June 19, 2021

“Financial education is essential to promote sustainable and inclusive growth”


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The president of BBVA, Carlos Torres Vila, has underlined the importance of financial education, which it considers “essential to promote sustainable and inclusive growth”, as stated at the opening of the EduFin Summit 2021. The event also had the participation of the deputy governor of the Bank of Spain, Margarita Delgado, who agreed by pointing out the importance of education to promote change towards a more sustainable world.

In the current context of disruptive changes and recovery from the crisis caused by the pandemic, the president of BBVA has indicated that “a more inclusive and sustainable growth model is necessary.” In this sense, he explained that money is one of the main concerns of people and that improving your financial health is vital to your financial well-being. In this regard, he added that “those with a higher level of financial education are more likely to be able to deal better with unexpected emergencies.”

In addition, he explained that the crisis of Covid-19 It has accelerated some trends, such as digitization, the data economy, new ways of working and sustainability. In his opinion, it is necessary for people to train in new skills to adapt to this changing world. “For years we have been developing tools to help and train people with the skills that the new economy requires,” he said. In this sense, he explained that the entity has been working for some time to bring these opportunities closer to society as a whole, “as it is our responsibility.”

Furthermore, Carlos Torres Vila, has pointed out the importance that financial education has to help people to seize opportunities in the transition to a more sustainable future. “And also to ensure that we do not leave anyone behind,” he stressed.

In his view, achieving this transformation requires innovation and investment. “Investing in sustainability is a smart decision,” he said. Carlos Torres Vila, which has referred to decisions in people’s daily lives such as renovating the heating system or buying an electric car.

For the president of BBVA, the main barrier to achieving this transformation is the lack of financial knowledge. “Banks can play a critical role in helping people assess the risks and understand the returns on these investment opportunities; not only from the point of view of financial education, but also explaining what can be done to contribute to achieving a sustainable planet ”, he explained.

Carlos Torres Vila also highlighted that “financial education, digitization and financial inclusion go hand in hand”. Currently, according to world Bank, there are more than 1.7 billion unbanked people in the world. In developing countries this figure represents more than 50% of the population. In this regard, Carlos Torres Vila, has highlighted the work of the BBVA Microfinance Foundation, “Which offers financial education programs to vulnerable entrepreneurs, who manage to get out of poverty thanks to their work.”

Next, the deputy governor of the Bank of Spain, Margaret Delgado, has shared his vision on the impact of financial education on sustainable finance, in a panel with representatives of the European Commission, the OECD and the International Finance Corporation (an agency of the World Bank). Margarita Delgado has reviewed how sustainable finance has taken off in recent years, as well as the challenges and opportunities for economic agents during the transition to a greener world. In his view, “education is the most important tool to achieve change” and, specifically, “financial education has to do with promoting sustainable finance”, one of the priorities of the Bank of Spain.

Margaret Delgado has reviewed how sustainable finance has taken off in recent years, as well as the challenges and opportunities for economic agents during the transition to a greener world. In his view, “education is the most important tool to achieve change” and, specifically, “financial education has to do with promoting sustainable finance”, one of the priorities of the Bank of Spain.

On the other hand, he considers that “digitization and sustainability are twin transitions.” In that sense, he declared that “the big question would be how can we make a digital transformation that works, both for people and for businesses, as we help achieve climate neutrality by 2050».

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