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The CFA Romania Association is launching a national initiative that provides financial education resources to the wide public, so that everyone will have the chance to become financially independent in the long run, reads a release on Tuesday sent to AGERPRES.
The campaign, called Generation I, is to be carried out in the context in which Romanians have a low level of financial literacy and in the context in which financial education resources are lacking at national level, with long-term consequences.
A research carried out by the Standard and Poor's agency showed that only one of five Romanians is financially literate. When it comes to saving and investing in the long run, for retirement age respectively, only 15 per cent of the Romanians who were interviewed said they were making efforts in this respect.
According to specialists in finance, the low level of financial education, below the world average, places Romania in an unfavourable situation on a long term.
"The lack of financial education leads to people being dependant on financial support sources, such as the state or their children. And considering certain demographic trends (like migration), and the fact that the population is aging, the public pension systems based on defined benefits will face increasingly higher sustainability problems. This situation can already be seen at international level, as it affects the increase in the retirement age, the increase in the tax on social security, as well as the return to labour, out of need, of persons already retired from activity," Adrian Codirlasu, the head of the CFA Romania Association, said.
As part of the Generation I campaign, the CFA Romania Association launched a podcast of financial education, a series of episodes approaching such basic topics as the saving and investments plan, the budget for the monthly expenses or investment risk. New episodes can be listened on the campaign's website, www.generatiaindependenta.ro, and the related audio platforms. Besides the podcast, everyone interested will have access to financial education materials, signed by specialists certified by the CFA.
CFA Romania is the association of professionals in investments in Romania, with more than 235 members.
