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Financial and Banking Education of Consumers in the Context of Sustainable Development Society

Author

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  • Nicoleta Andreea Neacșu

    (Department of Marketing, Tourism, Services and International Affairs, Transilvania University of Brașov, 500084 Brasov, Romania)

  • Carmen Elena Anton

    (Department of Finance, Accounting and Economic Theory, Transilvania University of Brașov, 500084 Brasov, Romania)

  • Camelia Mirela Baba

    (Department of Finance, Accounting and Economic Theory, Transilvania University of Brașov, 500084 Brasov, Romania)

  • Anca Popescu

    (Department of Marketing, Tourism, Services and International Affairs, Transilvania University of Brașov, 500084 Brasov, Romania)

Abstract

The paper addresses the consumer’s behaviour toward banking services, outlining the need to deepen and complete a financial-banking education. The purpose of the study is to identify the opinions of consumers of banking services regarding the collaboration relationship with financial-banking institutions from the perspective of financial education and sustainable development. In this regard, the authors carried out an analysis of the content of loan agreements using: the method of evaluation grids—a specific method of diagnostic analysis supplemented with in-depth interview—a qualitative research method. Our study highlights the role of financial-banking institutions in the sustainable development of social and economic life, marking the need for primary financial education for effective consumer-bank collaboration. The research results reflect the need to develop contractual relationships based on transparency, fairness, and better financial information and education of consumers. The obtained results are useful for decision-makers in banking institutions to develop lending policies according to customer expectations and for authorities to shape various social development policies.

Suggested Citation

  • Nicoleta Andreea Neacșu & Carmen Elena Anton & Camelia Mirela Baba & Anca Popescu, 2023. "Financial and Banking Education of Consumers in the Context of Sustainable Development Society," Sustainability, MDPI, vol. 15(13), pages 1-22, June.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:13:p:10052-:d:1178868
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    References listed on IDEAS

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    1. Ana-Maria Bores, 2023. "Identifying and quantifying the influence of the determining factors of credit institutions' performance through econometric research," Journal of Financial Studies, Institute of Financial Studies, vol. 15(8), pages 29-45, December.

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