Santander Share MAD 9,32€ -1.22% 17:42
Enter at least two characters to search.
SUGGESTED RESULTS THERE ARE NO SUGGESTED RESULTS
SEE ALL RESULTS

Introduction

In an increasingly digital and uncertain world, people are making small financial decisions every day – yet only one-in-ten say they feel very knowledgeable1 about managing money. Digital tools might make financial tasks simpler and more intuitive, but they also require new skills and bring different risks.  Improving financial literacy is vital for individuals and delivers wider social and economic benefits.

Santander’s new global report, The Currency of Learning, is a pioneering survey of almost 20,000 people across 10 countries2 that examines the problems with financial education and practical solutions.

1. Refers to first bullet point in Chapter 1 key findings … People tend to believe they know more than they do about financial matters. 61% of respondents claim to be knowledgeable about financial matters, but only 11% say they feel very knowledgeable.
2. Argentina, Brazil, Chile, Mexico, Poland, Portugal, Spain, the UK, the US, and Uruguay.

Report available in Spanish | English | Portuguese

What is financial education?

drop dowm

The Organisation for Economic Cooperation and Development (OECD) defines financial education as a process that empowers individuals to improve their understanding of financial products, concepts, and risks, and develop the skills to make informed financial decisions. It goes beyond just providing information and advice, focusing on building financial capacity and promoting financial well-being.1

Financial literacy is defined as “a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing”. Key aspects of this include creating and adhering to budgets, tracking expenditure, grasping the essentials of saving for future needs, investing to grow wealth, and understanding the dynamics of credit and debt.2

In line with OECD usage, financial education refers to the process through which people acquire financial knowledge and skills, while financial literacy refers to the resulting level of knowledge, attitudes and behaviours that enable sound financial decision-making.

1 National Strategies for Financial Education: OECD/INFE Policy Handbook
2 Ibid 3 OECD/INFE 2023 International Survey of Adult Financial Literacy

Santander’s Global Commitment to Financial Education

drop dowm

At Santander, we know the value that strong financial wellbeing has on people’s lives. That’s why financial education is at the core of our work as a bank.

Financial education can help people create a budget to manage their income, learn about the importance of saving and reach their financial goals. In an increasingly digital society, it also raises awareness of risks, such as fraud and cybersecurity, and helps people keep their money safe. Because of these benefits, we believe that more financially educated societies are more productive, which in turn support higher economic growth.

We know that the key to increasing levels of financial literacy is having access to high-quality guidance and tools to effectively support people to upskill.

Since 2012, Santander has been committed to providing financial education with the goal of helping people improve their access to and management of their finances —empowering them to prosper.

Find out more 

Report chapters

Low levels of financial confidence

People tend to believe they know more than they do about financial matters but less than half are able to answer a basic question about the impact of inflation. Confidence in using digital systems is lower, although people are keen to improve how they manage and understand their finances. The problem is that education on the issues with which they need most help – investing, saving, taxes and budgeting – is not universally accessible.

What people want to know

The ability to make better financial decisions, effective management of money and structuring a budget are the top three priorities in financial education. People in our survey also wished they had learned more about investing, saving and taxes when they were at school. There is widespread public recognition that attending financial education courses can deliver practical benefits, though very few do. 

Who should deliver financial education

Nine out of ten people say parents and schools should take the lead in providing the knowledge required on money matters, although there are also roles for banks and governments. Financial education ranked as the second most important subject the public would like to be taught in schools, after maths. However, the majority want to integrate it into other subjects rather than standalone classes.

Conclusion

Financial education has a net benefit to society, improving people’s confidence to manage their money and their financial health, and in turn play a more active role in the economy through saving and investing.

Key findings include

Financial knowledge remains low

san_drop_up

And people tend to overestimate their abilities; confidence decreases in digital environments; access to financial information is increasingly digital and through a wide range of sources and actors; fraud and scams are also becoming more prevalent.

People are willing to improve how they manage and understand their finances

san_drop_up

Yet financial education is not accessible to many; investing, saving, taxes and budgeting rank as top areas of interest across all markets.

There is no public consensus on who should deliver adult financial education

san_drop_up

With responsibility shared between businesses and others, but schools and parents are seen by the public as key to delivering this to children.

Read more

Findings by country

Please find below information by country

Ana Botín says…

Financial education is not a technical or side issue, it is an essential tool for progress. In every society, knowledge enables people to make informed decisions, foresee risks and seize opportunities. Ultimately, understanding how money works (its creation, use and transformation) is to understand an essential part of our economic and social being.

―Ana Botín, Executive Chair of Banco Santander.

Financial education at Santander

Learn more about finance on this site and explore Santander's wide range of financial education resources in its geographies.

Everything about financial education at Santander