Pa÷sa, Adina Teodo a; Pica os e, Xose; Ghe ghina, Elena Mæadæalina
A icle
Financial li e acy and economic g ow h: How Eas e n
Eu ope is doing?
Economics: The Open-Access, Open-Assessmen Jou nal
P o ided in Coope a ion wi h:
De G uy e B ill
Sugges ed Ci a ion: Pa÷sa, Adina Teodo a; Pica os e, Xose; Ghe ghina, Elena Mæadæalina (2022) :
Financial li e acy and economic g ow h: How Eas e n Eu ope is doing?, Economics: The Open-
Access, Open-Assessmen Jou nal, ISSN 1864-6042, De G uy e , Be lin, Vol. 16, Iss. 1, pp. 27-42,
h ps://doi.o g/10.1515/econ-2022-0019
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/306059
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Resea ch A icle
Adina Teodo a Pașa*, Xose Pica os e, and Elena Mădălina Ghe ghina
Financial Li e acy and Economic G ow h:
How Eas e n Eu ope is Doing?
h ps://doi.o g/10.1515/econ-2022-0019
ecei ed Sep embe 17, 2021; accep ed Janua y 13, 2022
Abs ac : In his s udy, we aim o analyse financial li e acy
as a d i e o financial wellbeing and economic g ow h in
h ee o he mos ecen EU Membe S a es, namely
Romania, Bulga ia, and C oa ia. Ou pa icula in e es
in s udying mo e in-dep h hese h ee coun ies is gene-
a ed by hei difficul pa hway in he ansi ion o he Eu o
and economic con e gence on one side and by he limi ed
analysis ca ied ou so a in ela ion o hem on he o he
side. Va ious s udies indica e ha financial li e acy is
associa ed wi h weal h accumula ion, and financial edu-
ca ion can help achie e economic g ow h. To conduc he
empi ical analysis, in his s udy, we ha e used p ima y
da a p o ided by he OECD o ou specific esea ch pu -
poses. The aw da a we e collec ed in a su ey ca ied ou
in2019inse enSou hEas e nEu opeancoun ies
eaching o e 1,000 esponden s o each coun y. We
used wo-s age leas -squa es eg ession o es ou hypo-
hesis and clus e analysis o compa isons among coun ies.
Conclusions o ou esea ch e eal he main diffe ences
be ween coun ies in e ms o financial li e acy and
e e se causali y be ween financial li e acy and eco-
nomic g ow h o he analysed coun ies. Finally, he
s udy gi es some insigh s in o he u u e design o public
policies on financial educa ion in hese coun ies.
Keywo ds: financial li e acy, economic g ow h, labou
ma ke
JEL: G53, F43, J40
1 In oduc ion
The de elopmen s in he educa ion sec o o coun ies
ha e p o ed o ha e a posi i e impac on he economic
g ow h o a socie y, as an inc ease in he educa ional
le el o he indi iduals imp o es human capi al, which
inc emen s he p oduc i i y o he wo ke s and ansla es
in o an inc ease in he ou pu o he economy. In his
s udy, we conside ha one o he mos impo an d i e s
o economic g ow h is he financial educa ion o indi i-
duals. Financial educa ion e e s o he unde s anding o
he basic concep s o finance, which enables households
o make financial decisions o limi he isks igge ed by
changes in economic condi ions and ci cums ances.
This is o say, financial educa ion is abou lea ning
how o use money in o de o dec ease financial ulne -
abili y by no o e spending o incu ing deb s. Financial
li e acy (FL)combines he knowledge, a i udes, and
beha iou necessa y o make sound financial decisions
o achie e indi idual financial wellbeing (FW)(A kinson
and Messy, 2012).
A he mac oeconomic le el, FL can esul in a s onge
household’s balance shee , which has a posi i e con ibu-
ion o he economic g ow h o na ions by inc easing social
inclusion and educing inequali ies. Some au ho s ha e
analysed FL om diffe en pe spec i es –FL effec s on pe -
sonal finance and economic ou comes (Lusa di & Mi chell,
2014), FL in he con ex o changing economic condi ions
(Remund, 2010), and FL as a basis o achie e FW (A kinson
& Messy, 2012). Ne e heless, acco ding o ou knowledge,
e y ew o hem ha e ocussed hei analysis in-dep h on
he Eas e n Eu opean Coun ies and on he impac FL has
on he economic g ow h o hese coun ies. The main
eason why we ha e conside ed in his s udy o analyse
Romania, Bulga ia, and C oa ia, is ha hese coun ies
joined he EU in he las 15 yea s, ha ing diffe en cul u es
and, despi e hei inc easing g oss domes ic p oduc (GDP)
g ow h a es, hei eal GDP pe capi a is s ill unde he
EU-27 a e age. In addi ion, as hese h ee coun ies should
con e ge owa ds he es o he EU Membe S a es, we
ha e conside ed analysing in his s udy he co ela ion

* Co esponding au ho : Adina Teodo a Pașa, Depa men o
Economics and Economic Policy, Facul y o Theo e ical and Applied
Economics, Bucha es Uni e si y o Economic S udies, Bucha es
010374, Romania, e-mail: [email p o ec ed]
Xose Pica os e: Depa men o Economics, Facul y o Economics and
Business, Uni e si y o A Co uña, EDaSS Resea ch G oup, A Co uña
15071, Spain, e-mail: [email p o ec ed]
Elena Mădălina Ghe ghina: Depa men o Economics and Economic
Policy, Facul y o Theo e ical and Applied Economics, Bucha es
Uni e si y o Economic S udies, Bucha es 010374, Romania,
e-mail: [email p o ec ed]
Economics 2022; 16: 27–42
Open Access. © 2022 Adina Teodo a Pașae al., published by De G uy e . This wo k is licensed unde he C ea i e Commons A ibu ion 4.0
In e na ional License.
be ween FL and GDP g ow h as a p oxy o economic
g ow h. The s udy o hese h ee Eas e n Eu opean Coun-
ies (EU-3coun ies), which a e also EU coun ies, com-
pa ed o some o he Sou he n Eas e n Eu opean Coun ies
(specifically, Geo gia, No h Macedonia, Moldo a, and
Mon eneg o),whicha enon-EU coun ies dese es o
be u he analysed o highligh hei diffe ences a he
mac oeconomic le el and hei ad ancemen s owa ds
he economic con e gence wi h he EU high pe o me s.
