the reasons for specific spending and investment decisions. ” 5 / 8 population, 6 % of individuals state they are not familiar with their household ’ s finances, while this figure triples for youths aged 18 - 35. these results might be influenced by the high percentage of spanish youths that live with their parents compared with other developed countries. indeed, among the under - 35s who live with their parents, one in three is not familiar with the household ’ s finances. one novel characteristic of the survey is that, in those cases in which an interviewee says he / she is not familiar with household finances, the financial competences of an informed member of the household have been measured along with the financial competences of the interviewee. it is seen that, although the percentage of those aged 18 - 34 who answer the three questions on inflation, interest rates and risk diversification correctly is scarcely 11 % among the non - informed, the percentage of informed individuals to which the decisions have been delegated who respond correctly to these three questions is 22 %. these results point, firstly, to the importance of bearing in mind household structure and, specifically, the different patterns of communal living arrangements of youths in different countries when making international comparisons in financial literacy. secondly, they illustrate the importance of the moment in the life cycle as regards individuals acquiring financial knowledge. moreover, these results, along with those from other available studies, suggest that one of the main sources of financial literacy in the population is derived from their actual experience with financial and credit markets, and with economic phenomena. evidently, the risk is that the acquiring of knowledge through practice also entails economic costs associated with inappropriate decisions, or a lack of decisions, derived from an insufficient understanding of the main financial elements at play. hence the importance of the initiatives to raise the population ’ s knowledge and financial education. 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 espana 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

imposing painstaking quality control of the results of the review. a stress test is an analysis of credit institutions ‘ capacity to absorb losses, evaluating their resilience in different scenarios. the exercise indicates how much capital might be needed were risks to materialise, and it helps highlight areas where supervisory action might be necessary. the position of banks is evaluated in two scenarios : a baseline scenario, taking as its starting point the european commission ’ s forecasts, and an adverse scenario, approved by the european systemic risk board, the european union ’ s macroprudential surveillance body headquartered at the ecb. the stress test horizon of three years ( 2014 – 2016 ) is formulated using banks ’ consolidated balance sheets at the close of 2013. minimum thresholds have been set that banks must meet in respect of core capital, according to the basel iii accord. these stand at 8 % for the asset quality review exercise and for the stress test baseline scenario, and at 5. 5 % for the adverse scenario. those banks below these thresholds will have two weeks to submit capital - raising plans, which should envisage coverage of the shortfalls identified. they will have six months to cover capital shortfalls identified in the asset quality review and in the baseline scenario of the stress tests, and nine months to cover shortfalls estimated under the adverse scenario. 3 ) allow me to refer, finally, to the single resolution mechanism. political agreements were reached last may between the european parliament and council to set up this mechanism, comprising a network of national resolution authorities, the new single resolution board and the single resolution fund. the regulation creating the single board and fund was published on 30 july ; since then work has continued on the elements that will enable the mechanism to come on stream on 1 january 2015. the single board will have competence over the resolution of the most important institutions, namely the significant banks overseen by the ssm, and will be empowered to use the resources available in the single resolution fund. in addition, it will set criteria and oversee the measures implemented in this area by national authorities in connection with the remaining banks. the fund will draw on contributions from all the banks of the countries participating in the new mechanism. conclusions to conclude, allow me to draw my address together in three points. bis central bankers ’ speeches firstly, the spanish economy is in a phase of recovery, meaning not only more activity, but also progress in the correction of the major imbalances built up during the previous upturn : the budget deficit