Survey of Financial Competences 2016

Survey of Financial Competences 2016


Main Results of Survey of Financial Competences 2016 (ECF by its Spanish abbreviation).

Several international studies have shown that, in many countries, people are not familiar with basic concepts related to inflation, compound interest and risk diversification. Given the growing complexity of financial products, this lack of knowledge may make it difficult for individuals to choose the savings, insurance and debt vehicles best suited to them. Against this background, the Banco de España (BdE) and the CNMV (National Securities Market Commission) have, as part of the Financial Education Plan, collaborated in preparing the Survey of Financial Competences (ECF by its Spanish abbreviation). The survey measures knowledge and understanding of financial concepts by the Spanish population aged 18 to 79, and this age group’s holding, acquisition and use of various savings, debt and insurance vehicles. Included under the National Statistics Plan, this survey has key characteristics that provide for a rigorous and comprehensive description of the Spanish adult population’s financial literacy and of their relationship with the financial system

Key aspects

The financial literacy of the Spanish adult population is below the average of the OECD countries considered and UE.

Around two out of three people who have acquired a financial product in the past two years have confined themselves to those offered by a single company or financial institution. The second information source were contact from friends.

Full content of the publication


Adults Financial competence Financial education


Olympia Bover

Laura Hospido

Ernesto Villanueva

Dirección General de Economía y Estadística Banco de España

Additional Information

Date published


Document Type



España, Global





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