The Financial Education Plan, promoted by the Bank of Spain, the CNMV, and the Ministry of Economy, celebrates this Monday, October 5, a day under the slogan 'Save. Invest. Advance'. Expert Laura Encina warns that knowledge alone is not enough to make good decisions with money.
This Monday, October 5 marks the Financial Education Day, a day promoted by the Financial Education Plan, supported by the Bank of Spain, the CNMV, and the Ministry of Economy. This year's slogan is 'Save. Invest. Advance', according to elperiodico.com.
The date serves to highlight a persistent gap among Spanish households: knowing that it is advisable to save, control expenses, or invest does not always translate into action. Financial expert and founder of the emotional financial wellbeing platform Orba, Laura Encina, argues that behind many economic decisions lies more than just knowledge: personal history, experiences, and emotions also shape the relationship with money.
'We lack a great deal of financial education, but after 16 years working in this sector, I have understood that knowledge alone is not enough. We are not an Excel spreadsheet,' explains Encina.
The expert traces the origin of these behaviours back to childhood. The way parents managed income, spoke about money, or approached saving leaves beliefs that persist for years. Fear of running out of money, viewing investment as dangerous, or avoiding discussions about economics are some of the family patterns that ultimately influence adult decisions.
'I always say that our first financial education does not happen in a classroom; it happens at home,' the expert points out.
From this arise the so-called Financial Patterns, behavioural patterns that repeat almost automatically and affect how money is spent, saved, or invested. Reviewing bank transactions and observing when and why spending occurs can help identify them.
One of the most common is saving only what is left over at the end of the month. Without a predetermined amount set aside, everyday expenses absorb all income. Encina suggests reserving a set amount at the beginning of the month and automating it, as long as the economic situation allows.
There is also emotional spending: buying after a bad day, treating oneself to celebrate something, or using consumption as a reward does not have to be a one-off problem. The difficulty arises when it becomes a habitual pattern.
For Encina, another mistake is saving without knowing exactly for what purpose. Money makes more sense when linked to a specific goal: addressing unforeseen events, investing, or planning for retirement.
This Monday's event, coordinated by the Financial Education Plan supported by the Bank of Spain, the CNMV, and the Ministry of Economy, is celebrated throughout Spain with training and outreach activities for all audiences.
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