Financial Education in Romania

Abstract

This chapter reports on the current status of financial education in Romania, an EU country which has faced a long and difficult transition to a market economy and the EU integration process. In 2011, a new Law of Education was adopted in order to make the Romanian education system more adaptable to labour market conditions and more consistent with EU educational standards and requirements. Economic, financial and entrepreneurial education are part of the reform process in education in Romania. In Romania, financial education is part of the school-based curriculum. Its objectives can be achieved also by interdisciplinary approaches and educational programs. It has been taught beginning with the 2011–2012 school year when the Romanian Ministry of Education approved and nationally recommended two financial education programs, one at the middle school level and one at the high school level. The Ministry of Education recommends also that all the educational institutions interested in delivering financial education programs within their schools develop a syllabus for an optional subject that might focus on financial issues. Banks are also interested in contributing to the area of financial education. They might help schools in conducting financial education programs and, additionally, they have developed their own financial education programs.