Some 58% of Spanish population understand the concept of inflation against 46% understanding what compound interest is and 49% risk diversification, the Survey of Financial Competences (ECF) found.
It also found that 97% of the respondents have an account currently and 38% have acquired any kind of financial product in the past two years. From this share, 18% arranged a saving product in this period, while 17% a personal or mortgage loan.
The results of the survey were presented by the Bank of Spain’s governor Luis M. Linde, and the CNMV (National Securities Market Commission) chairman Sebastián Albella at the CNMV headquarters, where also were announced the objectives of the Financial Education Plan for the 2018-2021 period. Some included the identification of target segments of the public based on the ECF results, the use of digital tools for the development of financial education initiatives and the strengthening of the network of the Plan’s collaborators.
The ECF survey, which measures the financial knowledge of the population aged 18-79 along with the holding, acquisition and use of financial products, is included in the National Statistics Plan and is the first comprehensive and rigorous description of Spanish adults’ financial literacy and their relationship to the financial system.
The ECF is part of an international project coordinated by the International Financial Education Network, under the aegis of the OECD, which enables the results to be set in a global context.