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Financial education Act. 06 May 2020

BBVA extends the deadline for application to its EduFin Research Grants program

The BBVA’s Center for Financial Education and Capability has decided to extend the deadline for its call for research proposals until June 15th.

During times of economic uncertainty in which the public is demanding reliable information, it is important to give visibility and support to the work of the experts and researchers working in the field of financial education and inclusion.  Therefore, at a time marked by the COVID-19 crisis, BBVA has decided to offer this extension so that no researchers have to forego these grants.

This third edition of the EduFin Research Grants  will allocate a total of €50,000 to be distributed among the selected research projects. The call for proposals is geared toward researchers, research centers and research teams working on issues related to financial education in the world, especially in the following areas:

  1. Financial education and inequality
  2. The relationship between financial education and financial health
  3. Financial education and the circular economy
  4. Financial education and inclusive growth
  5. Financial education and entrepreneurship
  6. Financial education, digitization and data

Those interested in participating in the 2020 edition of the BBVA EduFin Research Grants can present their proposal here

Diverse initiatives, the same challenge

The global pandemic has drawn attention to the need to improve financial education as a tool to anticipate possible problems and provide more appropriate solutions. This is apparent from a study conducted by the U.S. media measurement and analysis company, Comscore, which reveals U.S. citizens’ widespread interest in financial information from digital media during this crisis.  The report indicates that from March 30, 2020 to April 5, 2020 online publications specialized in business and financial news reached 141.6 million unique visitors – nearly triple the weekly average from December 2019, when it was 51.7 million. Therefore, the study recommends “continuing to provide financial education where possible to an audience that may not have engaged as much previously.”

Along these lines, the Global Financial Literacy Excellence Center (GFLEC), an institution collaborating with BBVA’s Center for Financial Education and Capability, is also working to improve the level of financial education in the population and give visibility to the work of its researchers and experts. It recently published a selection of resources on its website to help the audience manage their personal finances during the coronavirus crisis and has offered to advise other companies and institutions to enhance “their financial resilience”. The institution’s motivation is clear and forward-looking. “While some factors affecting financial well-being are beyond individual control, financial knowledge can help people better manage their finances through times of hardship and times of prosperity.” 

In order to provide the public accurate and updated content, the U.S. Consumer Financial Protection Bureau (CFPB) has dedicated a special section of its website to protecting finances during the global pandemic. In this section, the institution has published a selection of tools and resources to inform readers about assistance for unemployment, housing, or entrepreneurship, as well as articles on financial education and advice to improve the security of online transactions, among other things. 

Meanwhile, Mexico’s National Commission for the Protection and Defense of Financial Services Users (Condusef in Spanish) has announced a new, free edition of its Financial Education Diploma, which will be taught online starting May 12th for the public, starting at a high school level. The 12 week course offers the content in a dynamic way, combining audiovisual elements with didactic activities and updated content. The deadline to register ends on May 10th. 

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