United Nations Development Programme
Project data

Project ID: 71601

Status: completed (oc)

Duration: Apr 2012 - Oct 2012

Management Arrangements: NIM


Total: 85 300 USD



Expected CP Outcome(s)

Enhanced capacity to implement innovative programs for social inclusion, economic and political empowerment of vulnerable groups (CPAP Outcome 1)

Financial Literacy Programme

The Project aims to increase the financial management capabilities of adult population in Romania. For the pilot project (May to September 2012), a contemporary, non-formal training curriculum on budgeting and financial management will be established and multiplied with the help of young people in Romania via teachers from JA Romania network, students involved in the project, or other partners, in 15 cities using a peer education model and e-learning tools.

Project Background

From the 9 million of the Romanian citizens aged 18-45, 14% of them are totally financially illiterate, and 65% find it difficult or don’t manage to cover their daily needs.

Financial literacy becomes even more relevant in the area of employment: Disrupted working careers require a sound management of personal finances in order to bridge gaps between two jobs, or to handle periods of working as an employee and self-employed at the same time – to name but two examples. This is especially important due to the fact that business start-ups following unemployment have become more and more important (e.g. in Germany, every second enterprise is set up by someone who was previously unemployed). The financial issues of small start-ups and microenterprises in general are very close to those of a private household. Many self-employed people do not even have a separate account for their business. Hence the increasing number of owner-managed enterprises contributes to the increased need for financial literacy.

As well as managing financial resources, however, people need to manage personal debt, the levels of which have increased markedly over the past few decades. Therefore loan management, as well as household budgeting, has also become a field where specific know-how is necessary.

The system in Romania highlights the importance of the skills-based education which is not widely available through formal or informal educational activities. It suggests that investing in youth development through a quality-based education, Romania can achieve a globally competing, technologically-advanced, labor market society.

Project Objectives

The financial literacy project aims to facilitate financial education of Romanian citizens which would contribute to Romania’s economic and social development.

In view of the current economic context, the cause of employability and entrepreneurship is more urgent than ever and so it focuses on one of the most hard-hit groups such as youth. Fundamentally, project-based learning and student driven activities are critical for the development of 21st century skills and starting early only improves the results. The project target is large enough to generate real long-term impact in the community.

The diversity of the partners involved in the project is bringing an additional added value to the project (Schools, local implementation partners, NGOs, public authorities, local municipalities, private companies). This project is also expected to help lower drop-out rates and promote social inclusion.

Members from the Coordination Group and people from 15 cities will receive TOT training on budgeting; financial-planning and management; credit cards; loans; good credit standing; the effects of financial awareness on sustainable development. Hence, the project will establish a task force composed of at least 60 young volunteers on financial awareness. The know-how of Visa and its member banks will be utilized at those trainings.

 The key concepts students will learn:

  • Money
  • Budget
  • Credit
  • Shopping
  • Investments
  • Loans
  • Possessions and debts
  • Risk
  • Incomes and outcomes
  • Consumer Protection

The project will be implemented in at least 15 cities from all over Romania of which at least 5 large cities: Bucharest, Iasi, Constanta, Timisoara, and Cluj-Napoca.

The task force of the project will be responsible for raising awareness on securing financial well-being amongst local communities, providing trainings on financial management for the members of their own local youth councils and advocate the concerned subject matter at national and local media, non-governmental organizations, local governments, businesses and other organizations.

 The web will be the focal online training mechanisms of the project. Online training curriculum and simulation on financial management will be used to increase awareness. The project will provide trainings to 5,000 young people, and the project will reach 55,000 people in total. The people will gain skills such as (Communication, Team Work, Basic Accounting, Taking financial decisions, Planning, Market analysis, and how to be an Informed Consumer)

 The impact analysis of the project will be evaluated via pre and post tests, and also through an in-depth questionnaire on financial literacy. The outcome of the project and the results of the impact analysis will be provided to the government as a policy recommendation on financial awareness.

 The project will have a multiplication mechanism for reaching more young and adult targets. The young people will receive a task in interacting with secondary target on financial education.  The challenge will be different from high school students to university students. The winners will be awarded at the end of the project in September. 2012. 

The results of the project are easily exploitable. We have foreseen that more partners will join the consortium by the end of the grant period, giving the project a good continuity and a better exploitation of the results.


Page last updated on 25/01/2013
Contact info

Project partners


Implementation Agency / Main Partner

Junior Achievement of Romania Association

National Project Coordinator

Madalin Nitis (VISA EUROPE)

UNDP Programme Supervision

Mircea Mocanu

Project Manager

Dorin Calin (JARo)

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