(4 MB)Financial literacy is essential for individual and societal well-being, as it enables informed financial decision-making, promotes sound financial behaviour, and supports the stability of the financial system.
From a central bank’s perspective, promoting financial and economic education is, today, not a secondary task but a vital part of its mission, to support financial stability. A financially literate population is better equipped to understand monetary policy and respond in ways that support financial stability as a fundamental element for growth.
Given their institutional role, central banks are “natural” providers of basic financial education—and the Banco de España is no exception in this regard.
In recent years, the Bank has intensified its efforts to develop its own financial education initiatives, while actively participating in the current Spanish Financial Education Plan (PEF). Numerous programmes have been implemented for students and other specific population groups.
Nevertheless, despite the strong commitment and the staff’s motivation, the Banco de España’s current approach has been overly general and, to a certain extent, lacking in structure. This calls for a strategic shift from fragmented initiatives to a more structured and focused approach capable of delivering progressive, measurable impacts.
Research shows that financial education is most effective when delivered to school‑age students. Therefore, Banco de España should assume a leadership role in developing an action plan to further integrate financial education into most (if not all) primary and secondary schools, thereby also reaching parents, teachers, and local communities. Implementing this plan over the next 5–7 years will require close institutional coordination, strong teacher training, high‑quality and ready-to use materials, and sustained human and financial resources.
While strengthening financial education in schools over the medium to long term, the Banco de España should also focus on groups particularly vulnerable to financial mismanagement or fraud—such as the elderly, women, and low‑income individuals—through tailored programmes that address their specific, immediate needs.
With a clear strategy, strong partnerships and a focus on impact, Banco de España can help build a more financially literate society.
The table below provides a summary list of all our recommendations. Further elaboration is in the main body of the document.
Strategy:
- R1. (Re)Define a clear, comprehensive and effective financial education strategy
- R2. Strengthen Banco de España’s cooperation with financial education institutions and integrate global best practices into its strategy
Programmes:
- R3. Prioritise a comprehensive plan to effectively deliver financial and economic education in most (if not all) of Spanish schools
- R4. Implement a comprehensive communication strategy to position financial education as a national priority, focusing on teachers and schools
- R5. Integrate monitoring and evaluation methods into research to support evidence-based programmes and continuous improvement
Governance:
- R6. Clarifying the Banco de España’s role within the national Financial Education Plan (PEF) to foster impact
- R7. Enhance the Financial Education Committee (CEDUFIN)’s role and internal coordination to improve oversight and implementation
- R8. Strengthen the Banco de España’s branches’ involvement in financial education activities
