FINANCIAL EDUCATION – THE PATH TO ECONOMIC WELL-BEING
FINANCIAL EDUCATION – THE PATH TO ECONOMIC WELL-BEING

Summary/Abstract: Financial education plays a particularly important role in an education-based society and involves having a set of skills and knowledge that enable people to make informed and effective decisions with all their financial resources. This concept is based on understanding the phrases "saving", "investment", "credit" or "interest", terms that can generate a feeling of financial well-being and self-confidence. BNR specialists reveal to us that, in Romania, a large part of people lacks financial education, an aspect confirmed by the latest studies ("Financial well-being and financial literacy in Romania" - 2022 - conducted by the World Institute within the Romanian Academy or "Eurobarometer" - 2023 - representative survey at the European Union level requested by the European Commission). In our research we aim to identify the purpose of financial education, present the latest statistics and studies on the degree of financial inclusion and determine the main advantages as well as the importance of financial education. Therefore, on April 11, 2022, the law establishing Financial Education Day in Romania is promulgated. Financial inclusion has an important role in increasing the quality of life, and for this, financial education programs are needed regarding the facilitation of access to basic financial products and services - internet banking, lending, saving or investments.

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