Financial and Banking Education of Consumers in the Context of Sustainable Development Society

Nicoleta Andreea Neacșu, Carmen Elena Anton, Camelia Mirela Baba and Anca Popescu ()
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Nicoleta Andreea Neacșu: Department of Marketing, Tourism, Services and International Affairs, Transilvania University of Brașov, 500084 Brasov, Romania
Carmen Elena Anton: Department of Finance, Accounting and Economic Theory, Transilvania University of Brașov, 500084 Brasov, Romania
Camelia Mirela Baba: Department of Finance, Accounting and Economic Theory, Transilvania University of Brașov, 500084 Brasov, Romania
Anca Popescu: Department of Marketing, Tourism, Services and International Affairs, Transilvania University of Brașov, 500084 Brasov, Romania

Sustainability, 2023, vol. 15, issue 13, 1-22

Abstract: The paper addresses the consumer’s behaviour toward banking services, outlining the need to deepen and complete a financial-banking education. The purpose of the study is to identify the opinions of consumers of banking services regarding the collaboration relationship with financial-banking institutions from the perspective of financial education and sustainable development. In this regard, the authors carried out an analysis of the content of loan agreements using: the method of evaluation grids—a specific method of diagnostic analysis supplemented with in-depth interview—a qualitative research method. Our study highlights the role of financial-banking institutions in the sustainable development of social and economic life, marking the need for primary financial education for effective consumer-bank collaboration. The research results reflect the need to develop contractual relationships based on transparency, fairness, and better financial information and education of consumers. The obtained results are useful for decision-makers in banking institutions to develop lending policies according to customer expectations and for authorities to shape various social development policies.

Keywords: financial education; sustainable development; financial-banking market; consumer behaviour; bank loans (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:13:p:10052-:d:1178868

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