Bucharest, 12 April 2022 – On the occasion of Financial Education Day, the Financial Supervisory Authority has designated the winners of the first edition of the national financial education competition - A.S.F. Olympiad, dedicated to all students in the 11th grade this school year.
The competition, organised in partnership with the National Association of Insurance and Reinsurance Companies in Romania (UNSAR), was structured in three stages, and participants answered a 20-question online grid test in each stage.
In the first stage, 286 students participated, in the second stage 215, and in the third and final stage 30. The winners of the A.S.F. Olympiad can be found HERE.
The A.S.F. Olympiad aims to actively contribute to increasing the level of financial education among young people, so that they have a correct knowledge of the non-banking financial market, its products and services. With a high level of financial literacy, the younger generation will be able to make sound and wise financial decisions to ensure their individual well-being. Financially educated young people will in turn be able to contribute to increasing the level of wellbeing in their own families and to disseminating best practices in this area throughout society.
Also on the occasion of Financial Education Day, A.S.F. launched the Start4Life programme, dedicated to children and young people in family-type centres and foster homes. The Authority's lecturers met in Giurgiu with several young people aged between 17 and 18, to whom they presented basic financial concepts and provided them with information material on the non-banking financial market. They are the most vulnerable group, as on coming of age they leave the social assistance system and not all of them have the necessary knowledge to help them manage their personal budget wisely.
In this context, financial education is an important component for financial inclusion and is practically a prerequisite for the future well-being of young people leaving foster care. The Start4Life programme will take a tailor-made approach to the needs and profile of these children, by tailoring the necessary educational content and monitoring the results in the medium and long term.
At the same time, A.S.F. organized, within its Start2Play financial education program, with the support of the School Inspectorate of Bucharest and the City Hall of Sector 6, an action dedicated to kindergarten children, which took place in Drumul Taberei Park. Preschoolers learned, through games and drawing on pavement, basic notions about money and insurance.
Financial education is one of the strategic objectives of the A.S.F. Since 2015, when the Authority launched its financial education programmes, and to date, the Authority's lecturers have delivered lectures and presentations to almost 4,000 teachers, over 18,000 students and some 162,300 pupils in all levels of education.
Starting this year, the Financial Education Day will be celebrated on 11 April, following a law recently adopted by the Chamber of Deputies and enacted by President of Romania Klaus Werner Iohannis.