The main objec i e o his s udy is o highligh he
impac FL a ainmen has on he economic g ow h in
Romania, Bulga ia, and C oa ia by indica ing he diffe-
ences be ween hese h ee EU coun ies wi h some o he
Sou h-Eas e n Eu opean coun ies in e ms o FL and
FW. Ou o iginal con ibu ion is ocused on he impo -
ance o FL’s ole in he economic g ow h o coun ies
om Eas e n Eu ope. The cu en COVID-19 pandemic
ep esen s a es o esilience, which emphasises he
ole o financial educa ion in he economic eco e y
o coun ies. F om he side o he labou ma ke , he
dec eases in sala ies o job losses igge income ulne-
abili y, which could be alle ia ed by empowe ing indi i-
duals wi h mo e financial confidence in managing hei
money and he po en ial subsidies hey ecei e. Mo eo e ,
financial educa ion awa eness is impo an as i offe s
he indi iduals he oppo uni y o con ibu e o hei FW,
and i imp o es hei financial esis ance in eco e ing
om financial shocks.
This s udy is s uc u ed in ou pa s. The fi s pa
co e s he heo e ical backg ound, which poin s ou he
main aspec s ela ed o FL and economic g ow h, es ab-
lishing he hypo hesis o he empi ical analysis. The
second pa ou lines he esea ch me hodology based on
he p ima y da a p o ided by he OECD. The hi d pa
includes he main esul s de i ed om he analysis o
he economic a iables, and i e eals some discussions
de i ed om ou s udy. Finally, he ou h pa p esen s
he conclusions o he s udy and indica es u u e di ec-
ions o esea ch.
2 Li e a u e Re iew
The concep o financial educa ion is conce ned wi h ans-
e ing financial knowledge (FK) o indi iduals. Financial
educa ion ep esen s he ool o inc ease he FL le el o
indi iduals. Mo eo e , indi iduals should lea n how o
p o ec hei pe sonal finances and eac in economic
en i onmen s ha a e con inuously changing, con i-
bu ing in his way o he economic g ow h o hei
coun y. In his ega d, nowadays, mo e han in any
o he pe iod, o ha e a s able employmen income becomes
mo e difficul o he employees. Some au ho s (Bosha a,
2012)conside ha s ong household balance shee s can
help g ow he economy.
One o he ac o s ha igge he ins abili y in income
a e he changes in wo k due o echnological p og ess. The
changes esul ing om he adop ion o new echnologies
conduc o ans o ma ions in he labou ma ke , leading
o misma ches in he demand and supply o labou
o ce. Thus, s ong imbalances appea , which can lead
o highe unemploymen a es o lowe income o some
ca ego ies o wo ke s (Acemoglu & Res epo, 2020;Ko inek
&S igli z,2021).
The effo s o employees o keep up wi h he echno-
logical p og ess h ough aining and li elong lea ning
(Bode & Gold, 2018)and wi h he isk ha some jobs
will be eplaced by new echnologies (Wo ld Bank, 2019)
gene a e income ins abili y. In his espec , i is impo an
o no e ha he isk o eplacing he labou o ce wi h
machine y is highe in he case o ou ine asks (Acemoglu
&Res epo,2020)and, he e o e, easily p og ammed
using code lines. The e o e, acco ding o some s udies
(Chiacchio, Pe opoulos, & Pichles, 2018; G ae z & Michaels,
2018), he mos ulne able ca ego ies o employees in
he echnological e a a e ep esen ed by young people
and employees wi h low o medium educa ion. As he
wo king income is influenced by bo h numbe o yea s
o s udy and wo k expe ience (Saqib, Panezai, Ali, &
Kaleem, 2016; Wannak ai oj, 2013),wecanconside
ha employees ecei ing low incomes a e o en in a
posi ion o e ain hemsel es in o de o a oid si ua-
ions whe e hey will no find a job. This si ua ion
may place ulne able g oups in difficul y. The e o e,
we s ongly belie e ha FL has he d i e o help wo ke s
o e come un o eseen, less a ou able financial si ua ions.
The ans o ma ion o wo k is also ep esen ed by he
de elopmen o he gig economy o pla o m wo k, which
is a o m o employmen ha uses digi al pla o ms as a
place whe e he demand and supply o wo k a e mee ing
(Eu o ound, 2018a). This is o say, i ep esen s a new
ype o ee labou ma ke , whe e he wo ke s a e like
mic o-en e p ises, e e y wo ke becoming esponsible
o he /his income and financial plans (Huang, Mo gan,
& T inh, 2019).
In he case o he wo k on he pla o m, income is no
s able, as wo ke s ca y ou asks acco ding o he needs
o he applican a a p ice ag eed by he wo pa ies.
Mo e han ha , he wo k on he pla o m is ans o -
ming he ela ionship be ween he employee and he
employe in he way wo k is o ganised (Eu o ound, 2018a).
28 Adina Teodo a Pașae al.
Mo eo e , he condi ions and he egula ions on he labou
ma ke , as well as he s abili y o income, a e s ongly
affec ed (Eu o ound, 2018b). The economy o he pla o m
in ol es he lack o social insu ance, heal h insu ance,
and annual lea e, and wi hou he exis ence o an employ-
men con ac . This means ha he employee–employe
ela ionship akes a new o m, simila o collabo a ion,
in exchange o an amoun o money. In his way, he
wo ke s ha e o manage hei income in o de o co e
he cu en and u u e expenses. The e o e, due o he
ins abili y in income ha wo ks on he pla o m may
igge , FL o indi iduals plays a key ole o add ess
he decline in hei pe sonal income.
The ins abili y in income ep esen s an effec o
unce ain economic si ua ions. Fo example, ecessions a e
gene a ing a significan dec ease in employmen income.
The e o e, in o de o cope wi h income ins abili y, he
impo ance o FL is inc easing. Basic financial educa ion
is conside ed he fi s line o de ense agains in e up-
ions in income (OECD, 2020). Mo eo e , some au ho s
indica e ha financial shocks ha e long-las ing effec s
unde mining economic g ow h (Ghosh ay, Mon o , &
O dóñez, 2020).
An example in his sense is he mos ecen economic
con ex caused by he COVID-19 pandemic. Because o
he es ic i e measu es and he empo a y closu e o
economic ac i i ies, a significan pa o he businesses
has aced an un a ou able economic si ua ion esul ing
in a ecession. Fo example, manu ac u ing indus ies
we e affec ed by he COVID-19 pandemic due o he con-
ainmen measu es, which o ced he numbe o wo ke s
o be limi ed in o de o a oid agglome a ions, and,
second, hey aced sho - e m supply p oblems (De Ve ,
Nigohosyan, Núñez Fe e , G oss, Kuehl, & Flickenschild,
2021). The sec o s mos affec ed by he pandemic in
Eu ope we e he cul u al and c ea i e indus ies sec o s,
HORECA, and anspo . The effec s o he COVID-19 pan-
demic on he economy ha e sp ead, leading o a dec ease
in he wo ld p oduc ion o 4.3% in 2020 (UN DESA, 2021).
