The President of the Institute for Financial Studies (ISF)—Valentin IONESCU, the ISF Executive Director—Prof. Ph.D. Marian SIMINICĂ, and the Coordinator of the ISF Department of Financial Education, Ieronim ȘTEFAN, are conducting a comparative analysis of financial literacy in Romania and Poland. This article aims to provide a clear overview of the concept of financial literacy and to outline the perspectives of Romania and Poland on the importance of efforts to improve financial literacy.
In today’s fast-paced, technology-driven world, financial products and services are often purchased without first considering whether they are truly necessary. As a result, a large portion of the population fails to clearly distinguish between need and want.
Although it may sound like a cliché, some people in Romania equate financial education with stinginess, which is completely wrong. We believe that if we want to have control over our money, we need proper financial education. Otherwise, money is wasted in ways that aren’t exactly useful, and in many cases, there are no financial resources left for what is necessary.
Advertisements for various financial products and services are numerous, diverse, and even attractive at times. The world revolves around the purchase or rental of goods and services. Is the transition from a consumption-based economy to a circular economy foreseeable?
Romania and Poland are two countries with relatively similar historical trajectories. Financial literacy, on the one hand, reflects resilience to economic shocks and, on the other hand, broadens the range of possible solutions to the situations we face. If financial inclusion is strongly linked to financial education, individual and collective economic progress is much easier to achieve. Financial prosperity is a result of a well-developed financial education system.
In Romania, numerous financial education programs are carried out through financial market regulators (the National Bank of Romania – NBR, the Financial Supervisory Authority – FSA), the ISF, the Bucharest Stock Exchange – BSE, commercial banks, and insurance companies, often in collaboration with universities.
These are aimed at various segments of the population, such as:
- Pupils at various educational levels: elementary, middle, and high school—for example, the FSA’s Start2Learn program, in which ISF is a partner;
- Students, where most universities in the country collaborate with entities operating in the financial markets to facilitate graduates’ transition into the labour market by establishing sustainable partnerships with regulatory authorities such as the National Bank of Romania (BNR) and the Financial Supervisory Authority (FSA). In this area, ISF excels because many of our projects are aimed at students—SmartFIN@ISF and the ASF Academic Lab have become a benchmark in preparing students to use financial products and services. Through this project, we offer students the opportunity to connect with professionals from organizations operating in the non-bank financial markets, which can even help them find employment. For students who wish to deepen their knowledge of non-bank financial markets, we offer the opportunity to participate in two other projects: The Insurance Academy, a specialization program in the insurance market, where the National Union of Insurance and Reinsurance Companies in Romania (UNSAR), in partnership with ISF, prepares students through several modules to learn about and understand how this market works, and, why not, for a career in insurance; and the Investment Academy, organized by ISF in partnership with ASF, BVB, and the Association of Fund Managers in Romania (AAF) to deepen the knowledge required for a career in the capital market. After completing the training modules, students can enter a project competition to win prizes;
- The business environment – Together with the Romanian Banking Association (ARB), the Bucharest Stock Exchange (BVB), and UNSAR, ISF has developed a financial education program for entrepreneurs, where they can learn, free of charge, how the banking system supports the Romanian business environment, what a bank looks for when lending to a company, how the insurance market provides support, and what types of insurance entrepreneurs can use in the businesses they are building, as well as how they can obtain financing from the capital market through the BVB. Upon request, we can offer a module on accessing European funds with the assistance of the Regional Development Agency (ADR). To further support the business community, we regularly organize conferences where experts from the Romanian financial, legislative, and academic sectors discuss new trends in the financial markets;
- Teachers – ISF has developed two teacher training programs designed to prepare educators to teach financial and economic education. These programs are accredited by the Ministry of Education and Research, and teachers earn continuing education credits. The projects are called: ProFIN – Training teachers in the non-banking financial sector – knowledge, use, and Training primary school teachers in the financial sector (StartFIN). More details about these can be found on our website, isf.ro.
Poland is one of the most highly regarded countries in Central and Eastern Europe when it comes to implementing financial education projects, thanks to the involvement of the central bank, the stock exchange, foundations, schools, NGOs, and the banking sector. If we make a comparison, we can say that we are on par with the Poles in this regard, as the same financial entities in Romania are also developing projects to raise financial literacy and promote financial inclusion.
An example of a project implemented in Poland would be FINLIT (Financial Literacy through Public Libraries), which aims to increase financial literacy among adults by using public libraries as training centres. The project is structured around 12 independent learning modules (basic and advanced levels) and covers topics such as: personal budget planning, managing savings, avoiding predatory loans, online shopping security (cybersecurity), and using internet banking services. Training is delivered in both in-person and online or hybrid formats, through one or more e-learning platforms. The project targets adults (particularly older adults or adults in small/rural communities) and librarians (who are trained to become trainers for their communities).
Another example is the project GPW Educational Programs. It aims to foster an investment culture and develop skills related to the capital market and stock market investing. It is designed for students, retail investors, young professionals, and entrepreneurs, and is implemented by the Warsaw Stock Exchange (GPW), universities, and partner financial institutions. In Romania, similar projects are carried out by the Institute of Financial Studies (ISF), the Bucharest Stock Exchange (BVB), ISF partner universities (26), and financial companies through the SmartFIN@ISF and Business Smart Education (BSE) projects.
