A substantial number of students, teachers, parents and entrepreneurs participated in a recent Webdidactica Conference, which was organised by the Dan Voiculescu Foundation for the Development of Romania as part of the Webdidactica series. The event focused on the financial education of young people and explored concrete solutions to address the economic vulnerability of future generations in a country with the lowest financial literacy rate in Europe.
"The focus is not solely on financial savings, but rather on the comprehensive understanding of the multifaceted factors that determine the role of money within societal contexts," emphasised Florian Lixandru, State Secretary in the Ministry of Education and Research, in his opening address at the conference, where he presented the newly approved national strategy for financial education. He emphasised that, although financial and economic education courses are already in place at the eighth grade level, there is a necessity to expand these programmes to include high school and primary school, in addition to enhancing teacher training. Florian Lixandru further highlighted the intention to strengthen collaborative relationships with banking institutions and organisations, with the aim of developing practical programmes such as virtual firms.
Gabriela Folcuț, Executive Director of the Romanian Association of Banks, introduced the concept of financial inclusion, emphasising that individuals lacking financial education are at risk of remaining outside the economic circuit and becoming vulnerable to poverty and social exclusion. Folcuț further highlighted the correlation between education and inclusion, noting that while 71% of Romanians possess current accounts, 20% of young people face exclusion from the labour market. She identified digitalisation and financial education as pivotal factors in achieving prosperity. In 2023, Romania surpassed Hungary in terms of GDP per capita. However, Romania exhibits deficiencies in the domains of savings and credit management when compared to Hungary.
Răzvan Dobrescu, Dean of the Faculty of Entrepreneurship, Engineering and Business Management, emphasised the consequences of inadequate financial education at the macroeconomic level, stating that "Poor financial management is the second most common reason why start-ups fail". Cosmin Ciobanu, CEO of Octonius, concurred, highlighting how a robust financial strategy can transform a rudimentary concept into a venture that garners substantial investment. Furthermore, he emphasised the necessity for practical examples, likening entrepreneurship to a new form of higher education.
Corneliu Ionescu, an economist and Banometru coach, provided a further perspective, emphasising the importance of concrete examples and practical involvement in order to facilitate information retention among young people. He also underscored the collective responsibility of school, parents and society as role models, noting that 70% of Romanians demonstrate a lack of distinction between banks and NFI.
Furthermore, Dr. Mihai Crăciun, Director of the Department of Counseling and Career Guidance, emphasised the significance of school and university counselling, stating: "A considerable number of students realise during their university education that they lack the requisite aptitudes for their chosen discipline, a circumstance that frequently results in their dropping out and engenders additional social expenditures."Additionally, he drew attention to systemic deficiencies: "The ratio of counsellors in universities in Romania is 1 counsellor for every 8,000 students, in comparison to the European average of 1 counsellor for every 500 students."
The Conference's conclusion: "Financial education is not a luxury, but an urgent need for Romania's sustainable development". The most inspiring suggestion received from the audience on integrating financial education in educational institutions - a business simulator in schools - was rewarded with an E-book reader.
The full recording of the conference can be watched on the youtube channel of the foundation.