This is o say, he impac o he COVID-19 c isis was h ee
imes highe han he financial c isis in 2008.
This si ua ion has igge ed dec eases in wages o
e en mo e job losses, which is eflec ed in he decline
o he popula ion’s FW and an inc eased unemploymen
a e. Acco ding o es ima es o he In e na ional Labou
O ganiza ion (ILO), globally, i was egis e ed a all in
o al hou s o wo k by 8.8% compa ed o 2019, as a esul
o he employmen loss (shi o unemployed o inac-
i i y)and he educ ion o wo king hou s o some ca e-
go ies o wo ke s (ILO, 2021). A he Eu opean Union
le el, i has been egis e ed a dec ease o employmen
income by 4.8% in 2020 (Eu opean Commission, 2020).
Asa esul o economicandfinancial insecu i y,indi iduals
who do no coun wi h a basic le el o financial educa-
ion can easily become a ic im o financial aud
(OECD, 2020). The e o e, we conside ha indi iduals
who sco e significan ly in FL could assimila e be e finan-
cial shocks ac oss economies. Mo eo e , FL co ela es
s ongly wi h financial esilience (Deme zis, Domínguez-
Jiménez, & Lusa di, 2020).
Se e al s udies highligh he impo ance o FL, which
can be unde s ood as a specific aining o indi iduals
(Lusa di & Mi chell, 2014). High FL le els o indi iduals
igge highe incomes and sa ings in hei households
(Disney & Ga he good, 2013). Some au ho s (Calcagno &
Mon icone, 2015)conside ha financial educa ion is
necessa y o make he igh financial decisions. Mo e
han ha , o he au ho s men ion he impo ance o p o-
iding financial educa ion be o e indi iduals engage in
cos ly financial ansac ions (Lusa di, Mi chell, & Cu o,
2010), and some s udies emphasize he significance o
financial educa ion om an ea ly age, indica ing ha i
con ibu es o indi idual FW and i suppo s inclusi e
g ow h (Ba saikhan & Deme zis, 2018). Fo example, in
an analysis o de eloped and de eloping coun ies om
Asia, Eu ope, and he Uni ed S a es o Ame ica o he
in e al 1980–2007, some au ho s (Lo P e e, 2018)ha e
demons a ed he s a is ically significan in e se ela ion-
ship be ween FL and income inequali y. In he same way,
o he au ho s (Monsu a, 2020) each he same conclusion
in hei s udy o he Philippines.
On he o he hand, FL p oduces effec s a mac oeco-
nomic le el, con ibu ing o he s abili y o he financial
ma ke s and o he economic g ow h and economic de elop-
men o coun ies (Ehigiamusoe & Lean, 2019; Ke ela,
2011). Fo ins ance, G ohmann, Klühs, and Menkhoff
(2018)ca ied ou an analysis on 119 coun ies, which
had diffe en le els o economic de elopmen , including
some om he leas de eloped coun ies in he wo ld,
such as A ghanis an and Mali, and some om he mos
de eloped economies, such as Denma k and Finland.
Acco ding o hei esul s, he e is a significan ela ion-
ship be ween he le el o FL o indi iduals and hei
financial inclusion. In his ega d, he mac oeconomic
effec s a e clea and undoub ul: a highe FL le el o
indi iduals has he capaci y o con ibu e o hei finan-
cial de elopmen , which is posi i ely co ela ed wi h he
economic de elopmen o hei coun ies.
Ano he ad an age, which also ep esen s a con i-
bu ion o he economic de elopmen and o he inc ease
Financial Li e acy and Economic G ow h in Eas e n Eu ope 29
o FL le el o indi iduals, is he imp o emen o people’s
capaci y o ace mac oeconomic shocks (Klappe , Lusa di,
&Panos,2013). This co ela ion is highligh ed in esea ch
based on he esponses o Russian indi iduals ha we e
in e iewed du ing May 2008 and June 2009, meaning
he pe iod o he G ea Recession. The e o e, we can say
ha a highe le el o FL o indi iduals, on one hand.
Con ibu es o mac oeconomic s abilisa ion, and, on he
o he hand, i has he capaci y o mi iga e he nega i e
effec s o an un a ou able economic con ex , helping
ou he economy o eco e as e . Mo eo e , a mo e ecen
s udy unde lines he same conclusion. Cla k, Lusa di, and
Mi chell (2020), ollowing a su ey on 2,889 adul s
be ween 45 and 75 yea s old in he Uni ed S a es o
Ame ica, concluded ha people wi h a highe le el o
FL, due o he decisions hey made in he p e-pandemic
pe iod, encoun e ed less financial difficul ies du ing he
COVID-19 pandemic pe iod.
As ega ds he de eloping coun ies, i is necessa y o
suppo he small and medium-sized en e p ises, and he
FL has a eal con ibu ion o be e access o ex e nal
financing, hus leading o he suppo o he companies’
g ow h p ocess (Bu chi, Włoda czyk, Sz u o, & Ma elli,
2021; Hussain, Salia, & Ka im, 2018). These effec s a e
also egis e ed a mac oeconomic le el h ough economic
g ow h. In addi ion, p e ious s udies based on su ey
da a collec ion o 17 economies in Asia and he Pacific
ha e indica ed ha financial educa ion is a key elemen
o suppo economic g ow h (OECD, 2019). Mo eo e ,
o he c oss-coun ies panel eg essions (Le ine, 2005;
Popo , 2018)poin ed ou ha financial measu es a e
posi i ely co ela ed wi h economic g ow h. Fu he mo e,
ecen s udies highligh ha financial educa ion con i-
bu es o economic g ow h wi hin he Eu opean Union
(Eu opean Bank Au ho i y, 2020).
Howe e , as se e al s udies indica e, i is no only
educa ion ha con ibu es o economic g ow h, bu he
e e se causali y also exis s. This is o say, economic
g ow h is s ongly impac ed by educa ion, in pa icula , by
he knowledge and skills o people (Hanushek & Wößmann,
2010),and,a hesame ime,economicg ow hsuppo s
educa ion as he economy can spend mo e on educa-
ion. Fo example, o Bangladesh, an unde de eloped
coun y in Asia, bu which was p oposed by he Uni ed
Na ions o join he de eloping coun ies s a ing
om 2026, a s udy was ca ied ou using da a o he
pe iod 1976–2003, which highligh ed he bidi ec ional
causali y o educa ion and GDP (Islam, Wadud, & Islam,
2007). In ano he s udy, F ancis and Sunday (2006) e ealed
ha coun ies wi h highe pe capi a g oss na ional income
eco d highe in es men s in educa ion. Mo eo e , a ecen
s udy (Xu, Hsu, Meen, & Zhu, 2020)iden ifies he ela ion-
ship be ween highe educa ion, economic g ow h, and inno-
a ion abili y, whe e he h ee elemen s suppo each o he .
