During the pandemic, CECA's member entities have demonstrated their flexibility by allocating 86% of their budgets to digital actions
4,145 activities were carried out throughout the year. More than 3 million beneficiaries belong to vulnerable groups
CECA's member entities –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 to promote and improve financial education in 2020. Of the total investment, €3.025 million came from the Funcas Educa Programme, promoted by CECA and Funcas for the third consecutive year.
According to the Financial Education Activity Report, which was presented today, the digital realm has taken on a key role in a year marked by the pandemic.
In this environment, member entities and Funcas have worked to provide an inclusive response through digital channels, once again demonstrating their flexibility and capacity to adapt to the new circumstances brought about by the pandemic. Thus, 86% of the total investment has been allocated to digital actions, including app development, websites or virtual workshops.
In the sector as a whole, a total of 4,145 activities have been carried out.
Indeed, enhancing digitalisation and facilitating access to telematic channels for the most vulnerable groups has been the main objective of the programmes during 2020. Messages related to password management, monitoring online security, secure Internet browsing and online shopping, especially for seniors, have been reinforced.This goal has led CECA's member entities to develop initiatives with innovative formats and to adapt to the digital environment the actions that were already designed.
In addition, the number of programmes designed for entrepreneurs, retailers, professionals and the self-employed, businesses and micro-enterprises has multiplied, in support of the groups most affected by the COVID-19 crisis.
The Funcas Educa Programme has once again highlighted the social commitment of CECA's member entities to financial education, a fundamental discipline that enables citizens to be financially responsible.
More investment in specific groups and diversification of topics
According to the Financial Education Activity Report, around 53% of the investment was earmarked for specific groups such as entrepreneurs, people with special needs and those at risk of social exclusion.
In addition, the topics have been modified with respect to the previous edition, due to the impact of the pandemic. Thus, initiatives designed for entrepreneurs, businesses, retailers and the self-employed have multiplied, accounting for almost 30% of the investment. Some 35% of the beneficiaries have carried out some activity related to these topics.
In 2020, the number of activities related to sustainability, cybersecurity and other forms of digitalisation has also increased. According to the document prepared by CECA and Funcas, actions focused on the topics of savings, spending, budgeting and investment products and services have maintained their position at the top of the list of activities carried out, due to the impact of the pandemic on family finances.
Eduardo Bandrés, Director of Public Spending, Regulation and Welfare at Funcas, stressed during the presentation of the Report, that 'in the last three years CECA's member entities, either directly or through their related foundations, have allocated €12.35 million to financial education, in part thanks to the drive provided by the Funcas Educa Programme which, with a budget of €9.47 million, has consolidated its position as the largest investment in financial education in Spain'.
Meanwhile, Mónica Malo, Director of Communications, External Relations and Sustainability at CECA, asserts that: 'These types of programmes are essential to alleviate the financial literacy deficit in Spanish society. Greater financial literacy favours better savings or investment decisions, leading to more efficient management of personal resources, thus contributing to the progress of all'.
The third edition of the Funcas Educa Programme is part of the Finance for All initiative of the Bank of Spain and the Spanish National Securities Market Commission (CNMV), which seeks to promote financial education activities that improve the financial culture of citizens.