On October 5, 2023, the Institute of Financial Studies (ISF) organized the annual conference dedicated to International Education Day, which brought together university professors, representatives of the Financial Supervisory Authority (ASF), and representatives of non-banking financial markets. They discussed topics and projects focusing on a highly relevant subject: financial education.
In the context where Romania ranks among the lowest in the EU in terms of financial literacy, financial education initiatives are of strategic importance for both the development of financial markets and the improvement of the general public's understanding of financial concepts and mechanisms. Consequently, ISF, together with ASF, UNSAR, BVB, and AAF, has created a series of projects in recent years aimed at advancing financial education among students, covering a wide range of topics.
During the conference, several programs implemented by the Institute were specifically discussed:
- The Investment Academy – 2nd edition;
- The Insurance Academy – 3rd edition;
- The SmartFIN@ISF – Vocational Training Seminars, fall 2023 session;
- Promotion of student papers through ISF Working Papers.
Among the invited speakers at the conference, moderated by the ISF Executive Director, Mr. Marian Siminică, were: Valentin IONESCU, General Director of the General Directorate of Insurance - Reinsurance, Financial Supervisory Authority, President of the Institute of Financial Studies; Prof. Univ. Dr. Mihaela ONOFREI, Member of the ISF Scientific Committee, Vice-Rector of the “Alexandru Ioan Cuza” University in Iași; Alexandru CIUNCAN, President and General Director of UNSAR; Alexandra BONTAȘ, Head of the Financial Education Service, Financial Supervisory Authority; Associate Prof. Dr. Ionela COSTICĂ, Dean of FABBV - Bucharest University of Economic Studies; Mariana CIUREL, Management Advisor at the Bucharest Stock Exchange; Horia GUSTĂ, President of AAF; Radu PETRARIU, Executive Director of AFER; and representatives of ISF’s partner universities.
“Financial education is essential for consumers. It provides individuals with the knowledge and skills necessary to make informed decisions about their finances, manage their finances effectively, and contribute to the growth and development of the economy.
Financial education enables consumers to improve their understanding of financial concepts and products, prevent fraud, make decisions appropriate to their situation and needs, and avoid undesirable situations. Financially educated consumers can help ensure the efficient development of the financial sector and contribute to poverty reduction.
Therefore, it is essential to promote financial education through schools, higher education institutions, and financial institutions to provide individuals with the tools they need to succeed in today’s economy,” stated Mr. Valentin IONESCU, General Director of the General Directorate of Insurance - Reinsurance, Financial Supervisory Authority, and President of the Institute of Financial Studies, at the opening of the event.
“The Institute of Financial Studies carries out a series of programs aimed at increasing the level of financial education among students. These are conducted in partnership with ASF, BVB, UNSAR, and AAF. The academic community has supported us in these efforts, and the partnership with the 21 universities is evident today at this event. We set out to mark Education Day by tailoring the message to the specifics of the financial sector, thus launching a new series of already well-known projects. We are talking about SmartFIN@ISF, which is now carried out in partnership with the ASF Academic Laboratory, the Investment Academy – second edition, the Insurance Academy – third edition, a project mirroring the one dedicated to the capital market, and the promotion of the best student papers on the ISF website under the ISF Working Papers section,” emphasized Prof. Univ. Dr. Marian SIMINICĂ, Executive Director of ISF.
The Institute of Financial Studies is a center of excellence in the field of studying specialized markets and conducting financial education programs, with the primary objective of increasing the level of financial education among consumers of non-banking financial services.