Howe e , as Hanushek and Wößmann (2010)a gue, he
impac o educa ion on economic g ow h is influenced by
he quali y o educa ion, and i is impo an ha educa ion
in schools is aligned wi h he needs o he popula ion. Based
on he scien ific li e a u e, we conside financial educa ion
as an impo an componen o educa ion nowadays, which
con ibu es o bo h FW o indi iduals and o he economic
g ow h o coun ies.
Despi e he benefi s o FL a bo h mic oeconomics
and mac oeconomics le els, all coun ies, ega dless o
hei le el o de elopmen , ha e a low le el o li e acy.
This issue can be ound bo h in de eloped coun ies, such
as he Uni ed S a es, Japan, and Ge many, and also in
de eloping coun ies, such as Romania (Lusa di & Mi chell,
2014). Thus, we can conside ha he le el o FL does no
necessa ily depend on he le el o de elopmen o he
coun y. Howe e , acco ding o he esea ch esul s men-
ioned p e iously in his s udy, we expec ha he FL o
indi iduals ep esen s a ac o ha indi ec ly con ibu es
o he economic g ow h o coun ies.
The e o e, he no el y o ou s udy compa ed o he
p e ious s udies consis s in ou pa icula in e es o
analyse mo e in de ail he ela ionship be ween he le el
o FL and economic g ow h in he h ee mos ecen
Eu opean Union Membe S a es (Romania, Bulga ia, and
C oa ia), which a e subjec o pe manen sc u iny gi en hei
aspi a ions owa ds he Eu ozone and Schengen acces-
sion. Bo h Eu ozone and Schengen membe ship has
p o ed o offe significan economic benefi s o hei
pa icipa ing coun ies. The o he Eas e n Eu opean
coun ies such as Poland, Hunga y, Se bia, Slo akia, o
he Czech Republic a e no included in he cu en ana-
lysis o wo easons. The fi s eason is ha Romania,
Bulga ia, and C oa ia, al hough hey ha e achie ed
high economic g ow h a es in he las yea s com-
pa ed o he es o he Eas e n Eu opean coun ies
(Wo ld Bank, 2021), hey a e s ill lagging behind he
Eu opean Union’s op pe o me s. The second eason
is due o he una ailabili y o ecen p ima y da a o
he FL componen s (financial knowledge (FK),financial
beha iou (FB),andfinancial a i ude (FA)) as ega ds
he mos de eloped Eas e n Eu opean coun ies.
30 Adina Teodo a Pașae al.

3 Me hodology and Model
Specifica ion
3.1 Da a
Fi s , o conduc he empi ical analysis o FL, we used he
p ima y da a p o ided by he OECD o ou specific
esea ch pu poses. The e o e, he da a on FL in ou s udy
a e no a ailable as open-sou ce, and hei owne ship
belongs o he OECD. The OECD collec ed he da a on FL
ia a su ey ca ied ou du ing July 2019 and Oc obe 2019
in se en Sou h Eas e n Eu opean coun ies: Romania,
Bulga ia, C oa ia, Geo gia, No h Macedonia, Moldo a,
and Mon eneg o. Second, o e i y he ela ionship
be ween FL and economic g ow h, we ook in o accoun
he GDP g ow h a e in 2019 (annual exp essed in pe -
cen age epo ed on he p eceden yea ) om he Wo ld
Bank open sou ce da abase. In o de o ca y ou he
analysis be ween FL and economic g ow h as ega ds
he coun ies subjec o ou s udy, we selec ed he da a
co esponding o 2019, he yea when he su ey occu ed
o FL.
Theques ionnai e o he awda aonFLcompo-
nen s (FK, FA, and FB)and FW was based on he OECD/
In e na ional Ne wo k o Financial Educa ion (INFE)
oolki o measu ing FL and financial inclusion (OECD,
2018). The oolki ensu es he alidi y o he ins umen s
used ac oss all se en coun ies analysed in his s udy, and
i can be e ie ed om h ps://www.oecd.o g/financial/
educa ion/2018-INFE-FinLi -Measu emen -Toolki .pd .
In addi ion, he ques ionnai e in ol es ou i ems, namely
FK, FA, FB, and FW. All i ems we e measu ed as ollows:
FK, 0–7 scale; FA, 1–5 scale; FB, 0–9 scale; and FW, max.
20 poin s o ag ee, disag ee, and neu al, as indica ed in
Table 1. Mo eo e , he OECD/INFE oolki offe s a homo-
genous app oach in analysing FL a he in e na ional le el,
and se e al s udies (Bongini, Iannello, Rinaldi, Zenga, &
An onie i, 2018; De Beckke , De Wi e, & Van Cam-
penhou , 2019; De Cle cq, 2019)ha e used i success-
ully in hei esea ch.
The o al sample size o he popula ion is N=7,422. In
addi ion, he selec ed a iables o desc ip i e s a is ics
a e shown in Tables 1 and 2.
Table 1 p o ides a summa y o he demog aphic p o-
files o he esponden s. We ha e used desc ip i e s a is-
ics o diffe en ia e he popula ion in he unc ion o
gende , coun y, and g oup o coun ies. F om he o al
numbe o 7,422 esponden s, 55.4% we e emale and
44.6% we e male. The esponden s we e g ouped in o
wo ca ego ies: EU-3 coun ies (Romania, Bulga ia, and
C oa ia)and non-EU coun ies (Geo gia, No h Mace-
donia, Moldo a, and Mon eneg o).
Fo each o he coun ies analysed in his s udy, he
sample size is abo e 1,000 esponden s, and he confi-
dence le el s ands a 95%.
In Table 2, we ha e analysed he FL componen s,
namely knowledge, beha iou , and a i ude, o which
we ha e added he FW o indi iduals. Financial educa ion
p omo es, in e alia, FW, which is di ided in o financial
Table 1: Desc ip i e s a is ics by gende , coun y, and coun y
g oup
All Sou h-Eas e n coun ies F equency %
Gende Female 4,109 55.4
Male 3,313 44.6
Coun y Romania 1,060 14.3
Bulga ia 1,047 14.1
C oa ia 1,079 14.5
Geo gia 1,056 14.2
No h Macedonia 1,076 14.5
Moldo a 1,074 14.5
Mon eneg o 1,030 13.9
Coun y g oup EU-3 coun ies (RO, BG, HR)3,186 42.9
Non-EU coun ies 4,236 57.1
Sou ce: Calcula ed by he au ho s based on OECD p ima y
da a (2019).
