Fifty percent of digital and in-person attendees were under 25 years of age, while seniors accounted for more than 3.2 million impacts (25%)
Savings and budget management, sustainability, cybersecurity and investment services were the areas that received the most investment
With just over €15 million invested over the past 5 years, the CECA sector has consolidated its position as the largest investor in financial education in Spain
CECA, its member entities and its foundation Funcas invested more than €2.23 million during 2022 to promote 122 programmes geared towards strengthening financial education in Spain. During this period, more than 13 million impacts were registered, counting both in-person attendees and digital access[1], in 4,227 activities, targeting audiences of different ages and specific groups. These are some of the findings of the Financial Education Executive Report 2022, which includes the main figures relating to the initiatives implemented by the CECA sector to improve the financial culture and digital skills of society over the past year.
Financial education in the CECA sector with a focus on inclusion
For CECA's member entities, financial education is an essential tool for empowering citizens, who have to deal with a changing reality. In today's uncertain environment, the importance of having financially responsible people who effectively manage their resources and adequately use new digital technologies becomes even more apparent.
CECA's member entities, through their programmes, share their experience, knowledge and capillarity throughout the territory, assisting young people, adults and the elderly. By age group, 59% of the investment (€1.32 million) was allocated to projects targeting people under 25 years of age. Specifically, 6.6 million impacts related to children and young people. At the same time, seniors represented 25% of digital accesses and in-person attendees, with more than 3.2 million impacts.
CECA's commitment to the most vulnerable people is part of the DNA of all its projects. Proof of this is that more than €1.25 million were allocated to specific groups, representing more than 9.3 million impacts. By groups, 36% of the investment was allocated to training programmes for entrepreneurs, followed by people with special needs (31.67%) and people at risk of social exclusion (31.62%).
The areas that received the most investment include the following: savings, expenditure and budgeting (27.7%); sustainability, digitalisation and cybersecurity (16.2%); investment services and products (15%); insurance (11.2%); banking services and products (10.41%); and entrepreneurship, SMEs, the self-employed and rural areas (8.1%).
The CECA sector, the largest investor in financial education in Spain
Over the last five years, the total investment undertaken by the CECA sector to improve financial literacy has totalled €15.37 million, and of this, €10.9 million was allocated to the 'Funcas Financial Education Stimulus Programme (Funcas Educa)'. This programme enables CECA's member entities, either directly or through their related foundations, to promote existing projects or new initiatives to meet the needs detected in society.
By 2023, Funcas Educa's endowment is expected to reach €1.8 million.
Financial education, a driver of sustainable development
The association is part of the OECD's International Network on Financial Education (OECD/INFE) and one of the drivers of the Financial Education Plan together with: the Bank of Spain, the National Securities Market Commission (CNMV) and the Ministry of Economic Affairs and Digital Transformation.
Within the framework of this plan, Financial Education Day is held annually. This year, under the theme "Inclusive finance, finance for all", it highlights the importance of training in financial literacy and digital skills to foster equal access to financial services, regardless of age or where we live.
As part of its DNA, and thanks to its capillarity, CECA's member entities promote activities across the country throughout the year, which are reinforced during Financial Education Week: round tables and conferences, training sessions, competitions and cross-cutting projects in which volunteers from the banking sector work together towards more inclusive finance.
In the current context, partnerships are essential to achieve the Sustainable Development Goals and the targets set by the 2030 Agenda.
Download Financial Education Executive Report 2022
DownloadFinancial Education Leaflet 2022
Activities of CECA's member entities on the occasion of Financial Education Week
[1] Digital accesses refer to on-line metrics that include: standard views, downloading of applications and digital content, website visits and streaming.