A new report from Funcas, presented in Zaragoza, indicates that financial education remains a challenge in Spain. according to the study, 27% of Spaniards believe they lack sufficient knowledge to manage their money and make sound financial decisions for themselves and their families.

The report, based on online and telephone surveys conducted in May with 1,200 adults, highlights a gender disparity in perceived financial literacy. Specifically, 30% of women feel they lack adequate knowledge, compared to 24% of men. This difference is consistent across all age groups.

The study reveals gaps in understanding various financial products. For instance, 35% of respondents admitted they are unfamiliar with Treasury bills, 28% with cryptocurrencies, and 23% with investment funds. awareness is higher for fixed-term deposits, with only 20% expressing unfamiliarity. Pension plans are the most recognized financial product, with only 9% indicating a lack of knowledge.

These findings suggest that a lack of understanding extends beyond complex or emerging financial products to include more customary and widely available options.

María Miyar, director of Social Studies of Funcas, stated that “many people do not have the necessary knowledge to make well -informed economic decisions, but the problem goes further.”

Miyar added that as the 2008 financial crisis, “the world of finance has deepened its complexity so that understanding how financial products and services have become a difficult task even for those who try to follow them closely,” emphasizing the importance of financial literacy in navigating this evolving landscape.

The study also identifies a correlation between income level and financial literacy. Households with lower incomes are more likely to report a lack of financial knowledge,with 31% of those earning below 1,500 euros per month feeling underinformed,compared to 25% of those earning above 2,000 euros.

A similar relationship exists between education level and financial knowledge. While those with university degrees report a lower sense of inadequacy, one in four still feel uninformed. Among this group, 25% are unfamiliar with Treasury bills, 18% with cryptocurrencies, and 15% with fixed-term deposits.

among those with only basic secondary education, the percentage claiming unfamiliarity with financial products is substantially higher. Such as, 39% are unaware of Treasury bills, 36% of cryptocurrencies, 30% of investment funds, 21% of fixed-term deposits, and 12% of pension plans.

The study further explores the connection between ideology and financial knowledge, concluding that individuals who identify with left-wing political positions are more likely to perceive their financial knowledge as insufficient compared to those on the right.

Investment is not a Primary Savings goal

The study reveals that investment is not a primary motivation for saving among Spaniards, with only 8% considering it a main purpose. Gender differences exist,with 10% of men and 6% of women prioritizing investment.

Age also plays a role, as 16% of those aged 18 to 34 use savings for investment, compared to 4% of those aged 45 to 54 and 5% of those aged 65 to 74. Among those 75 and older, the percentage is 8%.

When it comes to investing, only 4% report holding cryptocurrencies, with a higher prevalence among younger men.

“Many people do not have the necessary knowledge to make well -informed economic decisions, but the problem goes further.”