Table 2: Desc ip i e s a is ics o FL and FW
All Sou h-Eas e n
Eu opean coun ies
Mean Median Mode S d.
de ia ion
FK sco e ( om 0 o 7)4.0 4.0 5.0 1.8
FB Sco e ( om 0 o 9)5.1 5.0 5.0 1.8
FA sco e ( om 1 o 5)2.8 2.7 2.3 0.9
FW sco e (max 20)8.7 9.0 10.0 4.7
EU-3 coun ies
(RO, BG, HR)(N=3,186)
Mean Median Mode S d.
de ia ion
FK sco e ( om 0 o 7)3.9 4.0 5.0 2.0
FB sco e ( om 0 o 9)5.1 5.0 5.0 1.9
FA sco e ( om 1 o 5)2.8 2.7 3.0 0.9
FW sco e (max. 20)9.4 10.0 10.0 4.4
Non-EU coun ies
(N=4,236)
Mean Median Mode S d.
de ia ion
FK sco e ( om 0 o 7)4.0 4.0 5.0 1.7
FB sco e ( om 0 o 9)5.1 5.0 5.0 1.8
FA sco e ( om 1 o 5)2.8 2.7 2.3 1.0
FW sco e (max 20)8.2 8.0 8.0 4.9
Sou ce: Calcula ed by he au ho s based on OECD p ima y
da a (2019).
Financial Li e acy and Economic G ow h in Eas e n Eu ope 31
secu i y and financial eedom o choice (Consume
Financial P o ec ion Bu eau, 2015).
3.2 Me hodology
In his s udy, he au ho s ha e conside ed choosing
among he a iables he FL, as a wide ange o s udies
(Fe nandes, Lynch J , & Ne emeye , 2014; Sunda asen,
Rahman, O hman, & Dana aj, 2016)ha e indica ed ha
FL has a significan posi i e effec on pe sonal finances o
indi iduals, igge ing hei FW (Buche -Koenen, Alessie,
Lusa di, & Van Rooij, 2021). Mo eo e , gi en he OECD/
INFE ini ia i es, which suppo policymake s o design
and implemen na ional s a egies o financial educa-
ion, he au ho s conside ed using in his s udy he
dimension o FL based on he OECD (2016)defini ion.
This defini ion b eaks down FL in o h ee componen s,
namely FK, FB, and FA. FK ep esen s he knowledge and
unde s anding o financial concep s (Kimiyaghalam &
Sa a i, 2015; Remund, 2010). FB e e s o how people
a e budge ing, sa ing, in es ing, e c. FA includes indi i-
duals’p e e ences in ela ion o pe sonal finances (Johan,
Rowlingson, & Appleya d, 2021)and includes hei a i-
ude owa ds long- e m planning (OECD, 2015).As ega ds
FW, in his s udy we ha e used he defini ion gi en by he
Consume Financial P o ec ion Bu eau (2015), which con-
side s FW as “a s a e o being whe ein a pe son can ully
mee cu en and ongoing financial obliga ions, can eel
secu e in hei financial u u e, and is able o make choices
ha allow enjoymen o li e.”In addi ion, FW ep esen s a
eflec ion o indi iduals’economic condi ions (Ru he o d
&Fox,2010)and p o ec s indi iduals agains economic
isks (Goldsmi h, 2000).
In his sec ion, we analyse he h ee componen s o
FL o he coun ies in ou sample wi h he aim o unde -
s and he diffe ences in FW ac oss coun ies, which influ-
ence hei socio-economic condi ions.
The sea ch o causal ela ionships among he a i-
ables ela ed o FL d i es mos o he au ho s o use
eg ession analysis. In his espec , some au ho s ocused
on logis ic o p obi eg ession models (Douissa, 2020;
Khan, Pu hinun, Wa anapong anich, Yuk ada a, Uddin,
& Kadoya 2021), whe eas o he au ho s used linea eg es-
sions (Sha ma, A o a, Sinha, Akh a , & Meh a, 2021; Zah a
& Ano aga, (2021). Ou s udy deals wi h wo-s age leas -
squa es eg ession (2SLS)and, o his pu pose, we used
STATA S a is ics so wa e, 13 h e sion.
As ou aim is o emphasise in ou s udy he EU-3
coun ies, namely Romania, Bulga ia, and C oa ia, as
EU Membe s S a es, he fi s s ep o ou analysis is o
check whe he he e a e diffe ences among coun ies
ha esul om he EU membe ship. In his espec , we
compa ed he EU-3 coun ies wi h he es o Sou h-Eas e n
Eu opean Coun ies o which p ima y da a we e a ai-
lable. In addi ion, he second s ep was o find some
causal ela ionships o he EU-3 coun ies. Conside ing
he li e a u e e iew and ou objec i es, he hypo heses
es ed in his s udy a e he ollowing:
H1. FK is equal in all se en Sou h-Eas e n Eu opean
coun ies, independen ly o hei belonging o he EU
H2. FB is equal in all se en Sou h-Eas e n Eu opean
coun ies, independen ly o hei belonging o he EU
H3. FA is equal in all se en Sou h-Eas e n Eu opean
coun ies, independen ly o hei belonging o he EU
H4. FW is equal in all se en Sou h-Eas e n Eu opean
coun ies, independen ly o hei belonging o he EU
To con as he hypo heses om 1 o 4 in his s udy,
we used a mean analysis compa ison, which is p e-
sen ed in he ollowing ables. P e iously, we applied
he Le ene es s o an equal a iance o iden i y he
a iance equali y o he analysed g oups.
The causal ela ionships o he EU-3 coun ies, which
ep esen he ocus o ou pape , we e analysed acco ding
o he ollowing hypo heses:
H5. FB/FA/FK influences FW
H6. FW posi i ely influences he GDP g ow h
In o de o p o e he abo e ela ionships, we used he
econome ic model desc ibed in Sec ion 3.3,o hiss udy.
3.3 The Model
The con as o hypo heses H5 and H6 equi es analysing
he exis ence o causal ela ionships in which wo endo-
genous a iables in e ene: FW and GDP_G ow h. The
defini ions o he wo independen a iables a e he
ollowing:
•FW = esponden s’opinion on elemen s ela ed o hei
“s a e o being whe ein hey can ully mee cu en
32 Adina Teodo a Pașae al.
and ongoing financial obliga ions, can eel secu e in hei
financial u u e, and a e able o make choices ha
allow enjoymen o li e”Consume Financial P o ec ion
Bu eau (2015);
•GDP g ow h =annual change in pe cen age poin s in
a coun y’s economic ou pu o measu e how as a
na ional economy is g owing.
