Financial literacy rate in Romania, lower than in Bulgaria

The financial literacy rate in Romania is only 22%, below that registered in Bulgaria, which reaches 35%, Mastercard Romania manager Cosmin Vladimirescu said yesterday. “Unfortunately, when it comes to financial literacy, we are the last in Europe,” he added. The financial system is one of the most recent areas in Romania, he explained. Only 60% of Romanians have access to financial services. However, the evolution of banking cards in Romania has been spectacular in the last years, Vladimirescu said, reports local News.ro. The only indicator that exceeded the increase in the number of cards was the increase in the use rate, especially on contactless transactions. Cosmin Vladimirescu spoke at the launch of the Consumers’ Tribune, the first online platform that will incorporate accurate information for all types of consumers. The platform provides users with text and video materials made in partnership with state institutions, brands, organizations and professional associations. editor@romania-insider.com