Stopping abuses, digitization… Keys to the new Financial Education plan

The First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, said this Friday that the XIV Financial Education Plan that has signed together with the Bank of Spain and the CNMV will contribute to improving the financial inclusion of the entire population, in a context of accelerated digitization. After the signing of the agreement, relating to the 2022-2025 period, Calviño stressed that Economy was already participating in these programs, but had not officially signed any until now, which demonstrates the importance that the Government gives to financial training and its commitment to improve it.

financial education is “key” to the population and so that economic growth is more sustainable, more inclusive and fairer, and improves society and the lives of citizens, Calviño said in his speech. It is, in addition to a broad-spectrum program, since it is aimed at everyone, including the elderly, to protect them from possible fraud and help them make good decisions. “We are in a very special moment, a new economic cycle” in which the Government is deploying a recovery plan that has a large volume of investments, of which more than 10% will be allocated to education and training, he recalled, according to Efe.

The Governor of the Bank of Spain, Pablo Hernández de Cos, For his part, he has highlighted that citizens make financial decisions “every day”, which can condition their economy and their well-being if they are not well informed. He was also congratulated, just like the president of the CNMV, Rodrigo Buenaventura, for the formal incorporation of Economy into this program, since in his opinion, the human and material resources that it can contributer join their knowledge and their influence on social agents and economy of the country.

It has also stressed the importance of digitization, beneficial to citizens but that is also a challenge because digital knowledge also conditions financial decisions, which is why he has asked that special importance be given to the most vulnerable groups. Another novelty is that on this occasion it is planned to make an evaluation of the effectiveness of the actions carried out so far pto launch those that are undertaken in the future with an empirical basis, something that Calviño has also applauded.

The president of the CNMV explained during his speech that financial educationa is key to the main function of the market supervisor, which is investor protection. He also valued the incorporation of the ministry to the agreement, which will increase its visibility and will provide material and human resources and will provide key institutional support that will enhance the scope of the plan.

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