H5 s a es ha FB, FA, and FK influence FW. Unde
his assump ion, we conside ed he ollowing:
=+ + + +ββ β β U
F
WFBFAFK
,
iiiii
01 2 3 1(1)
FW =Financial well-being
FB =Financial beha iou
FA =Financial a i ude
FK =Financial knowledge
whe e i=1,2,…,N, N =7,422 obse a ions
Acco ding o H6, FW posi i ely influences GDP_
G ow h. Fu he mo e, we ha e conside ed ha bo h
he in e cep and he angula coefficien o his equa ion
could be diffe en in unc ion o he EU membe ship;
he e o e, he p oposed equa ion is he ollowing:
=+ +
++
αα α
αU
GDP_G ow h FW EUB
EU_Well ,
iii
ii
01 2
32
(2)
GDP g ow h =G oss domes ic p oduc annual g ow h
a e (%)
FW =Financial well-being
EUB =1 o EU coun ies and 0 o Non-EU coun ies.
EU_Well =i is he p oduc o FW*EUB, and i is equal
o 1 o EU coun ies and equal o 0 o Non-EU coun ies.
whe e i=1,2,…,N,N=7,422 obse a ions.
In his equa ion, EUB is a dummy a iable equal o 1
when he coun y belongs o he EU and equal o 0 when
he coun y does no belong o he EU. Fu he mo e,
EU_Well is a new a iable, which ep esen s he p oduc
o FW by EUB, and i is equal o 1 when he coun y
belongs o he EU and equal o 0 when he coun y
does no belong o he EU.
Gi en ha FW is he endogenous a iable o he
fi s equa ion when p oposing he second one, we a e
assuming he exis ence o unidi ec ional causali y be ween
he wo a iables ha his model ies o explain, bu he
possibili y o an in e se causali y be ween FW and GDP_
G ow h should also be analysed. This has a significan
effec on FW since, in such a case, bo h he s uc u e o
he model and he app op ia e es ima ion me hod would
be diffe en .
To analyse he possibili y o e e se causali y, GDP_
G ow h has been in oduced in he fi s equa ion as an
addi ional explana o y a iable and, u he mo e, we
ha e applied he Hausman es (Hausman, 1978; Hausman
& McFadden, 1984), concluding ha he e is indeed an
in e dependence be ween GDP_G ow h and FW; he e o e,
a simul aneous equa ions model is p oposed.
The desc ip ion o his model is as ollows:
Equa ion (1):
=+ + +
++
ββ β β
βU
FW FB FA FK
GDP_G ow h ,
iiii
ii
01 2 3
41
(3)
FW =Financial well-being
FB =Financial beha iou
FA =Financial a i ude
FK =Financial knowledge
GDP g ow h =G oss domes ic p oduc annual g ow h
a e (%)
Whe e i=1,2,…,N,N=7,422 obse a ions.
Equa ion (2):
I emains as specified be o e:
=+ +
++
αα α
αU
GDP_G ow h FW EUB
EU_Well ,
iii
ii
01 2
32
(2)
GDP_G ow h =G oss domes ic p oduc annual g ow h
a e (%)
FW =Financial well-being
EUB =1 o EU coun ies and 0 o Non-EU coun ies.
EU_Well =FW*EUB is equal o 1 o EU coun ies and
equal o 0 o Non-EU coun ies.
4 Resul s and Discussion
The esul s o he mean compa ison we e conduc ed
wi h a - es o wo independen samples by conside ing
wo g oups. As indica ed abo e, G oup 1 is composed o
he EU-3 coun ies (Romania, Bulga ia, and C oa ia),
whe eas G oup 2 is composed o he es o he coun ies
in he sample (namely,Geo gia,No hMacedonia,Moldo a,
and Mon eneg o).Table3shows ha he Le ene es o
equal a iances was applied, and i s esul s indica e ha i
is no possible o assume equal a iance o any o he i ems
analysed since in all i ems p- alue is below 0.05. The mean
o each i em o bo h coun y g oups is p esen ed in Table 4.
Table 2 indica es ha EU-3 coun ies ha e s a is i-
cally diffe en means esul s o FK, FA, and FW. This
shows ha hose s a is ically meaning ul diffe ences
be ween EU-3 coun ies and he Non-EU coun ies ana-
lysed in his s udy o FK, FA, and FW a e −0.106, 0.042,
and 1.220, espec i ely, which indica e ha FK is highe
in he Non-EU coun ies compa ed o he EU-3 coun ies.
Financial Li e acy and Economic G ow h in Eas e n Eu ope 33
A he same ime, FA and FW a e mo e a ou able in
Romania, Bulga ia, and C oa ia, as he means diffe ence
is posi i e. FA ep esen s he a i ude o an indi idual
owa ds money spending, aking in o accoun i s en i on-
men . Some au ho s (He djiono & Damanik, 2016)s a e ha
FA influences FB, whe eas some o he s (Riyazahmed, 2021)
conside ha FB has a significan impac on FW. The e o e,
his can explain he posi i e co ela ions be ween Romania,
Bulga ia, and C oa ia in e ms o FA and FW.
The esul s o he es s o hypo heses 1–4 a e p e-
sen ed in Table 5. F om his analysis, we can each he
conclusion ha o e all, FL and FB do no p esen disc e-
pancies in none o he coun ies analysed in his s udy.
Ne e heless, FK is highe in he non-EU coun ies
compa ed o he EU-3 coun ies, whe eas FA and FW
a e lowe in he non-EU coun ies compa ed o he EU-3
coun ies. Some s udies (Beckmann & Rei e , 2020)claim
ha indi iduals who expe ienced economic u bulences
wi h he ansi ion om planned o ma ke economies
ha e highe FK abou infla ion. This could explain why
FK is highe in he non-EU coun ies compa ed o he
EU-3 coun ies in ou sample.
Table 6 shows he gende analysis means compa i-
sons o all coun ies in ou s udy and o he wo g oups
o coun ies. Based on he gende analysis, we obse e
some diffe ences, which also appea be ween he wo
g oups o coun ies. The means diffe ences a e calcula ed
be ween men and women (Tables 7–9).
