„Technology is a great ally to manage financial health”

Monday, November 20, 2023, 09:33

’Financial health is a way of life’ is a BBVA project born with the idea of ​​creating awareness in the society about the importance of taking care of financial health. For two years, chef Joan Roca of El Cellar de Can Roca and clinical and forensic psychologist Laura Rojas Marcos collaborated with the company in disseminating this knowledge from different perspectives. Meeting with BBVA and Las Provincias in Valencia next Thursday 23rd.

-How important is financial education?

According to various international reports, money management is one of the main causes of stress. Knowledge is important to manage our finances well and avoid stressful situations. And, in this sense, it is necessary to improve financial education. At BBVA we are always clear about this and therefore, we want to accompany our clients to help them make the best decisions. Now technology allows us to reach more customers.

-What should be taken into account to eliminate the worry of meeting or not saving?

The first and most important thing is to know that we need to manage our financial health every day, but we must always remember that these daily actions will benefit us not only in the short term but also in the future. To do this, it is important to take into account four steps: control our income and expenses; Implement a savings culture; Have acceptable credit and finally, good planning. However, there is no one-size-fits-all solution, and each individual and family must adapt these guidelines to their circumstances.

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– What tools are available today to achieve this?

-Today, public and private institutions are making efforts to expand financial education to all audiences. For example, AEB, where all banks are represented, is making various efforts to spread financial education among all audiences, visual resources etc. to gain knowledge. However, there is still a long way to go.

How BBVA helps people and families achieve this

– As I said, technology is today a great ally to manage our financial health. It allows customers to be empowered so that they can comfortably do it themselves. In particular, from the BBVA app a customer can categorize their expenses to get a broader view of what they spend their money on (leisure, restaurants, food…); You can program your account to save automatically, reducing card purchases and saving excess; They can know their global financial position because they can link positions in other banks through the integration service; Can create savings goals.

Another issue that is very relevant to all citizens, and one that BBVA has been working on for some time, is the promotion of energy saving. To do this, customers can find a calculator in the application that allows them to know the impact of emissions. In addition, we also have a financial calculator based on the 50/30/20 rule to know what portion of your income should be allocated to basic needs, disposable expenses and savings. To gain investment knowledge, BBVA has a 'Learn to Invest’ tool through which clients can start interacting with investment funds and learn about the world of investments. We have tools like BBVA Valora that help us know the value of our assets and how much our assets can achieve.

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-It’s important to start from a young age, how BBVA helps teenagers between 14 and 17 years old to take control of their finances and acquire good habits

– This is very important, no doubt. This is important regardless of age because they are better prepared and better able to take advantage of opportunities. Young people also have a big advantage, which is that they are very tech savvy. In this sense, we have opened the application to minors so that, with the supervision of their parents or guardians, they can begin to familiarize themselves with financial health, for example, Bism. Likewise, they can access training videos to gain financial knowledge.

-This concern about uptake is transferred to the organization, and how is it managed?

In the case of the self-employed or an SME, financial health is more relevant as their role as an entrepreneur comes alongside their personal one. Therefore, it is our responsibility to help and push their business forward every day. We have specialized teams that can accompany you on a daily basis, but also in your projects. Likewise, thanks to technologies such as 'big data’ or artificial intelligence, BBVA has made available to managers a tool that allows them to get a real picture of the company’s situation. More active.

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