WHY IT MATTERS

Understanding money changes how we make decisions.

Financial education is not just about knowing more about finance. It helps develop the judgement to compare, plan, understand risk and anticipate the consequences of our decisions.

And those decisions begin long before the first payslip.

Children learn to make decisions about money in an educational setting.

BEFORE ADULTHOOD

Money is already part of their decisions.

At 15, many students in Spain are already deciding how to use their money and taking part in real economic experiences.

78 %

can decide for themselves what to spend their money on.

15-year-old students in Spain.

85 %

had made an online purchase during the previous year.

Either alone or with a family member.

OECD · PISA 2022

PISA 2022

Spain still has room to improve.

Spain performs below the average of OECD countries participating in the financial literacy assessment.

Average score

Spain and OECD average

Expanded scale to make comparison easier; it does not start at zero.

Basic proficiency

17 %

does not reach the baseline proficiency level in financial literacy.

High performance

Students reaching the highest proficiency level

Socio-economic gap

73 points

separate, on average, the performance of socio-economically advantaged and disadvantaged students in Spain.

ADAMIS reflection Differences in starting points can stay with us for years.

OECD · PISA 2022

ADULT POPULATION

Learning as we go does not guarantee that we learn well either.

19%

answered all three questions on inflation, interest rates and risk diversification correctly.

Spanish population aged 18 to 79.

InflationInterest ratesDiversification

40 %

reports having received some form of financial education outside the family home.

Banco de España · ECF 2021

START EARLIER

Why start in Primary Education?

Financial judgement starts to take shape long before financial decisions become large.

EVIDENCE

Research points to around age 7 as a stage when many money-related habits are already forming.

Whitebread & Bingham, University of Cambridge, 2013

Starting early allows children to understand, practise and make mistakes while decisions can still be worked through in safe environments.

That is why ADAMIS starts in Primary Education.
  1. First

    First experiences

    Understanding the value of money, distinguishing needs from wants, comparing options and saving towards simple goals.

  2. Then

    More independence

    Planning income and spending, understanding risk, using digital tools and recognising fraud.

  3. Later

    Complex decisions

    Facing increasingly complex decisions on a foundation built beforehand.

PERSON → SOCIETY

The impact can extend beyond the individual.

  1. Person

    Stronger judgement to compare alternatives, anticipate consequences and make decisions with greater autonomy.

  2. Citizenship

    People better prepared to understand risks, incentives, information and the economic consequences of their decisions.

  3. System

    Greater financial understanding can help reduce information asymmetries and support a more efficient and stable financial system.

Banco de España · Financial education in Spain

FROM WHY TO HOW

The next question is how to bring it into the classroom.

At ADAMIS, we turn these competences into experiences where students have to choose, compare, justify their reasoning and deal with the consequences of their decisions.

See how ADAMIS works Explore our methodology

REFERENCES

Sources and further reading

The data on this page comes from institutional sources. Interpretations identified as ADAMIS are our own editorial reflections.

PISA 2022 Results (Volume IV) — Factsheet: SpainOECD Survey of Financial Competences 2021Banco de España Analysis of the 2021 Survey of Financial CompetencesBanco de España Financial education at an early ageBanco de España Habit Formation and Learning in Young ChildrenWhitebread & Bingham · University of Cambridge, 2013 Financial Education PlanCNMV · Banco de España Financial education in SpainBanco de España