“Financially educated citizens are better prepared to face a recession”

Photo courtesy of elEconomista.es

FunFinance Founder Lena Perepelova talks to El Economista in Spain about the importance of financial education

El Economista reports that as many as 8 in 10 people in Spain are worried about getting to the end of the month with only 50% of Spaniards saying that they feel capable to manage their day-to-day finances, although they still need advice on more complicated issues.

Reporter Isabel Gasper continues that over the last few months “concepts such as inflation, interest rates or volatility have now captured much of the media interest” and the “economic consequences of the pandemic that broke out two years ago, as well as new events such as the war that Russia has declared on Ukraine, are having a major impact on the economy.” Are we prepared for what lies ahead?

Financial education is the way forward

A financially educated person will understand the cyclical nature of the economy and realize the importance of taking advantage of prosperous years. We’re supposed to build our emergency funds and accumulate savings during the “good years.” These funds will help us during the ‘difficult years’, if we lose a job or if energy costs rise as they currently do,” says Lena Perepelova, founder of the Women Investors Club and FunFinance Virtual Business School for Kids.

Lena, along with other experts such as Andrea Carreras-Candi, directora de EFPA España, Carmen Campos, coordinadora de RSC y Proyectos de Educación de Fundación Ibercaja, Víctor González, Brand & Communications director de Intrum, Isabel de Liniers, senior sales en DWS, José Luis Manrique, director de Estudios y Estadísticas de Observatorio Inverco, and Antonio Giraldo, vicepresidente de la Junta de Gobierno de la Asociación Nacional de Establecimientos Financieros de Crédito (Asnef), all agree that those citizens with financial training are in a position to better cope with an economic situation.

Is this particular to Spain?

While 76% of Spanish respondents in a recent report by the EFPA (European Financial Planning Association) claimed to have received a good or excellent financial education this still puts Spain in 5th place of the 24 countries analysed for the report.

The level of financial knowledge in Spain is similar to those of many other countries in the world, but the Anglo-Saxon and Nordic countries have a financial culture historically more integrated into society. The big difference we can observe is the freedom and naturalness with which people talk about money and the importance it is given in each family. In Spain it is still ‘frowned upon’ to talk about money and this should change,” says Lena Perepelova.

In conclusion, what are we waiting for? Financial education must be included in our curriculums, and it must be accessible to all members of society so we can build a better and more financially sound future for all.

Original article appeared here El Economista on October 6th 2022.


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