Romania enacts Financial Literacy Day to increase financial education

Romania will organize a Financial Literacy Day, which will be celebrated on April 11, after President Iohannis enacts a law in this regard.

This law responds to the need for more financial education in Romania, which is last in the European Union and among the last in the world in terms of financial literacy, according to data compiled by the Romanian Association of Banks (ARB).

A study published earlier this year by the Institute of World Economy of the Romanian Academy concludes that 92% of the Romanian population is financially illiterate. In addition, 39% of participants in this survey said they were not interested in receiving financial information.

As part of Financial Literacy Day, public and private institutions in Romania will organize events to raise public awareness of personal finance issues. In recent years, several public institutions and local banks have launched financial education initiatives, aimed at educating both children and adults on how to manage their money.

“The Romanian Parliament, the Ministry of Finance, the Ministry of Education, the National Bank of Romania, the Financial Supervisory Authority and the Institute of Financial Studies, as well as other authorities belonging to the public administration central and local may organize public events, symposiums, seminars or other types of public events on the subject of financial education, dedicated to this day,” states the law promulgated by President Iohannis, according to Mediafax.

The law in this area was initiated by 50 senators and deputies and was voted by the Chamber of Deputies on March 29, with 217 votes “for”, 15 “against” and 57 “abstentions”.

During the discussions, George-Cristian Tuță, one of the initiators, said that the establishment of the Financial Education/Literacy Day was essential. Furthermore, he points out that April 11 should be the start of a more coherent policy of financial education for all Romanian citizens, but mainly for those who do not understand how necessary such education is.

“Financial education is not about teaching Romanian citizens to become stock market and mutual fund experts overnight,” he added.

by Iulia Asproiu, contributor

editor@roumania-insider.com

(Image source: Dreamstime.com)

Sarah J. Greer