The governor of the Bank of Spain, José Luis Escrivá, has called for the incorporation of financial education into the education system "as soon as possible". The savings rate of Spanish households stands at 11%, below the European average.
The governor of the Bank of Spain, José Luis Escrivá, demanded on Monday that financial education be incorporated into the education system "as soon as possible". He made this request during an event held at the Palacio de la Bolsa de Madrid to mark Financial Education Day, as reported by estenerife.com.
"The sooner you start to understand finance, the more it will help you in life"
Escrivá linked the lack of financial knowledge to the savings capacity of Spanish households, which in the second quarter of 2023 was at 11%, below the European average. In his view, this behaviour is largely conditioned by the level of financial education of the population, especially when it comes to managing savings and investing in a diversified manner.
The governor reminded that the responsibility for educational matters lies with the autonomous communities and universities, urging these institutions to take a more active role in including this discipline in the curriculum.
"Financial education must be introduced into the education system as soon as possible. We can go much further, but ultimately education is the responsibility of the autonomous communities and the universities themselves"
Also speaking at the event was the president of the National Securities Market Commission (CNMV), Carlos San Basilio, who emphasised that savings should be seen as an additional source of income, not just a one-off decision.
The CEO of Bolsas y Mercados Españoles (BME), Juan Flames, expressed confidence that the Financial Savings and Investment Account Europe will be approved "very soon". This initiative, included in a royal decree on housing that did not progress in Congress, would allow a tax exemption of up to 10,000 euros on capital gains with a five-year holding period.
Flames highlighted that for this account to succeed, it is essential to invest in financial education. He also pointed out the good performance of the Ibex 35, which this summer surpassed 20,000 points for the first time in its history and remains at historic highs.
Despite these figures, the representation of retail investors in the Spanish stock market remains low, at only 17%, although this is the highest figure in the last four years.
Financial Education Day, celebrated every first Monday of October, is part of a plan initiated in 2008 by the Bank of Spain, the CNMV, and the Ministry of Economy, Trade and Industry.
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