FINANCIAL EDUCATION AND SUSTAINABLE ECONOMIC DEVELOPMENT IN ROMANIA

Marian Ţaicu and Maria-Daniela Bondoc

Annals - Economy Series, 2023, vol. 6, 346-354

Abstract: Financial education is necessary for people of all ages, because every day they make decisions that can have financial implications. Thus, whether we talk about earning money, choosing savings solutions, investments, loans or simply about spending money, financial education is the basis for making appropriate decisions. Good financial education of the members of a society will lead to more responsible behaviour, better management of each household’s financial resources and more economic stability. The complexity of today’s economic life poses new challenges for the average citizen, who needs to keep up with technological progress on the one hand and understand the opportunities and challenges in the financial field on the other. Information sources today are diverse and information users need to be able to interpret the messages they receive in order to make the right choices and avoid falling victim to fraud. The impact of financial literacy and education on economic development is major because a person without even basic financial knowledge will make wrong choices that will affect their household’s financial situation, with consequences for the national economy. This paper presents a number of aspects of the financial behaviour of Romanian citizens and includes a comparative presentation of the turnover of companies whose activity is “Gambling and betting activities” and the amounts spent by citizens on housing insurance and voluntary pensions.

Keywords: Financial education; financial literacy; gambling; insurance; voluntary pensions (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2023:v:6:p:346-354

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