The Center for Financial Education and Capability has already secured support from more than 500 experts to conduct its activities. Both the quality and the quantity of experts and collaborators regularly involved in the Center’s activities attest to the success of the initiative, which launched two years ago.
The BBVA Center for Financial Education and Capability is a platform created by BBVA to channel the bank's wealth of expertise in financial education. The center launched on February 6, 2017, with the main goal of promoting financial literacy as a way to help people make informed decisions and thus improve their lives and have better opportunities.
Recognizing that its success depended to a large extent on its ability to cooperate with other institutions, the center has focused on building ties with leading financial education and inclusion organizations. Thus far, the center has signed agreements with the World Bank, the Institute of International Finance (IIF), the OECD, the Inter-American Development Bank (IDB), the Ibero-American General Secretariat (CAF), the European Banking Federation (EBF), the Global Financial Literacy Excellence Center, the Center for Financial Inclusion, as well as a number of entities, sector and consumer associations and NGOs, which contribute their knowledge and experience through the Advisory Council.
The center has the main goal of promoting financial literacy
The center’s website offers unrestricted access to contents on financial inclusion, behavioral economics and its application in financial education, the importance of financial skills in the digital age, the analysis of gender differences in knowledge, access and use of financial products, financial health and the challenges of longevity. The website also hosts a comprehensive catalog of programs and initiatives promoted by leading organizations in financial inclusion, whether due to their ability to innovate, their efficiency or the reach of their efforts.
In its two years of life, by actively participating in a number of initiatives, the center has risen as a key global player in the dissemination and promotion of financial knowledge. In 2019, the BBVA Center for Financial Education and Capability will continue reaching out to the world’s brightest professionals to materialize its ongoing commitment to research, innovation, the promotion of financial education as well as to continue creating opportunities for society.
In these two years, the Center for Financial Education and Capability has held two summits (EduFin Summit) - one in Mexico City in 2017 and the other one in Buenos Aires in 2018, the latter concurrently with the B20 meeting, under the presidency of Argentina of the G20.
The EduFin Summit is one of the world’s most relevant events on financial education and capabilities, and every year brings together experts from around the world to discuss the importance of financial behavior in the well-being of people.
In addition, the Center for Financial Education and Capability launched its first 'Call for Expressions of Interest' in March 2018: a challenge that invites researchers, study centers and research teams to carry out and present research proposals on issues related to financial education in the world.
In these first two years of life, the center has participated in the Global Money Week and the European Money Week. These global initiatives are aimed at boosting and improving the financial literacy and skills among more than seven million young people from more than 30 countries.
Additionally, Executive Director and Head of Global Economics & Public Affairs at BBVA and Chair of the Advisory Board of the Center, José Manuel González-Páramo, hosted a session on education and financial capabilities in the framework of the Forum of the Institute of International Finance (IIF) with international experts.
Commitment to financial education
In short, BBVA's commitment to financial education encompasses programs aimed at children and young people, adults and small and medium-sized businesses. These programs include workshops, videos and a whole set of financial tools and advice to foster financial literacy and help people build the skills they need to make better financial decisions and, therefore, have greater opportunities. Since 2008, BBVA has invested over €80 million to fund financial education initiatives across the world, which have benefitted over 13 million people.