From 2015, as a joint effort of CNMV and Banco de España, the first one Monday of October is celebrated on the Day of the Financial Education with the aim of raising awareness on the importance of being formed in this matter and put in relief the repercussion that has in the development of our everyday life.

 

Low this premise, elEconomista with the sponsorship of CECA has celebrated the Financial» Observatory «Education in which participated outstanding speakers as a Mónica Malo Serisa, director of Communication-relationships External and CECA's Sustainability; José María López Jiménez, Sustainability and CSR director of Unicaja Bank and coordinator of the financial education project Edufinet; José Manuel Mourelo, coordinator of the area of Corporate Social Responsibility and Institutional of Afundación Obra Social ABANCA; Roberto España Seijas, boss of the Division of Information and Services to Banco de España's Banking Client; Gloria Caballero Núñez, deputy director of the Area of Education of the CNMV and Eduardo Bandrés Moliné, director of Public Spending, Regulation and Well-being of Funcas.

The event began with Mónica's intervention Malo highlighting the financial education in the current context. «It is a tool that promotes the financial health and is very relevant for several reasons. In the first place, because the life expectancy every time is great and therefore we must worry for maintaining the financial health a lot more», explained. «In the second place, for the convenience of complementing that public pension with other incomes; and in the third place, because every time is more complex the financial system and the management of the personal assets and of the saving. They exist multitude of alternatives to this day and for this reason we must take decisions from the information and the knowledge».

Eduardo Bandrés: «How much less level of training is had worse financial decisions are taken»

An idea with which coincided the director of Public Spending, Regulation and Well-being of Funcas. «We are convinced that it is a pivotal issue because how much less level of training is had worse financial decisions are taken. The financial education has a high collective good component, the same as the education as a whole».

From the CNMV and the Banco de España work in the new edition of the Financial Education plan 2022-2025 that will be signed in the fall with the aim of contributing to the improvement of the financial culture of the citizens, providing them of tools, abilities and knowledge to adopt informed financial decisions.

«The plan has mostly been aimed at students of middle school, however we believe that we must arrive at new citizens groups with new contents», the boss explained of the Division of Information and Services to Banco de España's Banking Client.

In this regard, the deputy director of the Area of Education of the CNMV specified: «We will address to new groups, students of elementary school, university students, groups vulnerable and we will cover new fields of action as the sustainable finances, the fraud or the digitisation».

Gloria Caballero: «The Financial Education plan will cover new fields of action as are the sustainable»finances

Similarly, Gloria Caballero indicated that «the website www.finanzasparatodos.eshas been renewed to improve the contents and consolidate us as a web portal of reference. For this, carried out are had changes in the design, the architecture of contents and to the user experience, so that it is more practical and interactive».

This is because, one of the the difficulties of promote the financial education involves «do that the people is interested for these topics. We have do conscious to the citizens of that there have an instrument of freedom to improve its financial»life, Roberto ensures España.

Current situation

In España the financial education even supposes a pending issue. This is because, just as they highlight the details, one of each four adolescents has significant deficiencies of knowledge of finances, according to the last report PISA. «The challenge is achieve that the financial education is attractive and quality according to the public and the age to that which is directed, most notably in early»ages, José Manuel points out Mourelo.

José Manuel Mourelo: «The financial education owes begin in early ages and follow throughout the life»

Following on from this, Afundación Obra Social ABANCA carries out the initiative Segura-mind in which sets out to the student body tour in a virtual way the Camino of Santiago learning on finances, but also on history, art or literature. From its launch three years ago has arrived at more than 190,000 students out of 6 and 17 years across the Whole of Spain. Similarly, the programme «The madwoman adventure of the saving» based on the gamificación and directed to students between 1st and 6th of elementary school has the intention of teaching to correctly manage the money, to save and to be solidarity while they get ready financially for the adult life.

Furthermore, José María López considers that in addition to put the focus in the general field of the financial education as are the phases school children, «we must bet for the financial education directed to vulnerable»groups.

«To be more effective, can be preferable to design custom-made formative actions. The smaller number of payees is seen compensated by a great success of the educational action. In the end, is not so much transmit knowledge but instead responsibilities and abilities. The knowledge are over forgetting and the responsibilities serve to solve of the best possible way the takeover of an economic decision or financial», added.

