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What is Financial Education?

What is financial education?

The BCRA understands financial education as the process by which people improve their knowledge about finance and those related to financial products and services, identifying their risks and benefits. Financial education contributes to the adoption of healthy financial behaviors, based on personal and family financial planning and the development of financial skills and attitudes that allow financial goals to be achieved.

Financial education makes it easier for people to acquire the knowledge, develop the skills and attitudes necessary to know, compare and select the financial products and services that best suit their needs and possibilities.

Why is the Central Bank dealing with this issue?

In the world in general and in Latin America in particular, it is central banks that stand out as leaders in the execution of financial education and inclusion programs.

In line with international experience, the BCRA’s Organic Charter establishes in its Article 42 that “the bank may carry out research and promote financial education and activities on topics of interest related to the purpose assigned to it by this Organic Charter.”

In this regard, the BCRA is responsible for the design and development of educational activities with different audiences in order to contribute to the construction of an informed citizenry prepared to make financial decisions that improve individual and collective well-being.

The aim is to facilitate the understanding of financial products and services through different strategies and actions and, in addition, to strengthen the dissemination and understanding of the rights of users of financial products and services. Encouraging the development of financial skills and habits that improve money management and decision-making contributes to the construction of a more inclusive, more equitable society with better development opportunities for the vast majority, for the most vulnerable sectors, and taking into account the gender perspective in the matter.

How does the BCRA promote Financial Education?

How does the BCRA promote Financial Education?

Financial education goes far beyond the mere dissemination of financial information and guidance. The data and objective characteristics of financial services, processes and products are the starting point or reference for the acquisition of habits and customs that improve the quality of life. Therefore, among the functions that the BCRA carries out through the Financial Education Management, the following stand out:

– Establish guidelines on the economic and financial knowledge and skills that should be part of educational programs, both for the formal education system (students and teaching staff) and also in the non-formal sphere (families, popular neighborhoods, older adults, among others).

– To understand the implementation of educational and community activities – with special emphasis on the most vulnerable sectors – in order to promote the development of financial capacities, particularly considering the institutional gender perspective and the protection of users of financial services.

– Have campaigns and mass messages that reach the entire population, especially people who have fewer opportunities for access and use.
– To promote the analysis and research of economic and financial education programs carried out by financial institutions and other central banks, as well as the conduct of surveys, in collaboration with national or international organizations.

Agreements and agreements with provincial governments, ministries and national and international organizations.

In the search to promote financial inclusion with a federal perspective, the Central Bank has made progress in signing collaboration agreements in financial education with the provinces of Santa Fe, San Juan, Neuquén, Chaco, Formosa , Missions, La Pampa, Chubut and Tierra del Fuego.

These agreements allow the implementation of training programs in financial education for secondary school teachers and for provincial referents who assist the most vulnerable sectors.

Agreements were also signed that seek to promote financial education in the country and the joint production of educational content and materials with the Honorable Chamber of Deputies of the Nation, the National Securities Commission, the German Foundation of Savings Banks for International Cooperation, the Argentine Naval Prefecture, the National University of Comahue and the Banco Provincia del Neuquén and with the National University of Patagonia San Juan Bosco and the Bank of Chubut.

The BCRA also implements financial education actions through agreements with different universities, ministries and national and provincial agencies.