National curriculum, Let’s Talk About Money, TV campaign
Key actors in financial education and financial literacy
Taking into account that financial education and providing access to basic banking services represent priorities for the Romanians, the Ministry for Education has introduced in the curricula an optional discipline, financial education. As part of the National Bank of Romania’s communication activity, educational projects are meant to increase the financial awareness of the general public and to contribute to a better and correct understanding of economic and financial issues. The programmes rolled out by the central bank are namely:
1) Open Days for economics students;
2) Let’s Talk About Money and Banks – project dedicated to high-school and secondary school students;
3) Academica – project dedicated to university professors – www.bnr.ro
Romanian Banking Association & members
The banking community, represented by the Romanian Banking Association, supports initiatives and actively contributes to improving consumers’ level of financial and banking literacy. The objective is to develop awareness regarding financial and banking issues. Banks operating in Romania are responsible – in the positive connotation of the word – of the financial education and knowledge their Romanians customers. The number of bank and non-bank borrowers amounted to 4.12 million in August 2014 and represented 43% of the active population at the end of 2013.
Banks have been deploying a number of programmes on financial education in collaboration with several project implementation bodies and universities. The Romanian Banking Association and member banks also periodically organise debates attended by experts of the banking industry. They are also involved in scientific events organised in universities. Selecting from the main projects, the Romanian Banking Association has joined the efforts made by member banks to launch programmes on the population’s financial and banking education and rolled out a TV campaign for financial education. The campaign’s aim pertained to enhancing the level of awareness of current and future customers of credit institutions by explaining banking terminology to the public at large. www.arb.ro
In Romania, there are a number of organizations that deal with implementing in schools programmes on economic, entrepreneurial and financial education deployed by the financial industry players.
Example of good practice:
Each bank actually contributes to the Romanians’ financial education by placing TV screens in the main bank units, whose screens display information on consumers’ rights and obligations in conformity with the legislation in force and explanations concerning financial and banking terminology. In order to simplify the messages displayed and then read by individual customers, the banking community has made a common content, for everybody to understand, by creating a common view, banking legislation and terminology.
Financial education part of curriculum? Yes
PISA financial literacy ranking (OECD, 2012): did not take part