Financial Literacy

Financial literacy is one of BBVA’s strategic CR priorities. Informed decisions enhance the personal financial situation of consumers, improve risk management for financial institutions, encourage saving and strengthen the overall financial system. In short, financial literacy makes for dependable savers and more responsible debtors.

The year 2010 was one of consolidation for the Global Financial Education Plan El dinero en nuestras vidas (the Money in Our Lives), with a budget of €26m for the 2009-2011 period. The plan aims to support people’s financial education and improve their current and future financial situation. It is being implemented in all the geographical areas in which the Group operates, and has more than one million beneficiaries in Spain, Mexico, Portugal and the United States, with specific programs in two priority areas for action: first, as an accompaniment to banking penetration processes, particularly in Latin America; second, as a contribution towards the education of the young in the skills and values associated with the use of money. This approach is clearly linked to BBVA’s vision and corporate culture, as well as being recommended by the principles laid down by international authorities.

The Global Financial Education Plan is aimed at different groups, according to the geographical area in which it is to operate.

  • In Latin America, Adelante con tu futuro is aimed at people who already use banking services, or could easily be persuaded to do so.
  • In the United States, the “Money Smart” program includes the “Teach Children to Save” scheme for children and young people, and “Get Smart About Credit,” aimed at children.
  • In Spain and Portugal, Valores de futuro (Future Values) is designed for primary school children and those in the first cycle of ESO (the two years following primary school).

The Group’s commitment to financial literacy was strengthened in 2010 by an agreement with the OECD to carry out a study on the notions of financial literacy among young people within the framework of the next PISA Report 2012. The aim will be to discover how they are affected by the current economic crisis, the relevance of the crisis for future generations, and the importance of having comparable information available when proposing policies and programs for action. The main progress made in 2010 with respect to the most important financial literacy programs underway is given below: