Three quarters of Romanians have poor financial knowledge, ING study shows

Three quarters of Romanian consumers have a low level of understanding personal finance issues and financial management, but over 90 percent of Romanians intend to develop their knowledge and skills about money management, according to study by ING. In what concerns Romanians, 69 percent have low financial knowledge, a ratio significantly worse than the global average of 63 percent. Another 8 percent of Romanians show no interest in money, displaying a very low level of understanding issues related to money. In Romania, the questions with the lowest number of correct answers were those related to household financial problems, with 51 percent incorrect answers. Regarding barriers they face in accesing financial education, 39 percent of the Romanian noted the lack of time, 23 percent not knowing where to start, 23 percent noted the habit of postponing, while 19 percent need help, but don’t know where to get it. “ING Consumer Resourcefulness shows that over 90 percent of the Romanians will improve their financial skills, while 40 percent feel the need of help in this task”, said the CEO of ING Life Insurance, Cornelia Aurelia Coman. More about the study here. Irina Popescu, irina.popescu@romania-insider.com