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The importance of financial education for the industry and its consumers
Russell JohnsenManaging DirectorProvident Financial Romania
Agenda
� Sustainability @ Provident Financial Romania
� Financial education programmes in Romania
� Highlights of the latest national survey on
Romanians’ financial literacy level
�
Sustainability @ Provident Romania
Simple and transparent
marketing materialsAll details explained
Personal, friendly and flexible
financial services
Easy to understand 4-page transparent
loan agreement
Re
spo
nsib
le le
nd
ing
Main financial education programme
Stages of Bugetul Familiei programme
� Launch of www.bugetulfamiliei.ro
� Let’s talk about money guide
Stages of Bugetul Familiei programme
� National strategy for financial education
Stages of Bugetul Familiei programme
� The launch of www.totuldespredae.ro
Stages of Bugetul Familiei programme
The level of Romanians’financial literacy
Study on Romanians’ financial literacy
∗ conducted by: Novel Research
∗ sample size: 1023 respondents
∗ sample type: stratified, random sample
∗ coverage: Romania – national (urban & rural)
∗ weighting: by gender & age groups
∗ data gathering: CATI (computer assisted telephone interviews)
∗ fieldwork: November 1st – November 12th
Self evaluation of financial literacyfinancial management
Expenditure track
base: 1023 (all respondents)
financial management
Expenditure trackfinancial management
Attitude towards payment issuesfinancial management
base: 1023 (all respondents)
financial management
Attitude towards payment issues
Actions generated by different attitude towards payment issues
financial management
base: 1023 (all respondents)
Consumer perception about its rights and responsibilities
loan market knowledge assessment
base: 1023 (all respondents)
mean scores/Top 2 boxes (1 to 5 points scale
where 1=not agree at all; 5=fully agree)
base: 1023 (all respondents)
loan market knowledge assessment
differentiation analysis differentiation analysis differentiation analysis differentiation analysis (bars gap (bars gap (bars gap (bars gap >5 means >5 means >5 means >5 means ““““will will will will
happenhappenhappenhappen””””, , , , bars gap<bars gap<bars gap<bars gap<----5 means 5 means 5 means 5 means ““““will not happenwill not happenwill not happenwill not happen””””
Consumer perception about its rights and responsibilities
Reasons to take a personal loanLoan market knowledge assessment
base: 1023 (all respondents)
base: 1023 (all respondents)
Preferred currencypreference and understanding
base: 1023 (all respondents)
preference and understanding
Type of interest preferred
base: 1023 (all respondents)
preference and understanding
What does variable interest mean?
What does APR mean?preference and understanding
base: 1023 (all respondents)
APR understandingpreference and understanding
Conclusions
� Perception is sometimes not in line with reality
� Never make assumption about consumers’understanding of financial services – Explain!
� Demographic categories need tailor made financial education programmes
� Simple is better!
� Get involved!
Thank you!
Russell JohnsenManaging DirectorProvident Financial Romania