now call “ financial health ”. this plan has been run from the outset in collaboration with the national securities market commission and more recently with the ministry of economic affairs and digital transformation. since its launch, the financial education plan has raised awareness of financial planning and encouraged households to treat savings as a fixed expense, helping them to build up a financial safety net based on what they can afford. further, the plan also aims to teach the general public, and students in particular, to make responsible use of credit as and when it is needed, and to invest their savings based on sound risk assessments and in awareness of the risk - return trade - off. the banco de espana has redoubled its engagement in financial education, with recent structural changes aimed at reinforcing this function and helping the public to make better financial decisions, including when it comes to their savings and investments. in conclusion, spanish households ’ ability to appropriately manage their savings, based on informed decision - making, is a cornerstone of their financial health and, therefore, of stability for society at large. thank you very much.

assets1 accounted for 88 % of the total assets held by households below the 20th percentile of the distribution ( with their principal residence accounting for 66 % of the total ). however, for households in the 90th income percentile, real assets represented 73 % of all assets and the principal residence just 34 %. similarly, a very small percentage of low - income households have listed shares or investment funds in their portfolios ( less than 3 %, compared with 33 % and 22 %, respectively, of households in the top decile of the distribution ). one factor that influences households ’ investment decisions is familiarity with financial products. indeed, as the bestinver - iese / cif observatory has shown, even in a study targeted at people more likely to be acquainted with financial investments, familiarity with savings vehicles and financial decisions vary across income, age and gender groups. these findings are consistent with those of the banco de espana ’ s latest survey of financial competences. this survey, based on a representative sample of the spanish population aged between 18 and 79, shows broad differences in the level of familiarity with the most common financial products. for example, according to the survey results, fixed - term deposits are the most common financial product among households ( 26 % ), and yet they are also one of the least known ( just 73 % have heard of them ). the population segment least aware of this basic investment product is that with the lowest educational attainment and the lowest income ( around 60 % have heard of them ). 2 real assets include principal residence, other real estate property ( homes, building plots, rural property, garages, industrial premises, shops, commercial premises, offices and hotels ) and the value of businesses related to selfemployment, jewellery, artworks and antiques. bover, o., l. hospido and e. villanueva ( 2018 ) “ survey of financial competences 2016 : main results ”. the public ’ s lack of basic financial literacy is also evident in their unfamiliarity with the concept of risk diversification. specifically, the survey of financial competences gauges whether respondents understand that, generally speaking, a broad portfolio of equities will offer less volatile returns than a single share. according to the survey, only half of the population understands this concept. for some years the banco de espana has been implementing its financial education plan, an initiative designed to help the public better manage their personal and household finances, and to foster what we