Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. Iohannis: 2023 statistics show that 30% of Romanians...

Iohannis: 2023 statistics show that 30% of Romanians fall within minimum level of financial literacy

May 13, 2024

 Statistics from 2023 show that 30% of Romanians fall within the minimum level of financial literacy, which is not the direct consequence of recent developments, but the effect in time of financial training deficits, according to a speech by President Klaus Iohannis delivered at the second edition of the Financial Education Forum on the digital safety of users of financial products and services."The complexity of financial services in the context of new technologies makes it imperative, at national level, for awareness and information campaigns on this level, which contribute to reducing risks for users of financial products and services. It is not enough to acknowledge the population's need for financial guidance and training. It is our duty to facilitate access of every Romanian to training in this area, so that the public can make correct and informed decisions regarding personal finances. The structural challenges that have plagued Romania's economy for years, accentuated by the overlapping crises of recent years and the persistence of a low degree of financial intermediation, have widened the gaps between expectations and results. Statistics from 2023 show that 30% of Romanians fall within the minimum level of financial literacy. Obviously, that is not the direct consequence of recent developments, but the effect over time of financial training deficits," reads the President's speech, delivered by presidential adviser Cosmin Marinescu.Financial inclusion data in Romania show that the vast majority of respondents use a bank account and bank online, which indicates a favourable level of financial inclusion. However, Iohannis argues that this discrepancy between easy access to banking services and the deficit in financial education is worrying.The President adds that the prosperity of a society is expressed not only through economic indicators, but also through the skills the population possesses. Only that way, armed with the necessary financial knowledge, can people adopt healthy economic behaviours, manage financial risks and rigorously evaluate public policy measures. For citizens, protecting money starts with understanding the market economy and financial instruments, assessing entrepreneurial risks, understanding the causes and effects of inflation or the implications of the budget deficit in the economy. However, financial education achieves its goal when the accumulation of knowledge involves the affirmation of economic behaviours.According to him, investing in financial education means investing in Romania's economic future.During the event, Iohannis awarded a series of decorations. Thus, as a sign of appreciation for the special merits in their fields of expertise and for their contributions to promoting economic and financial education by disseminating specific knowledge and developing responsible economic behaviours, President Klaus Iohannis awarded a Commander medal of the Industrial and Commercial Merit Order to the Bucharest School of Economics (ASE); an Officer medal of the Industrial and Commercial Merit Order each to the Bucharest Stock Exchange, the Romanian Association of Banks and the Romanian Banking Institute, and a Knight medal of the Industrial and Commercial Merit to the Institute of Financial Studies.  

Read in full - click here
SIGNAL IDUNA companies recorded an aggregated growth of 16% in 2024 and continue to expand on the Romanian market through strategic development

The SIGNAL IDUNA companies concluded 2024 with a total gross written premium volume of approximately RON 424 million, marking an aggregated growth of 16% compared to the previous year. These financial results reflect the consolidation of a sustainable development strategy, supported by portfolio expansion, digitalization, the launch of new solutions for both individual and corporate […]

Champions of trust in Romania. Results and challenges for brands in the post-truth era

Kantar Romania launched, during an event dedicated to their clients, "The Trust Factor – Building Brands That Endure Uncertainty", the top 20 brands that manage to inspire the greatest confidence among the Romanian consumers, based on the analysis of 162 brands from 12 sectors*. In a period marked by uncertainty and skepticism, trust becomes the […]

“They will notice when you walk in – not because you’re loud, but grounded” – Lin Holmquist, bringing ancient wisdom and modern science in Bucharest, at DiFine your Essence

Balancing career success with personal growth is a challenge many professionals face today. As the pressure to achieve and perform increases, many begin to crave more than just success: they want clarity, alignment, and a deeper sense of purpose. For Lin Holmquist, business coach and one of Europe’s most acclaimed experts in Tantra, Yoga, and […]

Romanian railway company CFR announces new PNRR-modernized train on Bucharest-Constanța route

CFR Călători, the state-owned railway company for passengers, announced that the first train entirely made up of rolling stock modernized with funds from the EU-backed Recovery and Resilience Fund (PNRR) was introduced on the Bucharest North – Constanța route. The train, which is already running, consists of a locomotive delivered by the Softronic factory in […]

Bucharest festival explores sustainable habits, urban future

The first edition of Urban Habits (nUH), a festival aiming to be “a space for ideas, debates, co-creation, and experimentation,” takes place between April 26 and April 27 at Lokal and on Erou Ion Călin Street, which will be temporarily transformed into a pedestrian space. The program will address themes ranging from innovation, design, and […]

Eastern Romania: Largest shopping center in Moldova region opens its doors

Mall Moldova, the largest shopping center in the Moldova region, officially opened on April 17 in Iași, covering 110,000 sqm. Developed by Prime Kapital, in partnership with MAS P.L.C., Mall Moldova is part of a large-scale investment plan carried out by the two investors in Iași, worth approximately half a billion euros, which also includes […]