Financial Crime World

Financial Inclusion and Compliance in Spain: Report Highlights Access to Essential Services

A recent report by the Ramón Areces Foundation, sponsored by the Valencian Institute of Economic Research (Ivie), has provided valuable insights into the Spanish population’s access to essential services such as education, health, and banking. The study highlights the progress made in ensuring that a significant majority of the population has access to these services in their municipalities of residence.

Access to Healthcare

The report reveals that:

  • 90% of Spaniards have access to a healthcare center within their municipality or a short drive away, with only 1.3% of the population requiring more than a 20-minute journey to reach one.
  • 91% of the population resides in a town with a hospital or less than 30 minutes from one.

Access to Education

The study finds that:

  • Approximately 50,000 students do not have access to a primary school within their municipality (1.2% of the relevant age group).
  • Around 130,000 secondary school students lack a school in their area (7% of students). However, 93% of those without a nearby school have one within 20 minutes.

Access to Banking

The report highlights a significant reduction in banking branch closures since 2008:

  • Only 3% of the population (almost 1.4 million people) lives in municipalities without access to a bank branch or where the nearest one is more than an 11-minute drive away by car.

However, the study identifies vulnerable population groups who may face financial exclusion due to limited internet access or lack of digital skills:

  • The public administration’s responsibility is to address this issue by ensuring universal internet access or promoting alternative solutions for financial services provision.
  • Banks should not be held accountable for maintaining unprofitable branches and focus on providing viable banking services through online channels.

By tackling digital exclusion, Spain can enhance financial inclusion and compliance, ultimately promoting greater economic equality and social cohesion.