Romania, last in Europe on financial education

Romania is last in Europe on financial education doing worse than all the countries in the region.

“Only one in five Romanians has a fairly good understanding of financial products; it’s not us saying this, it’s the Standard&Poor’s rating agency; compared to one in three citizens worldwide,” said Alexandru Ciuncan, secretary general of the Association for Promoting Insurance – APPA.

The financial education rate is 21% in Romania, compared to an average of 52% in the European Union and 65% in the Nordic countries. Moreover, Romania’s results are also worse than those of its neighbors. Czech Republic has a financial education rate of 58%, Hungary – 54%, Slovakia – 48%, Poland – 42% and Bulgaria – 35%, Ciuncan said.

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