There are a range of indicators available to help measure the public’s financial literacy.
In addition to the Programme for International Student Assessment (PISA), which evaluates competences in multiple countries, the Banco de España works to measure financial literacy levels in Spain.
The Survey of Financial Competences gauges the level of financial literacy of the Spanish population aged 18 to 79, including their grasp of basic financial concepts and their knowledge and use of financial products (savings, insurance and debt).
The survey is an initiative run by the Banco de España as part of the National Statistics Plan. It is conducted using a broad, randomly selected sample of individuals – provided by the National Statistics Institute – that is representative of Spain as a whole and each of its regions.
To date, the survey has been carried out twice: once in 2016 by the Banco de España in partnership with the National Securities Market Commission (CNMV), and again in 2021 by the Banco de España.
Adapted for the Spanish context, the Survey of Financial Competences is based on a questionnaire developed by government and central bank representatives from around 30 member countries of the OECD’s International Network for Financial Education (INFE).
The OECD’s PISA is an international study that evaluates the skills and knowledge of 15-year-olds in various subject areas. The first assessment was conducted in 2000.
There are different versions of the PISA. Given the impact of financial knowledge on individuals’ quality of life, an optional financial literacy assessment has been included in the PISA since 2012.
Together with the United States, Italy and Poland, Spain is one of four countries to have taken part in all four cycles of the PISA financial literacy assessments.
