Iohannis: Surveys show low financial education level, skills that must be acquired at tender age

President Klaus Iohannis draws attention to the low level of financial education, revealed by surveys both in emerging economies and in those with developed financial markets, and expresses hope that the authorities and the financial industry will support an education better adapted to the modern market economy. 

"Global statistics of recent years have highlighted record growth in financial technology, both in terms of activity and investment. However, as you know, surveys have consistently shown a low level of financial education and not only in emerging economies but also in countries with developed financial markets. I am convinced that financial education is an essential condition for sustainability and progress, a set of basic skills of everyday life that must be acquired and developed from tender ages. I can only hope that both the authorities and the financial industry will support and promote a financial education better adapted to the modern market economy" - was the message of the head of state, presented on Thursday by presidential advisor Cosmin Marinescu, at the 11th edition of the conference "Insurance Europe - Insurance Industry of the Future," according to a statement issued by the Presidential Administration. 

According to him, the issue of fragility of financial markets should be a "more visible" topic on public agendas. 

"The future of the insurance industry is to find the right balance between immediate needs and a long-term, forward-looking approach," the head of state said. 

Iohannis also said that the Romanian insurance market had "an exciting evolution" over the past decades and stressed that investors must benefit from economic predictability and institutional stability. As regards financial markets in Europe, including insurance, Klaus Iohannis said the financial sector is "at a crossroads" and voiced the conviction that strengthening the role of financial markets is essential in the context of changes in the geopolitical, technological and financial landscape.