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LAST UPDATE: 21/11/2023
Financial education is essential to human development. That’s why Santander runs programmes and initiatives to promote financial health in our core markets in in the European, North American, and South American regions. Our goal is to reach everyone, especially those most vulnerable, and encourage lifelong financial literacy.
Financial education is key to making better decisions that will have a positive impact on financial health. At Santander, we promote education initiatives and programs in the countries where we operate as one of the pillars of our responsible banking. In this way, we help people manage money, be financially healthy and carve out a prosperous future with children and young people being an important audience to reach.
In 2022, we helped 2.7 million people boost their knowledge by making financial concepts easier to grasp. What’s more, our research has uncovered the need to bolster people’s financial health. Studies by Santander UK reveal the importance of financial health in shaping children’s future and giving them the tools to manage their finances successfully as adults.
72% of the people surveyed for Santander’s Global Wellbeing Index said banks and financial service providers could enhance customer well-being through financial education and advice. According to Elizaveta Perova, Senior Economist at the World Bank, “It would be a wonderful initiative to teach life skills in schools. And financial literacy would definitely be one of the key skills”.
Throughout life, our finances at home or as SME owners can pose several challenges, like saving for a trip, drawing up a budget, taking out a car loan, or applying for a mortgage. How we address those challenges can influence our financial health and how we spend money to meet our needs. That’s where financial education comes in.
According to Juan Cerruti, Chief Economist at Santander, “financial institutions have a big role to play in improving basic financial services and tailoring financing to each individual and SME. Teaching finance from the very beginning of school, as well as promoting financial inclusion, entrepreneurship and employability, is key.”
people financially empowered through access to services, credit and financial education
people financially empowered through access to services, credit and financial education
Spreading awareness around the world
Economics and finance know no (national) boundaries. In life, everyone will come to have some issue with money, whether directly or indirectly. For over 10 years, Santander España’s Finanzas para Mortales (“Finance for Mortals”) programme has been helping people make better decisions to manage and protect their finances online.
Financial education views age as nothing more than a number. Young people must get to grips early with the financial concepts they’ll encounter in adult life. In June, we announced the Finanzas para Mortales edición Junior programme for primary school children. It introduces financial terminology to young people and groups at risk of social exclusion in Spain.
And we’re not stopping there. Santander UK and online global educational publishing house Twinkl launched the Financial Education Recognition Scheme for UK schools that commit to teaching financial education each year. Both companies aim at having it become required by law in the primary school curriculum in the UK as a way to support teachers. In Poland, the bank’s Finansiaki programme teaches children about finance.
We have several financial education initiatives in South America. In Chile, our digital platform SanodeLucas promotes the sound use and knowledge of financial products. In Mexico, our “Tuiio, Finanzas de tú a tú” initiative does the same through a financial education model driven by digitalization and technology.
In Brazil, we’re running the Programa Escola Brasil (Brazil School Programme), where Santander volunteers teach the United Nations' Sustainable Development Goals to school children living in the cities where we operate. In Argentina, we bring finance to the most vulnerable groups through the “Kit de Educación Financiera Inicial” (Beginner’s Financial Education Kit) initiative.
Banks are vital to financial education. That’s why we commit to empowering more people financially to understand personal finance, access the products and services they need, and enjoy better financial health.
