Financial education is a fundamental tool for the development of people. For this reason, at Santander we carry out programs and initiatives in our key markets, in the regions of Europe, North America and South America, to boost financial health. Our goal is to reach all people, especially vulnerable groups, and promote financial education throughout life.
Financial education is essential for making more informed decisions that have a positive impact on financial well-being. At Santander we promote educational initiatives and programs in the countries in which we operate as one of the axes of our responsible banking. This is how we help people develop skills to manage money, have financial health and build a more prosperous future, with children and young people being a priority.
In 2022 we will help 2.7 million people improve their financial knowledge, making economic concepts easier to understand. Furthermore, through different studies, we confirm the need to promote financial health among people. At Santander UK, for example, such studies demonstrate the importance of financial education in shaping children’s futures and ensuring they can manage their finances with confidence as adults.
Along these lines, financial services have the power to create opportunities. The Santander Global Progress Report reveals that for 72% of people surveyed around the world, banks and financial service providers can improve well-being by providing financial education and advice. “It would be a wonderful initiative to teach useful life skills in schools, and financial education would undoubtedly be one of the most important,” says expert Elizaveta Perova, senior economist at the World Bank.
Throughout their lives, people face different challenges related to the home economy or their small and medium-sized businesses. Some of the most common are saving for a trip, creating a budget with your partner, financing the purchase of a car or applying for a mortgage . All of this determines your financial health, the state and stability of your finances and the use of your economic resources based on your needs. Financial education is essential to ensure it.
Juan Cerruti, global chief economist at Santander, explains that “financial institutions play a fundamental role in improving basic financial services and offering tailored financing for individuals and SMEs. Teaching finance from an early age in school, as well as the promotion of financial inclusion, entrepreneurship and employability, is key.”
5,1 million people
have benefited from financial inclusion (access and financing) and financial education programs in 2022
Raise awareness and inform around the world
Economy and finance do not understand countries, since throughout their lives people have a direct or indirect relationship with money anywhere in the world. The Finance for Mortals program , promoted by Santander Spain for more than ten years, helps participants make the best decisions about how to manage their resources, manage online banking and maintain the security and protection of their finances.
Financial education does not understand ages either. It is important to know from a young age the financial concepts that mark daily life in adulthood. In June we announced the Finances for Mortals Junior Edition program for primary school children. This project brings financial terminology closer to young people and groups at risk of social exclusion in Spain.
He also doesn’t understand countries. In the UK, Santander UK and international online education publisher Twinkl have launched the Financial Literacy Recognition Program for UK schools that commit to providing financial education each year. Both are working to ensure that this training achieves legal status in England’s primary school curriculum in a way that fully supports teachers. Poland, meanwhile, has the Finansiaki program for financial education of children
In South America we also develop financial education initiatives. In Chile, financial literacy is presented under our digital platform SanodeLucas , where knowledge and good use of financial products is promoted. This is one of the objectives that we also promote in Mexico with the “ Tuiio, Finances from you to you ” initiative through a financial education model based on digitalization and technology.
Meanwhile, in Brazil the Escola Brasil Program is underway , in which we bring together volunteers from Santander to disseminate the UN Sustainable Development Goals in the public schools of the cities where we are present. On the other hand, in Argentina, we bring finances closer to the most vulnerable groups, through our “Initial Financial Education Kit”.
We know that the role of banking entities is essential and we remain committed to working so that more and more people feel empowered, understand their economy, have access to the products and services they need and enjoy better financial health.