Analysis of the Financial Literacy Survey in Romania and Recommendations
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World Bank, Washington, DC
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This final report includes the analysis
of the baseline survey on Financial Literacy in Romania.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. 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.
Palabras clave
ACCESSIBILITY, AGRICULTURAL SECTORS, ALM, ANNUAL INTEREST RATE, ASSET CLASSES, BANK ACCOUNT, BANK CREDIT, BANK DEBIT CARD, BANK DEPOSIT, BANK LOAN, BANK LOANS, BANK OFFICERS, BANKING SERVICES, BANKRUPTCY, BANKS, BASIC NEED, CALCULATION, CAR INSURANCE, CHECKS, CITY SIZE, COMMERCIAL BANK, CONSUMER, CONSUMER LOAN, CONSUMER LOANS, CONSUMER PROTECTION, CONSUMER RIGHTS, COST OF CREDIT, CREDIT CARD, CREDITS, CROP INSURANCE, CURRENT ACCOUNT, CURRENT ACCOUNTS, DEBT, DEMOGRAPHIC, DEMOGRAPHIC PROFILES, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT INSURANCE COVERAGE, DEPOSITS, DURABLES, EMPLOYEE, EMPLOYER, EXCHANGE RATE, EXPOSURE, FARMER, FINANCES, FINANCIAL CHOICES, FINANCIAL COMPANIES, FINANCIAL COMPANY, FINANCIAL CONCEPTS, FINANCIAL CONSUMERS, FINANCIAL CRISIS, FINANCIAL EDUCATION, FINANCIAL ILLITERACY, FINANCIAL INDEPENDENCE, FINANCIAL INFORMATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL ISSUES, FINANCIAL LITERACY, FINANCIAL LITERACY PROGRAM, FINANCIAL LITERACY SURVEY, FINANCIAL LITERACY SURVEYS, FINANCIAL MATTERS, FINANCIAL OPPORTUNITIES, FINANCIAL PLAN, FINANCIAL PLANNING, FINANCIAL PLANS, FINANCIAL PROBLEM, FINANCIAL PRODUCTS, FINANCIAL REGULATORS, FINANCIAL RESOURCES, FINANCIAL RESPONSIBILITY, FINANCIAL RISKS, FINANCIAL SERVICE, FINANCIAL SERVICES, FINANCIAL SERVICES AUTHORITY, FINANCIAL SETBACKS, FINANCIAL SKILLS, FINANCIAL SYSTEM, FINANCIAL TRAINING, FINANCIAL TRANSACTIONS, FIXED INTEREST, FIXED INTEREST RATE, FOREIGN CURRENCY, FOREIGN LANGUAGE, FORMAL FINANCIAL SERVICES, FRAUD, GENDER, GENERAL POPULATION, GOVERNMENT SUPPORT, HOUSEHOLD FINANCES, HOUSEHOLD INCOME, HOUSEHOLDS, HOUSING, ID, INCOME, INCOME LEVEL, INCOMES, INFLATION, INFLATION RATE, INFORMAL BANK, INFORMED CHOICES, INHERITANCE, INSURANCE, INSURANCE COMPANIES, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE PRODUCTS, INTEREST RATE, INTEREST RATES, INTERNATIONAL FINANCIAL CRISIS, INVESTING, INVESTMENT FUNDS, INVESTMENT INCOME, JEWELLERY, LACK OF ACCESS, LARGE CITIES, LAWS, LIFE EXPECTANCY, LIFE INSURANCE, LIFE STAGE, LIVING PAYCHECK TO PAYCHECK, LIVING STANDARD, LIVING STANDARDS, LOAN RATES, MARKET VALUE, MASS MEDIA, MONEY MANAGEMENT, MONTHLY INCOME, MORTGAGE, MORTGAGE LOAN, MORTGAGE LOANS, NATIONAL BANK, NATIONAL CURRENCY, PAWN, PAWN SHOPS, PENSION, PENSION PLANNING, PENSION SCHEME, PENSION SYSTEM, PENSIONERS, PERSONAL FINANCE, PERSONAL INCOME, PERSONAL LOSSES, PRIVATE PENSION, PRIVATE PENSION FUND, PRIVATE PENSION FUNDS, PRIVATE PENSIONS, PROBABILITY, PUBLIC PENSIONS, PURCHASES, QUESTIONNAIRE, QUESTIONNAIRES, REAL ESTATE, REGULATORY STRUCTURES, REPUTATION, RESPONSIBILITIES, RETIRED, RETIREMENT, RETURNS, SALE, SAVER, SAVINGS, SECURITIES, SOCIAL DEVELOPMENT, STATE PENSIONS, STOCKS, SUPERVISORY AGENCIES, TAX, TRAINING COURSE, TRAINING COURSES, UNEMPLOYED, UNEXPECTED EXPENSES, UNFAIR BUSINESS PRACTICES, UNREALISTIC EXPECTATIONS, URBAN AREAS, VALUE OF ASSETS, VILLAGE, VILLAGES, WORLD ECONOMY, YOUNG PEOPLE