Pablo Hernández de Cos: Youth knowledge and financial education in Spain

Address by Mr Pablo Hernández de Cos, Governor of the Bank of Spain, at the BBVA EduFin Summit 2019, Madrid, 12 July 2019.

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

Good morning, ladies and gentlemen.

I would like to begin my address by expressing my satisfaction at the organisation of this conference. Its aim is to make society and market participants aware of the significance of financial education and of the importance of improving citizens' financial literacy. I also wish to thank the organisers for this invitation. It gives me the opportunity to set out the Banco de España's view on such a relevant topic.

It is not overstating matters to say that, in my opinion, the level of financial literacy directly affects citizens' welfare, their capacity to choose, and the capacity of the financial sector to offer their products and to strengthen their reputation.