Madrid, December 4 (Ifecom).- 86% of Spaniards did not receive financial education at school, and three out of four said they would enroll in a free course, according to the report “The Value of Learning: Global Perspectives on Financial Education”, prepared by Santander Bank in collaboration with the surveying company Ipsos.
The report was presented on Thursday in London and was compiled from 20,000 opinion polls in ten countries.
Accordingly, 91% of those interviewed believe that financial education should be taught in schools, and 67% would choose an educational center that includes it.
Moreover, he points out that Spaniards actually value financial education more than traditional subjects, such as history and literature.
Young people between the ages of 25 and 34 are the most willing to participate in a free financial education course.
64% of Spaniards believe that financial education allows them to make better decisions, 59% that it helps them manage money and debt better, and 46% that they act ethically when choosing financial products.
One of the study’s most notable findings is the disconnect between what people think they know about finances and what they really know.
In Spain, 54% of citizens (61% in the world) believe they have sufficient financial knowledge, but only 26% answer a basic question about inflation correctly (32% in the world).
The report explains that this disconnect between perception and reality, or the so-called “Dunning-Kruger effect,” can lead to poor decision-making, risk not being evaluated appropriately, and even coming to the wrong conclusion that no further training is needed.
The study also shows that respondents feel less secure when managing their finances online, with the level of trust reaching 61% in Spain, which is lower than the global average.
Banco Santander President Ana Botín said that governments, schools, families, companies and banks must cooperate so that financial literacy reaches everyone from childhood to adulthood. Aficom