The Banco de España, coordinator of the national financial education strategy
Financial education began to gain importance in Spain towards the end of the 2000s. Following the recommendations of the Organisation for Economic Co-operation and Development (OECD), the Banco de España and the National Securities Market Commission (CNMV) launched the national financial education strategy. As a result of this initiative, the Financial Education Plan was created in 2008—a pioneering project in Spain that, over time, has welcomed various entities as collaborators under the brand “Finanzas Para Todos
”. In 2022, the then Ministry of Economic Affairs and Digital Transformation joined as a coordinator.
Over the years, the Banco de España, in addition to contributing to the Plan’s efforts, has developed its own educational initiatives within its scope of responsibilities, in line with its mandate to promote the proper functioning and stability of the financial system. These initiatives aim to raise awareness of the Banco de España’s role in the economy, provide information about euro banknotes and coins, and, in particular, help people understand the importance of price stability and how monetary policy works
Why is financial education important in Spain?
Financial education can improve citizens’ understanding of how to manage personal finances prudently and how the economy and financial system operate, helping to reduce the information gap between financial intermediaries and their clients. In addition to strengthening trust in public institutions, this greater understanding can have positive effects on financial stability and the transmission of monetary policy, which may enhance the effectiveness of measures adopted by central banks in these areas.
In Spain’s case, there is significant room for improvement. The results of the Survey of Financial Competencies 2021, an initiative by the Banco de España, show that a large portion of the population aged 18 to 79 lacks basic financial knowledge about inflation, interest rates, or risk diversification. Only 19% of respondents correctly answered all three questions on these topics.
Meanwhile, the PISA Report 2022 on financial literacy among 15-year-olds gives Spain an average score of 486 points, below the OECD average of 498 points. The report reveals that only 5% of Spanish students achieve high performance in financial literacy, compared to 11% in the OECD average. Conversely, 17% of Spanish youth do not reach the basic performance level, a figure slightly below the OECD average.
Challenges and the future of financial education in Spain
Although significant progress has been made in recent years, it is necessary to continue developing and adapting financial education resources to the current changing environment, properly identifying target audiences and their circumstances, and using new communication channels.
It is therefore important to define the scope of financial education initiatives, distinguishing between formal education settings and other areas, including financial education aimed at adults, with special attention to vulnerable groups or those with special needs.
Having basic knowledge about saving, responsible consumption, access to credit, or financial planning from an early age is, according to the OECD and the European Commission, essential for confidently making financial decisions in the future.
The Financial Education Plan, in collaboration with the Ministry of Education, Vocational Training and Sports and regional educational authorities, has been working since 2008 to integrate financial literacy into classrooms. The Plan has also contributed to the development of the Framework of Financial Competences for Children and Youth in the European Union, which establishes a common understanding among professionals and European Union Member States regarding financial skills for children and youth. The Financial Education Plan offers a School Financial Education Program adapted to this framework for secondary school students.
LOMLOE and financial education
On December 29, 2020, Organic Law 3/2020 on Education (LOMLOE[DM1] ) was approved. Its implementation was gradual, with some aspects beginning to apply during the 2021–2022 academic year.
In March 2021, the Financial Education Plan submitted a proposal to the then Ministry of Education, Culture and Sports to include financial competences in the regulatory development of the Law. Throughout 2022, Royal Decrees 157/2022, 217/2022, and 243/2022 were approved, establishing the curricula for primary education, lower secondary education, and upper secondary education, respectively. These decrees grant significant autonomy to regional education administrations in developing their own curricula, allowing them to expand core subject knowledge and create elective subjects across educational stages.
Current situation
As indicated in the report La competencia financiera en el sistema educativo español, prepared by the Financial Education Plan, current national and regional regulations represent progress in the inclusion of financial competences in academic curricula. Although there is no mandatory subject in the Spanish curriculum that specifically addresses financial education, financial competence is present transversally:
- In primary education, financial education is most prominent in “Mathematics” and also appears in subjects such as “Knowledge of the Natural, Social and Cultural Environment” and “Education in Civic and Ethical Values”.
- In lower secondary education, financial education is again prominent in “Mathematics” and also appears in “Geography and History” and “Education in Civic and Ethical Values”.
Additionally, the new regulations introduce the subjects “Economics and Entrepreneurship” and “Personal and Professional Training and Guidance”, both optional in the 4th year of lower secondary education.
- In upper secondary education:
- In the Humanities and Social Sciences track, financial education is present through “Mathematics Applied to Social Sciences”, “Economics”, and “Business and Business Model Design”.
- In the General track, financial education is included in the subject “Economics, Entrepreneurship and Business Activity” as a specialized subject.
- In basic vocational training courses, financial education is present in the subjects “Applied Sciences” and “Communication and Social Sciences”.
- In intermediate vocational training courses, the second year includes the subject “Business and Entrepreneurial Initiative”, which covers entrepreneurship and personal finance competences.
Furthermore, at least 15 autonomous communities have introduced financial competences into their curricula through elective subjects, workshops, or interdisciplinary projects.
International organizations such as the OECD recommend that financial education activities focus on vulnerable groups to help reduce knowledge gaps between different social groups. In this regard, as shown in the Survey of Financial Competencies 2021, there is a correlation between the educational and income levels of the Spanish population and their competences in economic and financial matters.
However, based on data from various indicators, it is necessary to continue efforts to improve the financial competences of the entire population. Therefore, it is advisable to design programs and tools that reach citizens at key moments of financial decision-making, such as buying a home, taking out a mortgage, or planning for retirement.
The Banco de España provides clear, accessible, and neutral information about banking products and services in Spain through its Bank Customer Portal. The goal is to equip individuals with the information and tools needed to understand their rights and obligations and to engage with financial institutions more confidently.
The Financial Education Plan also offers guides and useful tools to help people make appropriate financial decisions throughout different stages of life.
Financial education can be a useful tool to promote financial inclusion for individuals or vulnerable groups. These groups include people with low incomes or low educational levels, migrants or asylum seekers, residents in rural areas without access to in-person financial services and with limited digital skills, or people with functional diversity.
In Spain, the Financial Education Plan includes initiatives aimed at vulnerable groups to reduce financial exclusion and bridge the digital divide. These include training sessions for trainers from partner organizations or sessions directly aimed at individuals from vulnerable groups.
When selecting partners, the Financial Education Plan prioritizes organizations that can convey the specific challenges and needs of vulnerable groups in terms of financial education. In addition to the agreement signed between the Financial Education Plan and the Ministry of Social Rights, Consumer Affairs and the 2030 Agenda, partner organizations include consumer associations and universities.
Some individuals, due to their interests, circumstances, or activities, seek specific training content in economic and financial matters. These may include topics related to:
- Finance for self-employed workers or employees in small and medium-sized enterprises.
- Digital finance, including access to digital financial products and services, fraud prevention, or crypto-assets.
- Sustainable finance and its role in making appropriate and responsible financial decisions aimed at ensuring environmental sustainability and promoting the achievement of the global goals of the 2030 Agenda.
In relation to these topics, the Financial Education Plan has developed content for individuals interested in learning or expanding their knowledge about crypto-assets.