Table 3: Resul s o he - es o means compa ison
I em Le ene’s es o equali y o a iances - es o equali y o means
FSig. d Sig. (2- ailed)Mean diffe ence S d. e o diffe ence
FK 104.661 0.000
(a)
−2.405 6325.146 0.016
(c)
−0.106 0.044
FB 4.413 0.036
(a)
0.913 6736.255 0.361
(b)
0.040 0.043
FA 13.510 0.000
(a)
1.955 7054.843 0.051
(d)
0.042 0.022
FW 71.196 0.000
(a)
11.320 7203.955 0.000
(c)
1.220 0.108
(a)
Equal a iance canno be assumed, since
-≤p alue 0.0
5
.
(b)
Equal means mus be assumed (
->p alue 0.0
5
).
(c)
Equal means canno be assumed (
-≤p alue 0.0
5
).
(d)
Equal means could no be assumed o
-≤p alue 0.1
, ha is, he means diffe ences could exis wi h 90% o p obabili y.
Table 4: Desc ip i e s a is ics o i ems in H1 o H4, ega ding belonging o he EU
G oup s a is ics
I em Coun y g oup NMean S d. de ia ion S d. e o mean
FK EU-3 coun ies 3,186 3.9350 1.97469 0.03498
Non-EU coun ies 4,236 4.0406 1.72563 0.02651
FB EU-3 coun ies 3,186 5.1142 1.87710 0.03326
Non-EU coun ies 4,236 5.0746 1.81574 0.02790
FA EU-3 coun ies 3,186 2.7986 0.89902 0.01593
Non-EU coun ies 4,236 2.7563 0.95320 0.01465
FW EU-3 coun ies 3,186 9.4203 4.36499 0.07733
Non-EU coun ies 4,236 8.2004 4.88471 0.07505
Sou ce: Calcula ed by he au ho s based on OECD p ima y da a (2019).
Table 5: Resul s o H1 o H4 es ing
H1: FK is equal in all Sou h-Eas e n Eu opean coun ies, independen ly o hei belonging o he EU Rejec ed
H2: FB is equal in all Sou h-Eas e n Eu opean coun ies, independen ly o hei belonging o he EU Accep ed
H3: FA is equal in all Sou h-Eas e n Eu opean coun ies, independen ly o hei belonging o he EU Rejec ed (90%)
H4: FW is equal in all Sou h-Eas e n Eu opean Coun ies, independen ly o hei belonging o he EU Rejec ed
Sou ce: Calcula ed by he au ho s based on OECD p ima y da a (2019).
34 Adina Teodo a Pașae al.
En e p ise De elopmen ,25(6), 985–1003. doi: 10.1108/JSBED-
01-2018-0021.
ILO (2021).ILO Moni o : COVID-19 and he wo ld o wo k.(Se en h ed.).
Gene a. h ps://www.ilo.o g/wcmsp5/g oups/public/@dg epo s/
@dcomm/documen s/b iefingno e/wcms_767028.pd .
Islam, T. S., Wadud, M. A., & Islam, Q. B. T. (2007). Rela ionship
be ween educa ion and GDP g ow h: A mu i a ia e causali y
analysis o Bangladesh. Economics Bulle in,3(35),1–7.
h ps://www. esea chga e.ne /p ofile/Ma-Wadud/
publica ion/4804496_Rela ionship_be ween_educa ion_and_
GDP_g ow h_A_mu i a ia e_causali y_analysis_ o _
Bangladesh/links/02e7e5376ce5d9b26 000000/
Rela ionship-be ween-educa ion-and-GDP-g ow h-A-
mu i a ia e-causali y-analysis- o -Bangladesh.pd .
Johan, I., Rowlingson, K., & Appleya d, L. (2021). The effec o
pe sonal finance educa ion on he financial knowledge,
a i udes and beha iou o uni e si y s uden s in Indonesia.
Jou nal o Family and Economic Issues,42(1), 351–367.
doi: 10.1007/s10834-020-09721-9.
Ke ela, G. (2011). Implica ions o financial li e acy in de eloping
coun ies. A ican Jou nal o Business Managemen ,5(9),
3699–3705. h ps://academicjou nals.o g/a icle/
a icle1381155463_Ke ela.pd .
Khan, M. S., Pu hinun, P., Wa anapong anich, S., Yuk ada a, P.,
Uddin, M., & Kadoya, Y. (2021).Dofinancial li e acy and
financial educa ion influence smoking beha io in he
Uni ed S a es? In e na ional Jou nal o En i onmen al
Resea ch and Public Heal h,18(5),1–18. doi: 10.3390/
ije ph18052579.
Kimiyaghalam, F., & Sa a i, M. (2015). Re iew pape s on defini ion
o financial li e acy and i s measu emen . SEGi Re iew,8,
81–94. h ps://www. esea chga e.ne /publica ion/
305754732_Re iew_pape s_on_defini ion_o _financial_
li e acy_and_i s_measu emen .
Klappe , L., Lusa di, A., & Panos, G. A. (2013). Financial li e acy and
i s consequences: E idence om Russia du ing he financial
c isis. Jou nal o Banking & Finance,37, 3904–3923.
doi: 10.1016/j.jbankfin.2013.07.014.
Ko inek, A., & S igli z, J. E. (2021).A ificial in elligence,
globaliza ion, and s a egies o economic de elopmen
(pp. 1–53). Ins i u e o New Economic Thinking Wo king Pape
Se ies, Wo king Pape no. 146. doi: 10.36687/ine wp146.
Le ine, R. (2005). Finance and g ow h: Theo y and e idence.
In P Aghion & S Du lau (Eds.),Handbook o economic
g ow h (1s ed., Vol. 1, Chap e 12, pp. 865–934). Camb idge:
Else ie .
Lo P e e, A. (2018). Inequali y and he finance you know: Does
economic li e acy ma e ? In Sp inge & F. Edison (Eds.),
Economia poli ica: Jou nal o Analy ical and Ins i u ional
Economics,35(1), 183–205. doi: 10.1007/S40888-018-0097-3.
Lusa di, A. (2019).Financial well-being o he millennial gene a ion:
An in-dep h analysis o i s d i e s and implica ions. Global
Financial Li e acy Excellence Cen e . h ps://gflec.o g/wp-
con en /uploads/2019/12/Resea ch-B ie -Financial-Well-
Being-o - he-Millennial-Gene a ion-GFLEC- o ma .pd ?x27564.
Lusa di, A., Mi chell, O. S., & Cu o, V. (2010).Financial li e acy
among he young: E idence and implica ions o consume
policy (pp. 1–37). CFS Wo king Pape Se ies 2010/09, Cen e
o Financial S udies (CFS). h ps://www.econs o .eu/
bi s eam/10419/43224/1/630563187.pd .
