BBVA is launching this plan as part of European Money Week and Global Money Week, which are being held this week. BBVA’s Global Financial Literacy Plan follows the recently published European Commission and OECD financial literacy framework for adults in the European Union and adds to the bank’s adherence to the global commitment promoted by the United Nations to promote financial inclusion and financial health.
Financial education: a key tool for BBVA’s strategic priorities
BBVA believes in the potential of financial education as a key element for improving people’s financial health and contributing to the transition towards a more sustainable economy, both of which are strategic priorities for the bank.
Therefore, it has launched this plan that reflects the importance of financial education for the bank, an education that BBVA Chair Carlos Torres Vila considers “essential to promote sustainable and inclusive growth”.
The plan reflects the integration of financial literacy within BBVA’s Community Commitment 2021 -2025 and has three focus of action.
- Financial education for society
The idea is to drive the development of financial education programs in all countries where BBVA is present. The objective is to provide its beneficiaries with financial skills to foster financial inclusion and health, generate resilience and promote sustainable development and investment. It also seeks to provide digital financial skills with a special focus on specific groups, SMEs, entrepreneurs and financially empower society in general.
- Financial education to support business
This involves the development of specific training activities for customers to promote responsible financial inclusion, avoid financial exclusion, help improve financial health, promote sustainable behavior and favor transition.
Among the training actions aimed at customers to help them align their financial decisions with environmental and social preferences include practical tools for calculating their carbon footprint, which in turn teaches them how to reduce this footprint and their own energy costs.
- Financial education to foster collaboration
The cooperation of all stakeholders is essential to achieve a more sustainable and inclusive society. BBVA seeks to promote the importance of financial education and cooperation between organizations and within the sector through collaboration with external stakeholders, the development of cross-cutting projects with other areas of BBVA and the dissemination of financial education.
Some examples of activities within this line of action are BBVA’s Center for Financial Education and Capability and local alliances such as UNAM and BBVA in Mexico.
BBVA’s commitment to financial education
BBVA’s commitment to financial education isn’t anything new. In 2008, the bank launched its first Global Financial Education Plan; from then on until 2021, it has offered financial knowledge and skills training programs in all the countries where it is present.
To date, 16.5 million people have participated in BBVA workshops and more than 32 million have accessed financial education content available via digital platforms. During this period, BBVA has invested more than 94 million euros in financial education programs around the world and more than 5,000 BBVA employees have volunteered in financial education programs.