National curriculum, Let’s Talk About Money, TV campaign
Key actors in financial education and financial literacy
European Money Week 2017
The Romanian Banking Association (RBA) and the Romanian Banking Institute have the pleasure to invite you to attend the conference “The New European Paradigm: Consumers of Financial Services, between Transparency and Risks”. The event takes place on 28 March 2017, starting with 10:30 a.m., at the Romanian Banking Institute.
Romania’s development strategy includes tactics to mitigate deficits compared to European averages, including lending to the real economy. Responsible lending must be committed to in an appropriate manner, being the key of economic development as it involves horizontally the entire economy.
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.
Financial Education Platform
The Romanian Banking Association (RBA) and the stakeholders of the entire financial market have publicly launched the project of building the Romanian Financial Education Platform within the European Money Week – the 2016 edition – an event benefitting from the presence of the management of the National Bank of Romania and the Ministry for Education, next to the representatives of the financial industry. The aggregating objective of the Platform partners pertains to enhancing the level of financial education in Romania. Partners’ implication takes place in line with the volunteering and equality principles, as participation to a round table and without imposing a leader.
Romania ranks behind in European tops as regards financial intermediation and inclusion. About 40% of adult romanians do not use banking intermediation. The EU states average as regards financial inclusion is 90%. There is need to promote in an integrated manner the projects of the stakeholders from the financial industry of Romania.
The public-private Financial Education Platform initiative observes very carefully compliance with the principles of the National Strategy on Financial Education drawn up by the OECD.
The Financial Education Platform represents a positive catalyst for the efforts that the financial market players make as regards projects targeting financial education. In practice, we will be witnessing an information offer rolled out for consumers via projects from the banking market, the capital market, the insurance market, the private pensions market and the leasing market. In some situations, these projects will be fully integrated. There will be some joint projects also for entrepreneurship financial education where the need is very urgent indeed.
The action will materialize in a partnership between all the areas of financial business and the authorities, focused mainly on clearly explaining financial products to consumers.
Identifying the needs of the population and the best communication channels was carried out via a market survey. GfK Romania conducted a market survey on “Financial Education” upon the request of the Romanian Banking Association, the relevant data of the 2016 survey being comparable with the one included in the 2011 market survey. In the last five years, the utilisation of all channels informing on financial topics has significantly gone up. Moreover, the perception about the accountability of institutions related to educating the population on financial matters has gone up. School is considered the institution mostly responsible with education, and this perception has gone up compared to 2011 (from 53% to 79%).
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:
- 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.
- Protocol of collaboration with academia. The Romanian Banking Association and member banks are involved in scientific events organised in economic universities and periodically organise debates attended by experts of the banking industry.
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