Isabelle OPREA1, Liviu-Gelu DRĂGHICI2*
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 for Mondial 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 of National Economy
*Corresponding author: liviu-gelu.draghici@ince.ro
Abstract
This paper analyzes the contribution of Georg Simmel’s theory in The Philosophy of Money to financial education and economic inclusion, demonstrating its relevance in the contemporary context. Simmel explores money not only as an economic tool, but also as a social, psychological and cultural phenomenon, influencing inter-human relations, economic structures and perceptions of value. The paper highlights how his concepts of value, exchange, trust and deferred gratification provide a fundamental theoretical framework for the development of modern financial literacy. The relationship between desire and subjective value is central to understanding individual and collective economic behaviour.
Even though it was written in 1900, the work also anticipates the implications of technology on the perception of value and money management, predicting modern trends such as the digitization of payments, behavioral economics, and the impact of trust on the financial system. Another aspect addressed is the interplay between money and freedom, analyzing both the autonomy that money can provide and the limitations imposed by economic dependence. It also explores economic inequality and the role of financial education in reducing social disparities.
In conclusion, the study reaffirms the importance of Simmel’s work in understanding financial education and economic inclusion, providing an interdisciplinary perspective on the social and economic impact of money. His concepts can be applied in modern financial education programs to improve access to resources and support the development of a more economically equitable society.
Keywords:
financial education; financial inclusion; value and exchange; social impact of money