July 25, 2021

Experts debate financial education at a meeting organized by BBVA

Experts debate financial education at a meeting organized by BBVA

World experts in financial education participated this Tuesday and today in Buenos Aires in the EduFin Summit 2018, an event organized by the Spanish group BBVA and in which the importance of training for the inclusion and well-being of people was discussed.

"Financial education is a global challenge," José Manuel González-Páramo, member of the BBVA Board of Directors and general director of Global Economy, Regulation and Public Affairs of the Spanish financial group, said at the closing of the meeting.

González-Páramo argued that education for the management of personal finances and the use of different tools is essential not only to include more people in financial services -two billion people in the world do not even have an account yet. banking- but also to reduce the stress derived from the management of one's income.

"One of the objectives of a responsible financial education is to reduce that stress, improving the decisions that final actors can take, which need not be economists, financiers or professors," he said.

The executive stressed that financial education also contributes to economic inclusion, to reduce the gap between men and women in the financial field and to promote access to technology.

González-Páramo stressed that ten years ago, BBVA opted to incorporate financial education into the group's strategies and, since then, has invested 90 million dollars in actions that have benefited 11 million people and 171,000 SMEs.

As part of this commitment, BBVA created last year the Center for Education and Financial Capabilities, which already organized a first forum in Mexico and which promotes the research and development of projects aimed at financial education.

"This is an issue that concerns us all, not only as banks but as citizenship The responsibility of developing financial education should not be left alone in the banks or in the authorities but there should be joint work between the public sector and the private one, "Mauricio Flores Marín, director of Communication and Image at BBVA Colombia, told Efe.

Flores Marín, one of the attendees to this forum, said that actions in this regard should be aimed at "all possible population universes", including children and families.

The forum presented research in this field that focused on various aspects, such as longevity and finances, financial well-being and gender equality.

"To design financial products and services as well as financial education programs, the needs of women must be taken into account," said Diana Mejia, senior specialist, "women have lower levels of financial knowledge than men and lower levels of self-confidence." in Productive and Financial Development of CAF-Development Bank of Latin America.

The expert pointed out that, however, the self-perception of women in the management of their finances is "wrong" because when women are involved in making financial decisions they develop adequate skills and a better credit profile, with lower delinquency than men .

For her part, Catalina Estrada-Mejia, professor at the School of Administration of the Universidad de los Andes, in Bogotá, presented in the forum the partial conclusions of an investigation that shows that financial well-being is more determined by behaviors and aptitudes of the person who by his income.

"Even people with low incomes, thanks to their good management of their money, manage their finances in such a way that they can do what they want to do and have a life they consider happy," Estrada-Mejia told Efe.

"There are people with very high income levels who make bad spending and investment decisions and their stress is such that, if they lose their salary, they are not able to survive a month," the researcher added.

The closing of the forum was also attended by the Minister of Education of Buenos Aires, Soledad Acuña, and Daniel Funes de Rioja, president of B20, the business affinity group of the G20 that will hold a meeting in Argentina on Thursday and Friday.


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