Financial literacy
BBVA considers that financial literacy should be one of the priorities of the Group’s corporate responsibility policy. Informed decisions enhance one’s personal financial situation, 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.
In September 2009 BBVA launched the 3-year Global Financial Literacy Plan (2009-2011) with the aim of supporting financial literacy and improving people’s current and future financial situation.
The plan, which has a budget of €26m, will be developed in all the geographical areas where the Group operates, with specific programs in two priority fields. First, as an accompaniment to the banking penetration process, particularly in Latin America. We cannot extend banking use without education, and to do so we have to join forces, because that is the only way we can consolidate financially sustainable development in these countries. Second, because we want to contribute in some way towards the education of the young in the skills and values associated with the use of money. This approach is clearly linked to our vision and corporate culture, as well as being recommended by international authorities.
By the close of 2009, the following experiences were already underway:
- In Mexico, Adelante con tu futuro (Forward with your future), aimed at people who already use banking services, or could easily be persuaded to do so.
- In the United States, the Money Smart program, which includes the Teach Children to Save scheme for children and young people, and Get Smart About Credit.
- In Spain, Valores de futuro, aimed at children in primary school and the early years of secondary school.
- In South America a project has been started to extend the Adelante con tu futuro program to the main countries in the region.
