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AmCham Romania News Financial Inclusion through Education – an AmCham Romania invitation for improving Romanians’ financial inclusion

Financial Inclusion through Education – an AmCham Romania invitation for improving Romanians’ financial inclusion

Financial inclusion plays a very important role in increasing the quality of life and it can be pursued both through financial education and through programs of facilitating access to financial products and services.

 

     

 

 

 

 

Financial inclusion plays a very important role in increasing the quality of life and it can be pursued both through financial education and through programs of facilitating access to financial products and services.

AmCham Romania complements the awareness campaigns endorsed by the private sector by proposing a series of measures that need to implemented on a national level to increase the financial inclusion of the population.

Such measures, provided they are implemented nationwide in a coordinated manner can bring forth major advantages for the population who will become more knowledgeable in terms of basic financial rules and will have easier access to products and services that improve the financial situation of a family, increase the living standards and quality of life, and on a larger scale, stimulate economic growth.

While Romania has made significant progress in the recent years as concerns the financial services, our country continues to rank the lowest in the EU in terms of level of financial education and access to some categories of financial goods and services, a situation even more severed by the major gap between the rural and urban areas from this perspective.

The proposals outlined in the AmCham Financial Inclusion paper refer both to initiatives to be led by the private sector, and to public policies that require action from public stakeholders and decision makers.

These include:

Proposals for improving the financial education, such as:

  • Setting a National Financial Education Awareness Day
  • Public campaigns for financial education
  • Sharing a Guide for Family Savings & Investments
  • Strategic partnership between the financial industry, relevant associations and the Ministry of Education for facilitating and developing financial education programs in schools

Fiscal and non-fiscal proposals for increasing the population’s access to financial products and services focus on four main areas:

  • Saving & credit
  • Family financial prosperity and wealth
  • Responsibility for family members and next generation by addressing risks generated by health and life threats
  • Respect and care for the elders and retirees

The document is currently being shared with relevant authorities and a dedicated roundtable event is planned for the fall to advance the proposals and to engage in a constructive dialogue regarding their implementation.

The Financial Inclusion initiative is led by the AmCham Romania Capital Markets & Financial Services Committee, chaired by Board Members Ciprian Lăduncă, LCL and Cristian Agalopol, Citibank and is powered by the committed contributions of members of the Financial Services task force that have shared their expertise and time for this project.     

AmCham invites all member companies already running or endorsing related projects/campaigns to join this collaborative initiative and contribute to a wider impact of our shared objectives.

For details on how you can contribute please contact Letiția Pupăzeanu, Policy Director AmCham Romania.

A copy of the document as well an Executive Summary are included attached for your information!

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