopping, there are still educational shortcomings that need to be improved.
Leading financial supervisors and the banking industry agree on the need to improve levels of financial education to ensure that all individuals acquire the basic knowledge and tools necessary to manage their finances in a responsible and informed manner. The sector is engaged in many initiatives to increase the understanding of financial reality among the population and to alleviate these shortcomings. Among them, the Bank of Spain and the Spanish National Securities Market Commission (CNMV) commemorate Financial Education Day every year, which today celebrates a new edition. This initiative, promoted under the National Financial Education Plan launched in 2008, has counted on the support of the CECA sector -CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, Cecabank, their foundations, CECA and Funcas- from the outset with the development of activities throughout Spain aimed at all segments of the population, with the goal of improving the financial culture of society and raising awareness of its importance in order to manage personal finances appropriately. This involvement of the CECA sector is evidenced by the €4.298 million allocated to promote and improve financial education during 2020 and 2021. A total of €3.025 million of this investment originated from the Funcas Educa Programme, promoted by CECA and Funcas for the fourth consecutive year, and which has resulted in 7,918 activities aimed at all groups, especially the most vulnerable.
This year's theme, Education for safer finances, emphasises the need to improve the financial and digital health of all individuals, placing the focus on the importance of education and information to protect finances and personal data from fraud and cyber-scam attempts. Not surprisingly, the link between financial literacy and the digital environment has made it possible to reinforce messages that help citizens manage their finances and this has been reflected in different initiatives developed by the CECA sector. Among them, the Our Secure Data portal, which provides knowledge and trust in the field of data, privacy and online security, explaining trends in a simple manner to help in everyday decision making; and the Financial and Digital Classroom platform, an initiative of the banking sector -promoted by CECA, AEB and UNACC- which, taking up the baton from the Strategic Protocol to Strengthen the Social and Sustainable Commitment of the Banking Sector, brings together the measures implemented by financial institutions and their associations in the field of financial and digital education. A key initiative considering that "the EU's target for 2030 is for 80% of adults to have basic digital skills, when currently 42% of Europeans lack them, according to the European Commission's Digital Economy and Society Index (DESI)", as CECA spokesman Alberto Aza wrote in an OP-ED in Cinco Días.
For CECA's member entities, financial education is a priority and a social necessity on which the sector has been working for decades. Many years ago they embarked on an exciting challenge: to bring financial education to all layers of society. As proof that this is one of the main areas of activity that embodies their commitment to sustainability and collective well-being, the CECA sector recently signed an agreement with the association Spanish Seniors for Technical Cooperation (SECOT - Seniors Españoles para la Cooperación Técnica) to develop face-to-face financial education programmes and workshops, reducing the digital divide among the elderly and the rural population. In addition, a year ago CECA launched the Financial Education for Athletes project, led by its Obra Social and Financial Education ambassador, Ona Carbonell. More than 500 athletes from different federations, including the Supreme Council for Sports (Consejo Superior de Deportes), have enrolled in this course to improve their financial knowledge.
As part of Financial Education Day, CECA's member entities will organise various activities. Of particular note is the Financial Education Activities Report of the CECA sector for 2020 and 2021, a source of reference information on programmes and projects, and the Funcas Survey on young people and financial education, coordinated by its Director of Social Studies, Elisa Chuliá.
