Published on 24-03-2017 by admin

Finance for All, national curriculum, “Your finances, your future”

spain 2

Key actors in financial education and financial literacy


The public sector developed the National Financial Education Plan 2008-2017 (“NFEP”), including the following actions:
1) The creation of a Coordination Committee composed by representatives of various key institutions: Ministry of Economy and Competitiveness, Ministry of Education, Bank of Spain and National Securities Market Commission.

2) The provision of public funds to finance initiatives under the NFEP.

3) The development of the website “Finance for All”  that includes extensive information on basic aspects of financial education.

4) The organisation of financial education activities focussed on different target groups and the development of a programme of financial education in the schools (secondary education) since 2010, with more than 450 schools involved during the course 2013-2014, providing them with organizational structure and teaching materials.

5) The promotion of the inclusion of financial education in the curriculum reform, which has already been introduced from October 2014 in primary education and is pending of completion of the regulatory reform as an optional subject from 2015 in secondary education.


Spanish Banking Association & members

In 2008, the Spanish Banking Association (AEB) signed, on behalf of its associated members, a Memorandum of Understanding for the development of actions and promotion of financial education at national level. Within the framework of the NFEP, in 2016 the AEB will continue to work together with the network of schools developed over the years by the NFEP, with the goal to foster financial education in Spain.
Furthermore last year the AEB, together with its member banks’ representatives, created a Working Group on Financial Education (“WGFE”) to share experiences and promote collaboration in this field.

This are some of the initiatives discussed by the WGFE:
1) Participation in the Spanish Official Financial education day (October 5th)

2) European Money Week events hosted in Spain

3) A permanent and dynamic Financial Education microsite, within the AEB website, where AEB members share their FE initiatives at an aggregate level.

Additionally this year the AEB has partnered with the Spanish Banking Financial Education Foundation (FEBEF) and CUNEF, the prestigious Spanish College for financial studies, with a commitment to deliver an ethic-based financial education in Spain.

Amongst the new projects agreed for this year, we can mention the launch of two online financial education learning initiatives:
1) Tutellus Project: Release a 2.0 version of a Financial Education course in 2 minutes “visual pills” and create buzz in the most popular Spanish learning platform (Tutellus) to increase the level of financial literacy across 13-15 years old students.

2) Financial Dictionary project: This project will deliver 12 two-minute videos in which leaders and influencers from different backgrounds explain different financial concepts in a plain and straightforward manner.

Both courses (the latter more complex than the former) share the ambition to familiarize citizens with financial issues and moreover to enable individuals to better understand their financial decisions, increasing knowledge of the available financial products and services that best suit their specific needs.

Spain Money Week

Due to their awareness of low financial literacy levels in Spain, the Spanish Banking Association developed in 2015 a financial literacy programme called “Your finances, your future” that this year celebrates its 3rd edition, aiming to reach a higher number of students every year through an increased number of programs, and with an additional goal of increasing the number of banks involved in the project.
The programme “Your finances, your future” seeks to enhance financial literacy among students and has reached approx 130 schools with the assistance of of Junior Achievement Spain. The program has involved so far 1,040 volunteers, who provided financial education to 14,200 students aged 13-15. Assessment surveys show significant successful results for both students and volunteers, as well as for the school teachers.
On the 1st of March José María Roldán, Spanish Banking Association´s Chairman will officially launch the III Edition of “Your finance, your future” visiting one Public secondary School and teaching one of the three sessions of the programme.




I Financial Education Innovation camp

 As a new feature, during the EMW 2017, the Spanish banking association is going to organise the first digital financial education Innovation camp recognising that it´s crucial not only that children understand the theory, but also develop positive behaviours and habits. Thanks to technology financial education has the chance to foster good habits on financial behaviours. With that in mind the Spanish banking association will deliver a challenge in which in one day, 100 secondary-school students, will learn to design a financial education App. The students will be mentees by a group of volunteers (IT banking employees) that will help them during all the day to develop the app´s project.
At the end of the day all the teams will present their work to a jury (Bank´s CEO; Heads of innovation) and the team with the higher score will have the opportunity to participate in a potential European challenge where the winners from other countries will compete among themselves,although the european competition is still pending to be confirmed.


Other projects

Some banks develop workshop programmes in educational institutions for students from 6-10 and 10-14 years old, that have covered 4.278 schools in Spain (more than 920,000 pupils). These are being developed in collaboration with school teachers and 400 bank executives volunteers who dedicate 4 to 6 hours to give each course. For that purpose, training materials have been developed for both volunteers and teachers. A feature of the programme is its low profile on brand level in order to avoid commercial bias.


Social media Financial Dictionary: “It does ring a bell”

This year the Spanish banking association (AEB) and it member’s banks come up with the social media financial dictionary. This dictionary hosted in AEB´s website and with its twitter, facebook and instagram profiles comprises 9 videos in which TV famous and influencers from different backgrounds explain different financial concepts in a plain and straightforward manner. These videos were loaded more than 750,000 times in three months, showing us that Spanish citizens are keen to learn financial issues if they are deliver in a formal and informal way.


Your money and you

In September 2017 the Spanish Banking association is going to launch a digital Financial Education course in 2 minutes “visual pills” about the most important topics that students needs to learn (budgeting; bank accounts, cibersecurity,etc.) and create buzz in the most popular Spanish learning platform to increase the level of financial literacy across 13-15 years old students. This project has the ambition to familiarize citizens with financial issues and enable them to better understand their financial decisions.
Furthermore associated Spanish Banks, for their part, are individually developing numerous activities in the area of financial education, some entities for over more than ten years now, and since then they have reached successful results. In 2015 29 Financial Education initiatives were developed by Spanish banks, in which 2.000 banking employee volunteers were involved devoting their time and expertise. As a result of this effort 540.000 People benefited in 2015 of financial education programs. Not only that, thanks to the implementation of new Technologies, our financial education initiatives reached  1,9 million beneficiaries  that received financial education programs on line.
Almost all of these initiatives are aggregated in the dedicated site of the AEB with the porpoise of make them visible from which you can find the link below:

Financial education part of curriculum? Yes, as from school year 2014/2015
PISA financial literacy ranking (OECD, 2012): 10th