The Economy Film Festival is taking place at the University of Bucharest, Law School, Room Amfiteatru II, between 27th of March- 29th of March. I was invited there by the vice-rector, prof. Magdalena Platis, PhD, (Faculty of Business and Administration) to present the movie entitled “Money – A Confused User’s Guide”, and I suddenly realized that I am indeed a confused user when it comes to money.
It is very likely that I am a part of the 80% of the Romanians who do not speak or understand the language of bankers, who do not have a financial education and part of those 85% of the Romanians who do not have a saving plan or do not save money for retirement. Maybe because I do not trust the bank system. As you can see in the chart below (figures are from 2016-17), according to Standard & Poor’s Ratings, Romania occupies the place number 124 out of 143 countries when it comes to its citizens’ financial education. Most of us know almost everything about the money from our family (90%), and only 9% learn something about the financial system from school. Continue reading