How does the current education system teach about financial education?

Financial education is an essential skill for the well-being of people and society, which allows us to make rational and responsible economic decisions. However, the current educational system is not adequately preparing children and young people in this area, which can have negative consequences for their future.

According to the PISA 2018 report, the level of financial competence of 15-year-old Spanish students is lower than the OECD average, and only exceeds that of four countries: Brazil, Indonesia, Peru and the Philippines1. Furthermore, there is a large gap between students with the highest and lowest performance, as well as between those from different socioeconomic and cultural contexts.

These results show that financial education is not being a priority in the school curriculum, nor is it being taught effectively and equitably. Unlike other countries, where financial education is part of the mandatory curriculum or is taught transversally in various subjects, in Spain financial education is treated in a dispersed and voluntary way, depending on the autonomy of the educational centers and the initiative. of teachers.

Furthermore, the quality and impact of financial education activities carried out in classrooms are questionable. According to a study by Funcas, some modalities of financial education training may have a negative association with students' financial competence, while others are not significant3. This may be because financial education is not adapted to the needs, interests and abilities of students, nor is it linked to their daily reality.

Lack of financial education can have serious consequences for people's lives, such as excessive debt, insolvency, financial exclusion, poverty or vulnerability to economic crises4. On the contrary, good financial education can contribute to economic stability and growth, social inclusion and cohesion, and environmental sustainability and well-being.

Therefore, it is urgent that the current educational system improves the teaching of financial education, and that it does so in a coordinated, comprehensive and effective manner. This requires the commitment and collaboration of all the actors involved: the Ministry of Education and Vocational Training, the departments of the autonomous communities, educational centers, teachers, families, students and financial entities.

Only in this way can the right to financial education be guaranteed for all students, and the potential of financial education to transform society and the world can be harnessed.