Romania faces a paradoxical situation in regard to its financial literacy levels, which stand at a mere 8%, the lowest in Europe. This is evidenced by a generation of young people who, while demonstrating a high level of resourcefulness, are also susceptible to financial pitfalls. The absence of adequate financial education has resulted in a significant number of individuals experiencing excessive debt, long-term economic difficulties and missed opportunities for entrepreneurial development. In response, the Dan Voiculescu Foundation for the Development of Romania has initiated a pivotal public discourse through the Webdidactica Conference, themed "Financial Education of Young People: A Solution for the Development of Romania". This event is scheduled to transpire on Wednesday, 26th February 2025, commencing at 6:00 pm, and will be streamed online via the Foundation's official YouTube channel.
The repercussions of the disparity in financial education for young individuals under the age of 25 are a matter of significant concern. A considerable proportion of this demographic has unknowingly obtained credit, failing to grasp the true expenses involved. Moreover, they frequently encounter challenges in effectively managing their personal finances and are susceptible to the allure of digital consumerism. Concurrently, Romania harbours a considerable number of young individuals who possess innovative ideas with the potential to establish start-ups and pioneering developments with a global impact. Nevertheless, the absence of robust financial literacy frequently results in the exhaustion of their resources or the decision to pursue the development of their projects in foreign countries.
The conference will see specialists in education, economics and technology converge to explore the root causes of this vulnerability and potential solutions to assist young people in developing their financial capabilities. Key topics that will be addressed at the event include the impact of inadequate financial education on the national economy, the significance of introducing personal budgeting in high schools, the challenges posed by the digital age to financial management, and the adaptation of the education system to address the evolving economic landscape.
A pivotal issue in the discourse will be the role of entrepreneurship in cultivating a financially independent generation. Esteemed guests who have established prosperous enterprises will share their experiences, elucidating the significance of financial education in any entrepreneurial endeavour. They will also present exemplary best practice models from countries such as Germany, Estonia and Singapore, where financial education is an integral component of the education system from an early age.
In addition to the expert presentations, the audience, comprising students, teachers, parents and professionals from various fields, will have the opportunity to ask questions live, thereby contributing to an interactive debate. Participants will also be able to propose ideas on how financial education could be better integrated in schools, and the most inspiring suggestion will be rewarded with an e-book reader.
The necessity for financial education to become a fundamental element in preparing young people for the future is indisputable. The Webdidactica conference, titled "Financial education for youth - a solution for the future", will provide a forum for interested parties to contribute to this change. The event is scheduled to take place on Wednesday, February 26, at 18:00, and will be accessible online via the Foundation's YouTube channel. Participation is free of charge, and registration is available at www.fundatiadanvoiculescu.ro.
