Initiatives to raise youth knowledge and financial education in Spain, and the evaluation thereof Since 2012, various international OECD and G-20 initiatives have given expression to the importance of implementing national financial education strategies. Hence, since the end of the last decade, various initiatives have been launched in Spain in this area in the public and private sectors alike. Since 2008, the Banco de España and the CNMV have, in collaboration with other public and private agencies and institutions, committed themselves to contributing to improving citizens’ financial literacy through the National Financial Education Plan. The Plan has three basic features: i) generality, so as not to exclude any segment of the population and to cover all financial products and services; ii) cooperation, within both the public and private spheres; and iii) continuity over time, given the very nature of the objectives. As earlier stated, one of the population groups showing the lowest levels of financial literacy is that of young adults. A key element of the FEP is, then, the promotion of financial literacy in schools. In the case of schoolgoers, the notion of “financial education” refers to the teaching of knowledge, skills, behaviour, values and aptitudes that help students take 6/8  informed and sensible financial decisions in their everyday life, preparing them to better face the basic financial challenges they will encounter throughout their adult life. Starting in the 2012-2013 academic year, and following the pertinent evaluation of a pilot scheme8, a programme aimed at secondary education students has been developed.

In any event, the low level of the Spanish population’s financial literacy evidenced by the Survey is not something exclusive to Spain; rather, it is seen worldwide.2 However, in the particular case of knowledge on diversification, and unlike the other questions, the percentage of correct replies in the population as a whole is significantly lower than that in other developed countries (49% in Spain, compared with 62% in the OECD or EU countries). 1  The Survey microdata are freely accessible for scientific research purposes and are available on the Banco de España website at: https://app.bde.es/gnt_seg/controlAccesoEmail.jsp?pas=ecf&lang=en. 2 OECD (2017), G20/OECD INFE report on adult financial literacy in G20 countries, http://www.oecd.org/dat/fin/financialeducation/G20-OECD-INFE-report-adult-financial-literacy-in-G20_countries.pdf. 4/8  The results reveal some sex and age-based heterogeneity in the degree of familiarity with these basic financial notions. This heterogeneity in financial knowledge has been related in some international studies to actual financial decision-making in households3, such that the level of financial literacy would be higher in the individuals that actually take these decisions. That might suggest either some specialisation in this area within the household, or that financial literacy is acquired through practice. The results of the Survey also show that the level of financial literacy in Spain increases in step with the level of educational attainment4, as occurs in other developed countries. The age profile observed is also relatively common. In Spain, the percentage of correct replies increases with age up to 54 years. Above that age, the percentage of correct replies falls and the percentage of interviewees replying “Don’t know” increases.