Abstract

This working paper studies and explores the information from the Financial Literacy Survey from a double perspective. On the one hand, it evaluates the level of financial literacy of the individuals in the sample, relating it within a set of available socio-demographic and economic variables and, on the other hand, it attempts to determine the influence of financial literacy on the decision to save or invest in a specific financial product, such as a mutual fund or a pension plan.

The Financial Competences Survey was jointly prepared by the Bank of Spain and the CNMV, with the collaboration of the National Statistics Institute between 2016 and 2017 as part of the Financial Education Plan. The survey consists of around 200 questions asked to 8,554 individuals regarding their knowledge of economic and financial concepts, their saving capacity and their holding of financial products.