Liviu-Gelu DRĂGHICI1, Isabelle OPREA2*
1 Romanian Academy, School of Advanced Studies of the Romanian Academy, Doctoral School of Economic Sciences, National Institute for Economic Research “Costin C. Kirițescu”, Institute of National Economy
2 Romanian Academy, School of Advanced Studies of the Romanian Academy, Doctoral School of Economic Sciences, National Institute for Economic Research “Costin C. Kirițescu”, Institute for Mondial Economy
*Corresponding author: isabelle-margareta.oprea@ince.ro
Abstract
The article explores the relationship between financial education, financial literacy, and financial inclusion in Romania, aiming to identify ways to improve the effectiveness of financial education programs. It highlights the critical role of financial literacy in promoting economic stability and reducing poverty, especially in the context of a rapidly digitalizing banking sector. The study employs a secondary data analysis methodology, drawing on national reports, academic research, and institutional studies from key financial authorities like the Romanian National Bank and the Ministry of Education. It also assesses the effectiveness of various financial education initiatives targeting different demographic groups, particularly focusing on rural and older populations. Findings indicate that despite increased efforts, Romania faces significant challenges, including low financial literacy rates, a lack of trust in financial institutions, and limited access to financial education in rural areas. Moreover, digital illiteracy further exacerbates financial exclusion, as many are unable to fully utilize digital banking services. This study uniquely examines the role of digital banking as a mediating factor in financial inclusion, particularly for vulnerable groups, while providing a comprehensive evaluation of financial education programs and their effectiveness across different demographic segments in Romania. The article concludes by recommending enhanced collaboration between governmental, financial, and educational institutions to create a more integrated financial education strategy that addresses both literacy and digital skills for improved financial inclusion.
Keywords:
Financial Literacy; Financial Education; Digital Banking; Financial Inclusion; Romania