Level financial information shows that the share of the Spanish population with solid financial knowledge has risen in recent years, yet remains relatively weak. The Bank of Spain confirmed this assessment as it published the second edition of its survey designed to measure citizens’ financial literacy. The study, which followed the 2016 survey, reports that only 19% of a representative sample of adults aged 18 to 79 answered three basic questions correctly. This marks a small improvement from six years earlier, though the gain is modest. Ángel Gavilán, the general manager in charge of economics and statistics at the supervisory body, described the result as not surprising and underscored the ongoing need to boost financial education.
The Spanish survey aligns with a global effort coordinated by the OECD, spanning about thirty countries. It highlights familiarity with core financial concepts such as inflation, where correct understanding rose from 58% to 65% since 2016, and risk diversification in investing, which edged from 49% to 52%. However, comprehension of compound interest declined from 46% to 41%. The overall share of respondents giving correct answers in Spain rose slightly from 51% to 53%, still below the OECD average, which stood at 57% in 2016 and remained likely higher in the latest wave when published.
The results echo a familiar pattern seen in other major international assessments. It is clear that there are gaps in formal education and lifelong financial learning, mirroring findings from the PISA and PIAAC studies conducted by the OECD. Spain faces the challenge of increasing public investment in education and improving how spending translates into human capital development, a point emphasized by Gavilan who called for policy measures to reverse the stagnation in Spain’s economic potential.
Differences
Across the survey results, men show a higher average score than women, 58% versus 48%. This gap stems largely from how respondents answer questions they do not know rather than from confidently correct responses. The rate of incorrect answers is similar between men and women, at 32% and 34% respectively. The senior official noted that admitting ignorance can lead people to seek guidance more readily. The disparity between Spaniards and foreigners is small, with 53% versus 52% correct answers.
Age, education level and income also shape performance. Younger respondents, those with lower educational attainment, and lower-income groups tend to score lower on knowledge checks. These differences influence regional outcomes, with some communities showing stronger results and others lagging. Regions with the weakest performance include Extremadura and Castile-La Mancha, followed by Andalusia, while higher scores appear in La Rioja, Madrid, and Aragon. Catalonia sits just above the national average.
Security issues
The survey also reveals that about a quarter of the population lived with expenditures exceeding income in the past year. In Catalonia, this share rose to around 30%. In 2021, more than half of these households bridged the gap through savings, but about a third relied on informal loans from family or friends. The report notes that if the primary income source is lost, almost half of the population could maintain current spending for less than six months without borrowing or selling assets.
The report further indicates that very high ownership of basic financial products persists: 98% hold a current account and 63% own a credit card. Yet only 41% have knowledge about saving products such as bank accounts, retirement plans, mutual funds, equities, fixed income instruments, or crypto assets. Among young adults aged 18 to 34, 5% report holding crypto assets, rising to 12% in that age group. When it comes to insurance, about 31% have life insurance and 24% health insurance. Debt levels also remain notable, with 42% carrying some form of credit debt, including 29% with a mortgage and 21% with a personal loan.