Dataset / Tabular

Financial Literacy and Financial Services Survey 2010 (Romania)

author(s) Institute for World Economy (Romanian Academy)
from World Bank Group (WB)
permalink open
themes
regions
  • Northern Europe
  • Europe
  • World
  • Eastern Europe
  • Western Asia
  • Asia
citation

Institute for World Economy (Romanian Academy), 'Financial Literacy and Financial Services Survey 2010 (Romania)', 2012

Publications and datasets provided via GARDIAN

Abstract

The survey is the follow-up of the Diagnostic Review on Consumer Protection and Financial Literacy conducted by the World Bank in 2008-2009. The Diagnostic Review in Romania was the fourth in a World Bank-sponsored pilot program to assess consumer protection and financial literacy in developing and middle-income countries.1 The objectives of this Review were three-fold to: (1) refine a set of good practices for assessing consumer protection and financial literacy, including financial literacy; (2) conduct a review of the existing rules and practices in Romania compared to the good practices; and (3) provide recommendations on ways to improve consumer protection and financial literacy in Romania. The Diagnostic Review was prepared at the request of the National Authority for Consumers' Protection (ANPC), whose request was endorsed by the Ministry of Economy and Finance. Support was provided by the National Bank of Romania (BNR), which supervises banks and non-bank credit institutions. Further assistance was given by the supervisory commissions for securities (CNVM), insurance (CSA) and private pensions (CSSPP).

The Diagnostic Review found that the basic foundations needed for consumer protection and financial literacy are in place in Romania but they benefit from further strengthening support. The Review proposes improvements in six areas: consumer awareness, information and disclosure for consumers, professional competence, dispute resolution, financial education and financial literacy surveys.

Consequently, in 2010 the World Bank commissioned a nation-wide survey of the levels of financial literacy. A consultant (sociologist Manuela Sofia Stanculescu) developed the survey methodology (sampling methodology and questionnaire) in line with the Financial Literacy Survey in Russia (the World Bank, 2008) and the baseline survey Financial Capability in the UK (Financial Services Authority, 2005).2 The final form of the questionnaire was agreed with representatives of the National Bank of Romania (BNR), the Romanian Banking Institute (IBR), the National Authority for Consumers' Protection (ANPC), and the Financial Companies Association in Romania (ALB). The Institute for World Economy (Romanian Academy) collected the data in May 2010.

The main objective of this work is the establishment (and later the evaluation) of a well targeted national program of financial education.

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