Financial education should start with… the Parliament. A national project is needed, officials say

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Financial education is important for the nation, given that the population of Romania has a very low level of education in this regard. People might understand that loans are some kind of donations, because the debtor does not understand what it is all about, BNR Governor, Mugur Isarescu (photo 1), said on Friday. In his turn, Finance Minister, Eugen Teodorovici (photo 2), believes the first level to start financial education is… the Parliament itself. Both officials have attended the ‘Global Money Week’ international project.

The National Bank of Romania (BNR) Governor, Mugur Isarescu, said the lack of financial knowledge could upset the entire financial market and could ruin crediting, ziare.com informs.

“We realised the danger is talking only inside the institutions.  People must understand it in order to be able to use the complex financial instruments. Otherwise, we risk seeing a credit agreed upon like a donation, because the debtor did not understand what it is all about. This would upset the financial market, would destroy the crediting market and would lead to multiple chain problems for the functioning of the market economy,” Isarescu said.

The Governor believes a national project is needed in terms of financial education.

“We should have a national strategy in this regard, not only BNR’s, but of all state institutions. Financial education is very low in Romania, this is the starting point,” Isarescu said.

In turn, Finance Minister, Eugen Teodorovici, said the financial education should start with the Parliament.

Teodorovici believes it should be done, first of all, for those who are making important decisions and file huge impact legislative proposals.

“The first level the financial education should start from is the Parliament. This is the place where important decisions are made, legislative proposals are filed,” Teodorovici said.

He believes that a high level of financial education at the level of key state institutions would have led us in a better situation at the level of society, including in terms of standard of living.

“Many physicians have left the country in the past years. (…) Had the financial education been higher, things would have been better. It’s more than about financial inclusion, the problem is much deeper. (…) The administration in Romania is aging, not only biologically, but in terms of thinking,” the minister said.

Teodorovici advised the young generation to get more involved in the process of making decisions, regardless of the field, political or financial.

 

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