Luis M Linde: Second Financial Education Day

Speech by Mr Luis M Linde, Governor of the Bank of Spain, at the Second Financial Education Day, organized by Bank of Spain/CNMV, Madrid, 3 October 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning I would like to begin by saying how pleased I am to be participating in this celebration of the Financial Education Day. The purpose of this event is to raise society's awareness of the importance of improving and broadening financial and, more generally, economic knowledge, helping people take decisions that affect many aspects of our lives.

At times like the present, characterised by the constant evolution and development of saving and borrowing instruments, the ability to correctly assess the risk and profitability of different financial products is particularly important. Indeed, different products may be more or less appropriate depending on an individual's risk exposure profile, age and income. The role of experience when choosing products is limited, since we are frequently faced with new products or products with features that are not well known.