Level financial information The proportion of the Spanish population has improved in recent years, but is still “pretty weak”. This was confirmed by the Bank of Spain, which published this Tuesday the second edition of its survey aimed at measuring the financial skills of citizens, following the survey conducted in 2016. Only 19% Proportion of correct answers from a representative sample of Hispanics aged 18 to 79 three basic questions The percentage of financial education is slightly higher than 18% six years ago. “Unfortunately not surprising”Confessed General manager head of economics and statistics at the supervisory body Ángel Gavilán.
The survey is similar to a survey conducted in approximately thirty countries under the coordination of the OECD. Here is the percentage of Spaniards who are familiar with basic concepts such as: inflation (from 58% to 65% in 2016) and risk diversification when it comes to investing (from 49% to 52%), but those who understand compound interest rate (from 46% to 41%). The average of positive responses increased from 51% to 53%But below average of countries analyzed by the OECD (57% in 2016 and probably slightly more when data on the last wave are published in December).
“Space This shouldn’t surprise uswe have similar ‘gaps’ drop out of school, the PISA report (OECD’s Program for International Student Assessment) and the PIAAC report (also OECD’s Program for the International Assessment of Adult Competencies). We insisted that it was necessary. strengthen education spending: not only are we spending more, where we are slightly below average, but we are also reviewing and improving spending to reverse the dynamics of the Spanish economy. poor in terms of human capital accumulation“Gavilan warned.
Differences
The survey found that the average of positive responses men is higher than women (58% vs. 48%), but this was mainly due to the fact that the interviewees were more answer what you don’t know reply. Percentage of actual responses false similar (32% and 34% respectively). “Sometimes it’s better to say you don’t know, because that makes you more likely to seek advice,” the senior official said. The difference between the results is also Spaniards and foreigners (53% and 52%).
But there are more differences important Regarding age, education level and income: youth, biggerand with people lowest education And low income Correct answer levels are lower. This affects: Results by autonomy: Places where these groups have more weight have worse results and vice versa. Thus, the communities with the worst outcomes Estremadura (Average 44% correct answers), Castile la Mancha (48%) and Andalusia (49%), while at the other extreme Rioja (59%) Madrid (58%) and Aragon (58%). Catalonia slightly above average (54%).
Security bug
The survey also shows that: 25% of the population (30% in Catalonia) lived in the following homes in 2021: expenses exceeded income in the last 12 months compared to 28% in 2016. Just over half (55%) of these families financed the difference by: savingbut 35% had to do so through a tool. informal loan (i.e. a loan from family or friends). It is also noted that if the main source of income is lost, 48 percent of the population can maintain their spending level for less than six months without the need to take out a loan or move house.
The report also states that 98 percent of the population current account and 63% credit card. On the other hand, only 41 percent have any information. savings productPaid accounts, retirement plans, mutual funds, stocks, fixed income or crypto assets. Regarding the latter, 5 percent of respondents claim to have the substance, but this proportion rises to 12 percent among people aged 18 to 34. when it comes insurance31 percent of the population has life insurance and 24 percent has health insurance. As for debts, 42 percent of citizens have some debt. credit (29% mortgage and 21% personal loan).