Analysis of the Financial Literacy Survey in Romania and Recommendations

Stănculescu, Manuela Sofia

World Bank, Washington, DC

关键词: ACCESSIBILITY;    AGRICULTURAL SECTORS;    ALM;    ANNUAL INTEREST RATE;    ASSET CLASSES;   

RP-ID  :  69881

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This final report includes the analysisof the baseline survey on Financial Literacy in Romania.Thesurvey is the follow-up of the Diagnostic Review on ConsumerProtection and Financial Literacy conducted by the WorldBank in 2008-2009. The Diagnostic Review in Romania was thefourth in a World Bank-sponsored pilot program to assessconsumer protection and financial literacy in developing andmiddle-income countries. The objectives of this Review werethree-fold to: (1) refine a set of good practices forassessing consumer protection and financial literacy,including financial literacy; (2) conduct a review of theexisting rules and practices in Romania compared to the goodpractices; and (3) provide recommendations on ways toimprove consumer protection and financial literacy inRomania. The Diagnostic Review was prepared at the requestof the National Authority for Consumers' Protection(ANPC), whose request was endorsed by the Ministry ofEconomy and Finance. Support was provided by the NationalBank of Romania (BNR), which supervises banks and non-bankcredit institutions. Further assistance was given by thesupervisory commissions for securities (CNVM), insurance(CSA) and private pensions (CSSPP). The Diagnostic Reviewfound that the basic foundations needed for consumerprotection and financial literacy are in place in Romaniabut they benefit from further strengthening support. TheReview proposes improvements in six areas: consumerawareness, information and disclosure for consumers,professional competence, dispute resolution, financialeducation and financial literacy surveys.