October 3 will be the second consecutive annual Financial Literacy Day, an initiative promoted by the Bank of Spain and the Spanish Securities Market National Commission (CNMV). Throughout the day a range of events and awards will take place all over Spain.
Financial Literacy Day was created to raise awareness in society about the importance of people having a sufficient understanding of financial culture to be able to meet the challenges they will face in their lives. Financial decision making is a part of everyday family life, and this day is held to raise awareness about how fundamental it is. And it remains a pending assignment for many groups, especially young people and adults.
What types of credit card exist? What aspects should you consider when taking out a mortgage? What are the essential points in a payroll? These are some of the fundamental questions we can be faced with and that we must be capable of interpreting and answering.
Financial Literacy Day comprises several events held all over Spain as well as a central event with the Awards Ceremony for the Best Financial Literacy Initiatives and for financial institutions providing financial education in their classrooms
BBVA’s financial literacy mission
Financial literacy is one BBVA’s priorities in its Responsible Business Plan. Since 2008 the Group has worked to include financial literacy in the Bank’s products and services and to provide better explanations to customers. BBVA has allocated €56,938,683 to a total of 6,742,584 beneficiaries during these years in the different geographical areas where the Bank is present. Programs aimed at children and young people include “Future Values” in Spain and Mexico and the “BBVA Financial Literacy League” in BBVA Chile.
Financial literacy initiatives for adults have their own programs, such as “Adelante con tu futuro” (Forward with your Future) in several Latin American countries and the “Mi Jubilación” (My Retirement) initiative in Spain and Portugal. In addition, this year bbva.com has focused on publishing articles related to financial literacy.
For SMEs, BBVA has programs and workshops to cover several points, supporting and encouraging small and medium enterprises with projects such as “Camino al Éxito” (Road to Success) in South America.
BBVA encourages the development of financial skills to allow society to make informed decisions, disseminating clear educational content and organizing workshops and programs adapted to the global economic environment and reality, aimed at a diverse audience, ranging from children and young people to adults and small and medium enterprises.
See the Financial Literacy section of the BBVA’s annual report for 2015