This Monday, October 7 Financial Education Day is celebrated and many events surround it to remind us that it is very necessary to improve this subject still pending in Spain, some organized by institutions such as the Bank of Spain or the National Securities Market Commission (CNMV) . In fact, both collaborate in the Financial education plan which has been prepared every four years since 2008. The truth is that “there is much to do and, as a society, we must make a common effort to move forward even further. Financial literacy indicators and data are not good. in other countries in our environment, even if they have improved in recent years, we must not be satisfied with that,” Rodrigo Buenaventura, president of the CNMV, told this newspaper.
Improving financial education is essential for the daily lives of citizens, but also so that savers can choose to become investors who know and understand the products and options available to them. Above all, think in the long term, looking for additional savings to the public pension. “Lack of financial education has a significant impact on citizens’ ability to make appropriate investment decisions.. Without a clear understanding of these key concepts, it is difficult to evaluate the features and risks of financial products, increasing the possibility of making inappropriate decisions. This lack of knowledge affects not only immediate investment decisions, but also long-term financial planning,” emphasizes Buenaventura.
For all this, joint efforts are necessary. “The work of educational institutions and the private sector is essential. Educational institutions have the responsibility to carry out activities of public utility and improve the educational content of the program from an early age. Through this, Students could learn the skills needed to manage their finances responsibly throughout your life. The private sector, particularly the financial sector, plays a crucial role in promoting financial education. by providing resources, training and technological innovation also with the millions of customers they have,” says the president of the CNMV.
However, little by little, progress is being made. Buenaventura emphasizes that in the Financial Education Plan, “we have seen significant progress over these years. For example, the private sector has stepped up its efforts through public-private alliances, which have led to the creation of programs and financial resources. among diverse audiences: young people, elderly people, workers and people at risk of financial exclusion.
