Case Study: The Money School – education for smart financial choices
Project strategy
Money School is a financial education program developed by the Romanian Commercial Bank. Launched in 2016, it started from the need to educate Romanians financially. Over 1,500 BCR employees have become financial education teachers for more than 500,000 Romanians.
In 2022, the Money School set out to create even more impact, right where education starts: in school and in the family.
Objectives of the program:
• Financial education for over 60,000 Romanians;
• Developing an intervention in the educational system to prepare future generations for smart financial choices;
• Contribution to improving the standard of living of Romanians.
Stakeholder engagement
In 2022, the Money School online learning platform added 4 new courses:
• 2 courses for adults, together with Mai Mult Verde Association, psychologist Raluca Anton and BCR experts;
• 2 financial education courses for children: with Itsy and Bitsy and Pepper the robot.
BCR specialists and Școala de Valori Association helped 52,000 students and adults make smart financial choices through workshops organized throughout the country.
On the occasion of the first national day of Financial Education, on April 11th, BCR and Școala de Valori Association organized #EduFin Fest, the first festival dedicated to financial education in Romania. More than 2,500 students from more than 30 counties participated in 100 non-formal education events where BCR employees, entrepreneurs and local personalities provided them with information to make better financial decisions.
In addition, to bring financial education closer to students and teachers, in September 2022, BCR and the Money School launched LifeLab, a pilot program of financial education and development of students’ life skills, run together with FabLab and the Association Edupedu.
The program involved more than 1,200 students and more than 50 teachers. LifeLab brought to the school system a hands-on education format with an interdisciplinary approach, through which the notions of financial education were introduced within a varied series of subjects from all education cycles. Through experiential learning, students understand the connection between financial education and the fulfilment of desires, and learn analytical, collaborative and planning skills useful for the future. Teachers involved in the program become „life teachers”, act as mentors for their students and help them achieve their dreams with financial education.
Alignment with business and industry
BCR, through the Money School, pursues a systemic intervention to financially educate Romanians of all ages.
Socio-economic Analyses
The World Bank placed Romania last out of 127 countries from the perspective of financial education (2018). This exposes Romanians to vulnerability, and wrong financial choices affect the level of satisfaction and quality of life.
99% of teachers believe there is a clear need to teach financial education in schools (2022). Both teachers and students need practical financial education content with examples and exercises.
Impact and communication of the program
In 2022, over 66,000 children, young people and adults benefited from financial education through the Money School, the largest financial education program in Romania. Since the launch of the program, over 600,000 Romanians have had the opportunity to learn how to make smart financial decisions. As a consequence:
• Beneficiaries have become more aware of the importance of accurate money management;
• Participants in the financial education workshops started saving, investing and dividing their budget according to the 20/50/30 rule;
• Adults started shopping with a list, thinking long-term and dividing their budget taking into account needs and then wants;
• 80% of those who saw the Money School messages remembered the main rules.
The Case Study is also published in the bilingual yearbook Community Index Magazine no. 5. You can flip through it here: https://communityindex.ro/community-index-magazine-2023/