Lusa di, A., & Mi chell, O. S. (2014). The economic impo ance o
financial li e acy: Theo y and e idence. Jou nal o Economic
Li e a u e,52(1),5–44. doi: 10.1257/jel.52.1.5.
Monsu a, M. P. (2020). The impo ance o financial li e acy:
Household’s income mobili y measu emen and decomposi ion
app oach. Jou nal o Asian Finance Economics and Business,
7(12), 647–655. doi: 10.13106/ja eb.2020. ol7.no12.647.
OECD. (2015). 2015 OECD/INFE Toolki o measu ing financial li -
e acy and financial inclusion. h ps://www.oecd.o g/da /fin/
financial-educa ion/2015_OECD_INFE_Toolki _Measu ing_
Financial_Li e acy.pd .
OECD. (2016).OECD/INFE in e na ional su ey o adul financial
li e acy compe encies. h ps://www.oecd.o g/da /fin/
financial-educa ion/OECD-INFE-In e na ional-Su ey-o -Adul -
Financial-Li e acy-Compe encies.pd .
OECD. (2018).OECD/INFE oolki o measu ing financial li e acy and
financial inclusion.
OECD. (2019).OECD/INFE Repo on financial educa ion in APEC
economies: Policy and p ac ice in a digi al wo ld.
h ps://www.oecd.o g/finance/financial-educa ion/2019-
financial-educa ion-in-apec-economies.pd .
OECD. (2020).Financial li e acy o adul s in sou h eas Eu ope.
www.oecd.o g/da /fin/financial-educa ion/sou h-eas -
eu ope-financial-educa ion.h m.
Popo , A. (2018). E idence on finance and economic g ow h.
In T. Beck & L. Ross (Eds.),Handbook o finance and
de elopmen . No hamp on: Edwa d Elga .
Remund, D. L. (2010). Financial li e acy explica ed: The case o a
clea e defini ion in an inc easingly complex economy.
The Jou nal o Consume Affai s,44(2), 276–295. doi: 10.1111/
j.1745-6606.2010.01169.x.
Riyazahmed, K. (2021). Does financial beha io influence financial
well-being? Jou nal o Asian Finance, Economics, and Business,
8(2), 273–280. doi: 10.13106/ja eb.2021. ol8.no2.0273.
Ru he o d, L. G., & Fox, W. S. (2010). Financial wellness o young
adul s age 18–30. Family and Consume Sciences Resea ch
Jou nal,38(4), 468–484. doi: 10.1111/j.1552-
3934.2010.00039.x.
Saqib, S., Panezai, S., Ali, U., & Kaleem, M. (2016). The effec s
o educa ion, expe ience and skill on indi idual’s ea ning:
empi ical e idence om Khybe Pakh unkhwa, Pakis an.
In e na ional Jou nal o Ad anced and Mul idisciplina y Social
Science,2,27–32. doi: 10.5923/j.jamss.20160201.03.
Sha ma, S., A o a, K., Sinha, R. K., Akh a , F., & Meh a, S. (2021).
E alua ion o a aining p og am o li e skills educa ion and
financial li e acy o communi y heal h wo ke s in India: A
quasi-expe imen al s udy. BMC Heal h Se ices Resea ch,
21(46),1–10. doi: 10.1186/s12913-020-06025-4.
S igli z, J. E., Sen, A., & Fi oussi, J. P. (2009).Repo by he
commission on he measu emen o economic pe o mance
and social p og ess. Pa is. h ps://ec.eu opa.eu/eu os a /
documen s/8131721/8131772/S igli z-Sen-Fi oussi-
Commission- epo .pd .
Sunda asen, S. D. D., Rahman, M. S., O hman, N. S., & Dana aj, J.
(2016, Sep.). Impac o financial li e acy, financial socializa ion
agen s, and pa en al no ms on money managemen . Jou nal o
Business S udies Qua e ly An ioch, 8(1), 137–153. h ps://
www. esea chga e.ne /publica ion/315816479_Impac _o _
Financial_Li e acy_Financial_Socializa ion_Agen s_and_
Pa en al_No ms_on_Money_Managemen .
Financial Li e acy and Economic G ow h in Eas e n Eu ope 41

Tamimi, A. H., & Kalli, A. B. (2009). Financial li e acy and in es men
decisions o UAE in es o s. The Jou nal o Risk Finance,10(5),
500–516. doi: 10.1108/15265940911001402.
UN DESA. (2021).Wo ld economic si ua ion and p ospec s.1
Feb ua y 2021 B iefing, No. 146. Re ie ed May 2021, om
Uni ed Na ions –Depa men o Economic and Social Affai s:
h ps://www.un.o g/de elopmen /desa/dpad/publica ion/
wo ld-economic-si ua ion-and-p ospec s- eb ua y-2021-
b iefing-no-146/.
Uni ed Na ions. (2018).Household consump ion pa e ns and he
sec o al composi ion o g owing economies: A e iew o he
in e linkages. h ps://www.unido.o g/api/open ex /
documen s/download/10166980/unido-file-10166980.
Wannak ai oj, W. (2013). The effec o educa ion and expe ience on
wages: The case s udy o Thailand in 2012. Sou heas Asian
Jou nal o Economics,1(1),27–48. h ps://www.econ.chula.ac.
h/public/publica ion/jou nal/2013/sou heas %20asian%
20jou nal_2.pd .
Wo ld Bank. (2019).Wo ld de elpmen epo : The changing na u e
o wo k. Washing on, DC: License: C ea i e Commons
A ibu ion CC BY 3.0 IGO. doi: 10.1596/978-1-4648-1328-3.
Wo ld Bank. (2021). h ps://da ahelpdesk.wo ldbank.o g/
knowledgebase/a icles/906519-wo ld-bank-coun y-and-
lending-g oups.
Xu, H., Hsu, W. L., Meen, T. H., & Zhu, J. H. (2020).Canhighe
educa ion, economic g ow h and inno a ion abili y imp o e each
o he ?. Sus ainabili y,12(2515),1–18. 10.3390/su12062515.
Zah a, D. R., & Ano aga, P. (2021). The influence o li es yle, finan-
cial li e acy, and social demog aphics on consump i e
beha io . The Jou nal o Asian Finance, Economics, and
Business,8(2), 1033–1041. doi: 10.13106/
ja eb.2021. ol8.no2.1033.
Zulfiqa , M., & Bilal, M. (2016). Financial wellbeing is he goal o
financial li e acy. Resea ch Jou nal o Finance and Accoun ing,
7(11),94–103. h ps://co e.ac.uk/download/pd /
234631442.pd .
42 Adina Teodo a Pașae al.