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Peculiarities Of Financial Inclusion In Romania And Actions Taken To Inhance It

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  • Dorina CLICHICI

Abstract

Romania is one of the European countries with the lowest levels of inclusion and financial development, which creates an important barrier to economic convergence with the European Union (EU). The use of basic financial services, such as bank accounts, loans or savings, remains low due to some serious constraints such as: low level of financial literacy, distrust of financial institutions, preference of people and companies for cash, high level of poverty and of the informal economy. Given these realities, in recent years the need to increase financial inclusion and literacy has been recognized and important steps have been taken in this direction in Romania. The article analyzes the evolution of the main indicators of financial inclusion in Romania and identifies the actions and programs undertaken so far by public authorities, non-governmental organizations and the private sector in order to increase financial inclusion and literacy.

Suggested Citation

  • Dorina CLICHICI, 2020. "Peculiarities Of Financial Inclusion In Romania And Actions Taken To Inhance It," Euroinfo, Institute for World Economy, Romanian Academy, vol. 4(3), pages 58-68, December.
    • Handle: RePEc:iem:eurinf:v:4:y:2020:i:4:p:58-68
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    More about this item

    Keywords

    financial inclusion; financial literacy; financial institutions; bank account; savings; loans;
    All these keywords.

    JEL classification:

    • G50 - Financial Economics - - Household Finance - - - General
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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