Our country is in the process of joining the Organization for Economic Cooperation and Development (OECD), and this organization periodically assesses financial literacy levels. The first assessment took place in 2015, followed by assessments in 2020 and 2023, and this process is set to continue at the end of 2026. Both Romania and Poland participated in the last two assessments.
“The level of financial literacy was assessed across three components: financial knowledge, financial behaviour, and financial attitudes. Each component was evaluated based on responses to several questions. To ensure the comparability of the results, the calculated scores were scaled to a range of 0 to 100 points.” (Siminica et al., 2024).
Although Romania does not rank highly in the OECD/INFE 2020 (37th out of 40) and OECD/INFE 2023 (35th out of 39) financial literacy assessments, our country has recorded a slight increase of 0.6 percentage points from one assessment to the next, most likely due to Romania’s efforts to implement financial education projects. Among the few countries that recorded an increase across the two cycles is Poland, with 0.4 percentage points. It is worth noting that Poland ranks in the middle of the rankings for both studies, while Romania ranks at the bottom. But where exactly does Poland excel, and what could Romania do to become more competitive?
Both Poland and Romania have financial education strategies, which puts us on an equal footing in this regard. In Poland, this strategy was adopted for the period 2024–2030, just as in Romania, but what sets us apart is that the Poles have an integrated approach to financial education in the sense that financial education is included in national, regional, and local strategic documents, thereby making implementation more coherent, whereas Romania focuses more on digitalization, combating fraud, and understanding financial products.
In Poland, financial education is integrated into the national curriculum and includes modules on personal budgeting, taxes, and entrepreneurship, and there are even economic Olympiads and national competitions, which tells us that for them, financial education is not optional but systematic, whereas in our country, financial education is generally optional (with few exceptions), fragmented, and dependent on specific projects.
Another important factor is the level of indebtedness. In societies with higher levels of financial literacy, loans are used more responsibly, and the public has a better understanding of concepts such as interest, the total cost of credit, and the risk of over-indebtedness. In Romania, the need to strengthen skills in debt management and long-term financial planning remains one of the main challenges.
Another relevant factor is the population’s ability to understand the risks associated with financial products, including online fraud, high-cost loans, or risky investments. In the context of the accelerated digitalization of financial services, both Romania and Poland are paying increasing attention to financial security and consumer protection education. However, Romania needs a broader expansion of financial education programs dedicated to adults and vulnerable groups to reduce existing gaps and support increased financial inclusion at the national level.
Financial intermediation reflects the level of development of the financial system and its ability to channel financial resources from savers to investors and consumers. A high level of financial intermediation indicates the existence of a developed financial market, with broad access to credit, investments, and other financial products.
Poland has a higher degree of financial intermediation compared to Romania, benefiting from a banking sector that is more deeply integrated into the economy and a more active capital market. The Warsaw Stock Exchange (GPW) is one of the most developed capital markets in Central and Eastern Europe, contributing to the diversification of financing sources for companies and stimulating household investment.
In Romania, the level of financial intermediation remains among the lowest in the European Union. Lending to the private sector and public participation in the capital market are still limited, and the use of investment instruments is low compared to more developed European countries. Although the Romanian banking system is stable and well-capitalized, the use of sophisticated financial services remains modest.
A low level of financial intermediation can limit economic development and the population’s ability to diversify its sources of income and savings. For this reason, developing the financial market and increasing public confidence in financial institutions are important objectives for both Romania and Poland.
In Poland, there is a stronger tradition of saving and long-term financial planning. The population tends to exhibit more cautious behaviour regarding debt, and the use of credit is more frequently associated with investments or major purchases. Furthermore, the higher level of trust in financial institutions contributes to the widespread use of banking and investment products.
At the same time, there is a stronger tendency toward immediate consumption in Romania, which affects households’ ability to save consistently. In some cases, taking on debt is seen as a quick fix for meeting current needs, without a full assessment of the long-term financial implications. For this reason, strengthening financial literacy through education and by promoting responsible financial behaviours is an essential condition for increasing the population’s economic resilience. The difference between the two countries is not that Polish citizens know more, but that in Poland, financial education is systemic, not ad hoc. It is more practical, not focused on theory, as it is in Romania. They reach most of the population; it is not fragmented across school cycles as we do. We need to understand the necessity of financial education and reach all segments of the population, including those in disadvantaged communities; yet Romania focuses more on schools than on society, and many Romanians are not in school.
In conclusion, for Romania to become competitive and climb the OECD rankings, a paradigm shift is needed—from optional to mandatory—to integrate financial education as a systemic subject into the national curriculum, not merely as a fragmented project; to expand outreach to disadvantaged communities; to move beyond the strictly school-based setting and engage adults in small communities; following the model of Polish public libraries, and, last but not least, focusing on behaviour by shifting from the accumulation of theoretical information to the development of practical money management skills.