Financial health matters beyond numbers

Financial health matters beyond numbers


Organized by EL MUNDO, Expansin and sponsored by BBVA, the ‘Financial health as a lifestyle’ forum featured the views of various experts on ways to achieve comprehensive well-being through good financial health.

Financial Health Forumlouis camachoExpansion

“Money doesn’t bring happiness, but it creates such a similar feeling that you have to be an expert to distinguish it.” with this expression Woody Allen and a touch of humor opened Iaki Garay, vice president of expansion, a talk on financial health to discuss ways to achieve emotional well-being through good management of the economy. At the event organized by BBVA, EL MUNDO and Expansin, Laura Rojas-MarcosPhD in Clinical, Forensic and Health Psychology from the Complutense University of Madrid; joan rockChef and chef of the prestigious Michelin-starred restaurant El Celler de Can Roca, considered the best restaurant in the world. peio belausteguigoitia, country manager BBVA in Spain

But what exactly does the term ‘financial health’ imply? “We’re talking about the satisfaction of successfully managing a personal, family or business economy, where savings, sustainable debt and planning for the future are encouraged,” said Peio Belausteguigoitia. For Joan Roca, consuming seasonal and local foods can be key to improving family financial health while promoting environmental sustainability at the same time. “I advocate the kitchen as a tool to improve the financial health of families, and if we learn to cook like our grandmothers with what we have nearby and in season, we will improve the health of the planet“The consumer is the one who has the power to demand local fruits and vegetables from the shopkeeper,” he added.

Along these lines, Laura Rojas-Marcos highlighted how good or bad financial management directly affects a person’s mental and even physical health. On the other hand, the uncertainty caused by current events such as the pandemic and the war in Ukraine creates global economic instability and this scenario turns into stress and anxiety for millions of people. “The second biggest cause of stress and anxiety in the population is the economy”, explained. And he added: “If before the pandemic one in five suffered from depression and anxiety, we now see that one in three.”

But despite inflation and continued rises in bank interest rates, there are tools to combat uncertainty. Financial education starts with the awareness of not spending more than you earn, saving and maintaining it. sustainable debts related to payroll each one. Therefore, in his view, self-knowledge is an essential tool for maintaining balance.

For Roca, knowing how to cook is not only to make others and yourself happy by cooking something delicious, but also to know what to buy and when to manage the budget correctly. In this direction, Rojas-Marcos maintained the importance of taking care of finance, habits and health as part of a whole. “But you also have to learn to make decisions and control the urge to buy, save, choose, and also tolerate disappointment,” he said. Nevertheless, its importance during the discussion set financial goals and use technology enables banks to implement them.

Financial education problem

How does Spanish society manage its financial health in this sense? “According to the surveys we conducted at BBVA, it is close to 1 35% thinks the Spaniards have lack of basic knowledge Economics”, explained Belausteguigoitia. For him, technology plays a fundamental role because the functionality of technological applications brings society closer to the basic principles of personal economic management and financial culture. Time of day, account movements and categorize them. bank estimate receiptsas well as functions to meet spending or savings ceiling targets.

On the other hand, for Rojas-Marcos, instilling financial health from a young age can contribute to building resilient personalities in the future. It teaches values ​​such as setting and reaching goals, effort and perseverance to reach them. But financial health is important not only for individuals and families, but also for businesses. Banks’ digital tools are useful for managing the finances of both SMEs and self-employed people. These developments have made life much easier for the business sector. “Is there a time version and a knowledge transfer that facilitates the management of these companies,” said Belausteguigoitia. On the other hand, Belausteguigoitia emphasized that education efforts for better financial health should focus on the most vulnerable groups with less access to technology.

according to the criteria

Trust Project

More information

#Financial #health #matters #numbers

Leave a Comment

Your email address will not be published. Required fields are marked *