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.

Indeed, such monitoring has already been implemented and will result in the improved implementation of the programme at educational centres and the improvement, in turn, of the evaluation of the Survey as a whole. Conclusion Allow me to draw some conclusions. The results of the Survey of Financial Competences show that a very broad group of Spaniards are not familiar with basic financial concepts that are essential for informed decision-making in respect of investment and debt. The lack of financial knowledge is particularly high among youths and the over-65s. These results justify financial education actions focusing particularly on these groups, as has been the case with the Financial Education Programme developed by the Banco de España and the CNMV in recent years. In any event, it is crucial to systematically evaluate the measures adopted in order to identify and prioritise those which are most evidently effective. The regular and rigorous evaluation of public policies is vital for a better definition of their effectiveness, and access to reliable statistical sources is an essential step for performing these evaluations. All institutions should contribute, within the scope available to us, to making progress in this area. In any event, I should clarify that the Financial Education Programme is only a part of the set of basic training actions in market conduct, reporting transparency, good practices, consumer information, financial education, conflict resolution and other similar areas that the Banco de España, the CNMV and other public and private institutions are developing.