• Financial Education Day puts the spotlight on the importance of personal finance and data protection education
  • The total investment of the 'Funcas Educa Programme' in 2020-2021 amounts to €4.29 million, with the implementation of almost 8,000 activities targeting vulnerable groups
  • CECA and SECOT have signed a collaboration agreement for the implementation and development of face-to-face educational programmes and workshops on financial education

Financial Education Day, an initiative promoted by the Bank of Spain and the Spanish National Securities Market Commission (CNMV) under the National Financial Education Plan launched in 2008, will be held on 3 October. The CECA sector, comprising CaixaBank, Kutxabank and Cajasur Banco, Abanca, Unicaja Banco, Ibercaja Banco, Caixa Ontinyent, Colonya Pollença, Cecabank, their foundations, CECA and Funcas, have participated in this initiative since the first edition eight years ago. The event is held every year on the first Monday of October, with activities taking place throughout the country, targeting all segments of the population, with the aim of improving society's financial literacy and raising awareness of the importance of being financially well-educated in order to be able to manage personal finances properly.

This year, under the theme 'Education for safer finances', the focus is placed on the importance of education and information to protect the finances and personal data of users from attempted fraud and cyber-scams. Thanks to the use of new technologies, the digitalisation of financial services and new payment methods, users can now carry out transactions with their financial institution 24 hours a day and from anywhere. However, their use may give rise to cybercrime risks that need to be taken into account.

 

Advances in digital banking training

Digital banking in Spain has made strong progress in recent years as a result of changes in consumer usage habits. Financial institutions, particularly aware of the importance of cybersecurity, are committed to technology as a method of protecting their customers' data and remain at the forefront of security systems. The link between financial literacy and the digital environment is necessary to reinforce messages that help citizens manage their finances securely, as reflected in different initiatives developed by the CECA sector. These include the 'Nuestros Datos Seguros' (Our Secure Data) portal, which provides knowledge and trust in the field of data, privacy and online security, and the 'Aula Financiera y Digital' (Financial and Digital Classroom) platform, an initiative of the banking sector, promoted by CECA, AEB and UNACC.

 

Funcas Educa Programme: the largest investment in financial education in Spain

 The fostering of financial education and the promotion of actions geared towards its implementation form part of the DNA of CECA's member entities. Such is the importance of this initiative that, on this day, CECA and its entities actively participate in seventy activities throughout the country, some of which extend throughout the month of October. As part of this day, it should be noted that CECA and Funcas release the Financial Education Activities Report of the CECA sector for 2020 and 2021, a source of reference information that provides in-depth knowledge of all the programmes and projects implemented.

Through the 'Funcas Financial Education Stimulus Programme', contributions continue to be made towards the financing of activities carried out by financial institutions, either directly or through their foundations, promoting existing projects or other new projects that meet the needs detected in society.

In the current context it is of utmost importance to have financially responsible citizens who can manage their resources in the most efficient manner and who know how to handle new digital technologies in order to acquire and improve knowledge and skills. For the CECA sector, financial education is one of the top priorities, which is why, during the complex 2020-2021 period, its member entities allocated €4,298 million to promote, boost and improve financial education. Of the total investment, €3.025 million stem from the Funcas Educa Programme, promoted by CECA and Funcas for the fourth consecutive year. With this investment, a total of 7,918 activities were carried out.

Looking at the last four years, these entities have allocated a total of €13.07 million to promote financial literacy, largely thanks to the drive provided by the 'Funcas Educa Programme' which, with an endowment of €10.97 million, has consolidated its position as the largest investment in financial education in Spain.

In addition, Funcas released today issue 35 of Panorama Social, entitled 'Financial education in Spain: balance and outlook', which includes ten articles that, from different angles, analyse financial education in Spain and outline some approaches for its development and improvement. Next Monday, Funcas will release the Survey on young people and financial education coordinated by its Director of Social Studies, Elisa Chuliá.

 

Collaboration agreement with the SECOT association

 On 12 July 2022, CECA and SECOT (Spanish Seniors for Technical Cooperation) signed a collaboration agreement on activities of general interest. Specifically, the purpose of this agreement is to conduct and develop face-to-face educational programmes and workshops to promote financial education, thus reducing the digital divide among the elderly and the rural population. The agreement also envisages collaboration on other possible projects in the field of financial education.

Thus, CECA once again reinforces its commitment to the dissemination of financial education and its support for vulnerable groups, in this case the elderly, providing knowledge, experience, methodology and professionals for the best development of the agreed activities. For its part, SECOT will contribute its knowledge, resources, experience and senior volunteers for the implementation of the various training activities.

 

Financial education in sport

 The CECA sector and the world of sport have been working together since 2020 to promote and disseminate financial education. CECA's entities understand sport as a tool that favours inclusion and social progress, as well as encompassing a multitude of values such as self-improvement, effort and dedication, in line with the values with which the CECA sector identifies. Proof of this is the appointment of Ona Carbonell as ambassador for Obra Social and Financial Education, a figure who represents CECA's commitment to effort and the capacity to adapt, in order to reach out to everyone, especially the most vulnerable groups.

In December 2021, CECA launched the on-line Financial Education for Athletes course, an initiative that boasts the support of numerous sports federations and for which more than 500 athletes have already registered. The goal of the project is not only for athletes to learn how to manage their personal finances and income during their active time in sport, but also for them to be able to evaluate and reflect on the moment of their retirement.