Standard&Poor’s: Romania – the lowest rate of financial literacy in the EU. Northern Europe leads the rankings

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Financial literacy rates vary widely across the European Union. On average, 52 percent of adults are financially literate, and the understanding of financial concepts is the highest in northern Europe, a Standard&Poor’s report reads. Denmark, Germany, the Netherlands, and Sweden have the highest literacy rates in the European Union: at least 65 percent of their adults are financially literate.
Rates are much lower in southern Europe. For example, in Greece and Spain, literacy rates are 45 percent and 49 percent, respectively. Italy and Portugal have some of the lowest literacy rates in the south. Financial literacy rates are also low among the countries that joined the EU in 2004 and after. In Bulgaria and Cyprus, 35 percent of adults are financially literate.
Romania, with 22 percent financial literacy, has the lowest rate in the European Union.
Not surprisingly, financial literacy rates differ enormously between the major advanced and emerging economies in the world. On average, 55 percent of adults in the major advanced economies–Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States–are financially literate. But even across these countries, financial literacy rates range widely, from 37 percent in Italy to 68 percent in Canada.
In contrast, in the major emerging economies – the so-called BRICS (Brazil, the Russian Federation, India, China, and South Africa) – on average, 28 percent of adults are financially literate. Disparities exist among these countries, too, with rates ranging from 24 percent in India to 42 percent in South Africa, the report reads.

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