Once again, Self Bank is launching several initiatives on the occasion of Financial Education Day , which this year is celebrated on October 1st. Under the campaign ‘The day I discovered that …’, we show terms that we use daily and that also have a financial meaning.
Did you know that leverage is not just staying on the couch all weekend, or that the VAR is not only the video arbitration system ?, Could you explain what is the PAN of your debit card?
Although a priori they may be concepts used in daily life, these questions generate doubts or can not be answered by a large part of the Spanish, since financial education is one of the pending subjects in our country, as reflected in the ” Survey of Financial Competences “of the Bank of Spain and the CNMV, framed in the Financial Education Plan.
The objective is to make society aware of the importance of improving the economic knowledge of Spaniards so that they can make their own decisions and have control and autonomy of their finances. With this initiative we intend to awaken the interest of the Spaniards for the economy and encourage them to discover terms that they use in their daily life but that can also be applied to the financial world.
As the study reveals, the situation of financial education in Spain is not far from other countries and the financial knowledge of the adult population in our country is “around the average of all the countries considered to be OECD”. Regarding the compound interest rate , one of the subjects asked in the survey, 46% of Spaniards responded correctly compared to 47% of the countries in the OECD environment and 44% in the EU.