Financial skills the Achilles heel of the Spanish

He Bank of Spain This has been confirmed once again with devastating information that he includes in his latest Financial Competencies Survey relating to 2021 that publishes this martes: just one 19% of Spaniards are able to correctly answer three basic questions, That is, 81% of respondents fail at least one of the three questions.

The ECF is part of an international project coordinated by the OECD International Financial Education Network, which makes it possible to compare the financial competencies of the Spanish population with those of a wide range of countries.

The survey measures financial knowledge, financial products and services, and the economic vulnerability of the household:

• In the part of financial knowledge Concepts such as inflation, compound interest, risk diversification, and a better account is observed of concepts such as inflation and diversification, while in the financial mathematics part the result worsens compared to 2016.

• As to financial products and services, among the products it covered were checking and savings accounts, pension plans and investment funds, stocks and bonds, life and medical insurance, credit cards, mortgages and personal loans. A lack of knowledge is observed in many of the products, except for investment funds, personal loans, credit cards, life and medical insurance; while in the rest the result is much worse than in 2016.

There is a new product included in the survey which is cryptocurrencies where just over 80% of those surveyed responded that they knew them.

• And finally, in the economic vulnerability The question was about how long they could cover their current expenses without having to take out a loan or move house if they no longer received the main source of income for their household at this time. In this case, it is observed that the respondents recognize that their expenses have been greater than their income and that they have had to use savings in the last 12 months:

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