Is the lack of financial training the main obstacle to signing a good mortgage?

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Without a doubt, the absence of a basic financial education in Spanish education is one of the main reasons why consumers do not read each and every one of the clauses included in a mortgage contract. And it is the main reason why we start at a disadvantage when negotiating with banks and demanding transparency.

Naked mortgages, know when it comes to mortgages

Mortgages are still one of the great pending subjects for Spaniards, The Good Finance Mortgage Comparator , taking advantage of financial education day, will be holding a free online videoconference on October 3 in which the live main doubts that consumers have regarding mortgages.

The event, which will take place next Monday at 7 pm , will address the issues that concern both the mortgaged futures and consumers who have already signed a mortgage, such as land clauses , Euribor plus, zero clauses, interest rates, commissions, etc.

Financial education increasingly present in the classroom

From the comparator of financial products Good Finance warn that the lack of financial training in compulsory education is a great difficulty to understand the contract of a mortgage, so many Spaniards sign their mortgage without apologizing for having understood what they are committing .

And it is that the Organization for Economic Cooperation and Development (OECD) states that people with a lower degree of financial knowledge tend to be more indebted and have less gross wealth. In this way, the study concludes that one of the reasons why a family has no control over their finances is financial ignorance.

There is no denying that, since the economic crisis

Interest and concern have been increasing. For three years, financial education has been provided in secondary education centers, thanks to an agreement signed by the Bank of Spain and the National Securities Market Commission.

In addition, various initiatives have been launched such as Financial Education Day, which since 2015 has been celebrated to promote the importance of knowing how to plan personal finances. From Good Finance they wanted to join this October 3 day with an online videoconference . In it, the main mortgage problems that affect a large part of the clients will be resolved.