Event marks World Savings Day in Spain.
MADRID, 2 November 2018 – WSBI-ESBG member Confederation of Spanish Savings Banks (CECA) hosted on 31 October a conference on financial education on the occasion of the World Savings Day. Held in Madrid, the event wrapped up a fruitful month dedicated to financial education activities in Spain.
The annual conference which this year took place for the ninth time was dedicated to a theme “Savings learning, a source of financial education". With this conference CECA continues its outstanding efforts to contribute to the Spanish Financial Education National Plan, led by the Bank of Spain and the Spanish Securities Exchange Commission (CNMV).
“This corresponds to the historic role and social commitment of CECA and its members in the promotion of a savings culture amongst the Spanish population, leading to a positive impact in the communities where these institutions operate," sad CECA Managing Director Jose Maria Méndez in his opening address to conference attendees.
The event also provided the opportunity for the Bank of Spain and the CNMV to give an update on their Spanish Financial Education National Plan, with a focus on the 2018-2021 period. As underlined during the conference, important efforts will be devoted to reinforceing financial digital literacy, given the current context of digitisation of financial products and services. Consolidation of the Spanish Financial Education Day with the participation of more entities, as well as more tailored programmes following a more profound segmentation of target groups, will also be essential in the upcoming years.
Another key aspect of the event was the presentation of the FUNCAS EDUCA programme, which provides economic resources for research carried out by universities and other institutions. As explained during the event, the objective of the programme is to reinforce the understanding of financial education and ultimately the design of better financial education programmes. A number of initiatives of CECA members were featured under the FUNCAS EDUCA programme, showing real success stories as well as challenges when working towards increasing the levels of financial literacy of citizens.
Event participants were also introduced to the CECA virtual exposition “Savings learning as a source of financial education", featuring relevant historical materials on the topic and much more.
FUNCAS Think Tank provided academic insights on the evolution of household savings in Spain during the past years. The event concluded with reflections from Antonio Romero Mora, Director Área de Servicios Asociativos y Auditoría at CECA, on the contribution of high levels of financial literacy of the population to financial stability and growth. “This is the basis for the intervention and action of public authorities and regulators in the endeavour of promoting financial literacy," asserted Mora at the same time that he thanked the Bank of Spain and CNMV for their longstanding efforts in this matter.
WSBI-ESBG and its members recognise the importance of promoting financial education for all citizens worldwide and continue to carry out a wide range of initiatives with the aim not only to prevent social and economic exclusion, but also to contribute to the commitment of providing citizens with a better knowledge of financial issues that will enable them to make informed choices. Based on the principle that financial education must be introduced at an early age, WSBI-ESBG advocates that it should be provided to everyone and at all ages. WSBI-ESBG consider that it must be a continuous process that constantly adapts to the changing nature of the social, financial and political context, where several actors representing different sectors of society shall play a key role in improving its efforts to attain good results in this field.