The Role of Financial Education and Corporate Governance in a Prosperous Society
Financial education and corporate governance are key pillars in fostering economic growth and societal well-being. Speaking on Profit.ro TV’s Governance Academy, Dr. Gabriela Hârțescu, Dean and Founding Member of ENVISIA – Boards of Elite, and Dr. Adrian Codirlașu, President of CFA Romania, emphasized the crucial role of financial literacy and governance best practices in driving sustainable development.
Financial Education: A Foundation for Prosperity
Dr. Adrian Codirlașu highlighted that Romania continues to rank low in financial literacy within the European Union, which directly impacts the financial decisions of individuals and, consequently, the country's economic stability. He stressed that financial education is a continuous process and should be prioritized at both individual and institutional levels. Programs targeting students, professionals, and the general public are essential for fostering informed decision-making and increasing overall economic prosperity.
The Importance of Modernized Education
Dr. Gabriela Hârțescu pointed out the gap between academic curricula and real-world financial and governance challenges. She advocated for continuous updates in educational materials and active engagement with industry experts to bridge theory and practice. Moreover, she emphasized that training educators in financial literacy is a critical step in effectively disseminating knowledge to younger generations.
Corporate Governance: A Driver of Economic Growth
Beyond financial education, strong corporate governance plays a pivotal role in resource allocation, risk management, and investment attractiveness. Dr. Hârțescu explained that companies with transparent and well-structured governance frameworks are more likely to attract investors and contribute to economic stability. Furthermore, strategic risk management at the board level ensures long-term business resilience and ethical decision-making.
Governance and Romania’s OECD Accession
Romania’s bid for OECD membership requires adherence to governance best practices, particularly within public enterprises. Dr. Codirlașu stressed that implementing these standards is crucial for improving efficiency and aligning Romania with international economic frameworks.
Conclusion
Financial education and corporate governance are not just theoretical concepts—they are essential drivers of economic development and societal progress. By fostering a culture of continuous learning and ethical governance, Romania can enhance its financial resilience and global.
You can follow the entire discussion HERE.
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