Publication: Analysis of the Financial Literacy Survey in Romania and Recommendations
Date
2010-06
ISSN
Published
2010-06
Author(s)
Stănculescu, Manuela Sofia
Abstract
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.
Citation
“Stănculescu, Manuela Sofia. 2010. Analysis of the Financial Literacy Survey in Romania and Recommendations. © World Bank, Washington, DC. http://openknowledge.worldbank.org/entities/publication/a86aa7a0-f575-5e56-b639-9cedef13fa9b License: CC BY 3.0 IGO.”