Mónica Malo: «In CECA financial education digital programmes suppose 86% of the investment»

Nonetheless, to have degree of knowledge enough in financial matter is necessary that the users acquire earlier a series of digital and computer responsibilities, essential in the fourth industrial revolution that we live. From CECA have noticed as the presence in the digital field has increased with time, and more specifically with the health crisis. «Financial education programs in the field digital suppose 86% of the investment», Mónica stated Malo on the initiatives of CECA.

Frauds and cybersecurity

During the Observatory also was tackled as the financial education can help to protect to the people of victims of financial fraud, type of criminal offence increasingly common, especially during the epidemic of Covid-19, that it has caused that great number of clients are connected to Internet.

Roberto España pointed out as in the service of claims of the Banco de España is «the topic star», that which experiences more growth during 2020 and 2021. Similarly, generally, the total claims of the Banco de España have gone increasing over the years.

Roberto España: «They have increased the claims in the Banco de España related to the financial»fraud

When it comes to the fraud, José María López stated as «not only the young can be victims but instead cooperators of the criminal offence with an imprisonment of enough years, which is why the worry is double».

«The lack of digital skills promotes the appearance of this fraud, but also it promotes an over confidence, especially between the youngest ones, that they can underestimate the implications of its digital»activity, Roberto added España.

In this point, Mónica Malo stressed the increase of the investments in bitcoin. «Most notably in young of 18-20 years that they invest in topics of bitcoin without knowing up to what point are aware of the stability of these currencies». This is because, the financial risks of investing in criptomonedas should not underestimate. Specialists of the Authority of Financial Conduct of the United Kingdom (FCA, by its initials in English) indicate that 59% of the young that they invest in criptomonedas would be able to experience significant financial damages in the event of lost or devaluation of the criptodivisas.

When it comes to the importance that has the cybersecurity in certain sectors, emphasised the banking one. This is because, the banking is had become the main goal of the hackers and is the sector that more cyberattacks receives.  However, to do invulnerable this sector does not stop increasing its investment. «The companies that they constitute CECA invested in 2019 more than 1,600 millions in technology, theirs, 57.7 millions directed them to cybersecurity and 84 millions dedicated them to training to protect of the hackers«, the director explains of Communication-relationships External and CECA's Sustainability.

Pension plans

Another of the issues in which there is a widespread concern, so much in España as in more European countries, is that the citizens do not save the enough thing for its future retirement.

«It is necessary to diversify the sources of income of older people », Eduardo Brandés declared. «The path that can follow the public pensions system is going to be decisive in the life of the people. For this reason, it is necessary to explain that not only they exist the private pension plans, there are alternatives that many people do not know. All in all, does not be put in cloth of trial the public pensions system but instead complement the incomes with other options».

José María López Jiménez: «Apart from pension funds, it is necessary to inform more and better on forecast»

«We have more inform and better on forecast, no longer only of pension funds. I consider that objectively the citizens must be but aware of which we are going to find in the retirement», the director pointed out of Sustainability and CSR of Unicaja Bank.

Future challenges

To conclude the event, the speakers debated on the challenges that has the financial education in the future. The communication manager, external relations and sustainability of CECA said that from a sectorial point of view analyse the impact that they have the initiatives is one of the major challenges to see what works better and design better the initiatives. «Similarly, we want from CECA connect the financial education with the ODS, since this is found very linked with the sustainability», Mónica declared Malo.

Similarly, José Manuel Mourelo emphasised the «spread the impact of the projects to arrive at all the age groups, educating in securities throughout the life, achieving that the financial education is key from the base».

Furthermore, Roberto España defends «spread us to new groups specific, explore new ways of communication and spread new contents. In addition, we want expand the network of collaborators in the Financial»Education plan.

Lastly, Eduardo Brandés stressed three aspects. «In the first place, the evaluation. Do a follow-up to see if the teachings have a big impact in the moment that are received and analyse if they influence subsequently in the decisions. In the second place, the cybersecurity, and in the third place, the sustainable finances. These topics will result priorities in the future », concluded.