From stamps to cryptos: what do citizens know about the financial products they buy?
Las estafas, las inversiones fallidas y las espirales de endeudamiento ponen a prueba la educación financiera de cada generación
In Spain, many people have lost money by investing in financial products they didn't fully understand. In 2006, Laura Salgado invested €60,000 in Afinsa, a company that promised high returns through stamp sales, on the advice of a relative who worked in a tax consultancy. The scheme collapsed, and Salgado recovered only a fraction of her money. Around the same time, Antonio López took out a multi-currency mortgage in yen, which became more expensive when the Japanese currency rose in value in 2008.
The Banco de España and the Comisión Nacional del Mercado de Valores (CNMV) have since made efforts to promote financial education, launching a Plan de Educación Financiera in 2008. The plan has been renewed, with €3.6 million budgeted for 2022-2025.
Miguel García and Jordi Guirao are other examples of people who lost money by investing in products they didn't understand, including preferentes and memecoins.
Written by urgent.news from El Pais Economia's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
