Romania has a low level of financial education. We encourage the increase in the level of financial education through quality informational content – an objective that aims at both solid financial principles and consultancy in accessing and knowing financial products on the market.
Romania ranks 124th out of 143 in a global ranking of the level of financial literacy among the population.
Only 1 in 3 people worldwide have a financial education. Romania is below this average by 21% (1 in 5 Romanians).
In the EU, Romania ranks last in terms of financial education.
(study conducted by Standard & Poor’s Ratings)
Financial education is the “process of organizing money” (dex). “Organization” helps achieve long-term financial goals, such as: purchasing your own home, financially supporting your children, achieving financial security, retiring from work in an optimal, safe and efficient way, and determines a balanced relationship between needs and desires.
In Romania, the main source of financial education for young people is represented by the family (95%).
(study conducted by Erste)
Pension does not mean poverty. However, the state, due to the demographic situation (decreasing birth rate and increasing exodus) will no longer be able to support a proper standard of living upon retirement. It is our responsibility to support ourselves, through private sources, but unfortunately, due to lack of information or lack of awareness of the situation, only 15% of citizens save and invest to have money in old age, according to the study conducted by Standard & Poor’s Ratings.
99% of young people who are employed for the first time are randomly assigned to a private Pillar II pension fund. And only 8% of the employed population is a contributor to the Third Pillar of pensions.
(study conducted by Erste)
In Romania, the cult of ownership is developed and, therefore, more and more young people are purchasing their own home to the detriment of “lifetime rent”. This culture is beneficial from a financial point of view, but real estate credit poses a risk for most owners. Excessive consumption and purchasing a home without a financial safety net leads, in the worst case, to the loss of the property.
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