Financial Literacy and Financial Services Survey 2010
Other Household Survey [hh/oth]
Other reviews of consumer protection and financial literacy have been prepared (in chronological order) for the Czech Republic, Slovakia, Azerbaijan, Croatia, the Russian Federation, Lithuania and Bulgaria. The set of published reviews can be downloaded at www.worldbank.org/eca/consumerprotection.
The survey is the follow-up of the Diagnostic Review on Consumer Protection and Financial Literacy conducted by the World Bank in 2008-2009. The Diagnostic Review in Romania was the fourth in a World Bank-sponsored pilot program to assess consumer protection and financial literacy in developing and middle-income countries.1 The objectives of this Review were three-fold to: (1) refine a set of good practices for assessing consumer protection and financial literacy, including financial literacy; (2) conduct a review of the existing rules and practices in Romania compared to the good practices; and (3) provide recommendations on ways to improve consumer protection and financial literacy in Romania. The Diagnostic Review was prepared at the request of the National Authority for Consumers' Protection (ANPC), whose request was endorsed by the Ministry of Economy and Finance. Support was provided by the National Bank of Romania (BNR), which supervises banks and non-bank credit institutions. Further assistance was given by the supervisory commissions for securities (CNVM), insurance (CSA) and private pensions (CSSPP).
The Diagnostic Review found that the basic foundations needed for consumer protection and financial literacy are in place in Romania but they benefit from further strengthening support. The Review proposes improvements in six areas: consumer awareness, information and disclosure for consumers, professional competence, dispute resolution, financial education and financial literacy surveys.
Consequently, in 2010 the World Bank commissioned a nation-wide survey of the levels of financial literacy. A consultant (sociologist Manuela Sofia Stanculescu) developed the survey methodology (sampling methodology and questionnaire) in line with the Financial Literacy Survey in Russia (the World Bank, 2008) and the baseline survey Financial Capability in the UK (Financial Services Authority, 2005).2 The final form of the questionnaire was agreed with representatives of the National Bank of Romania (BNR), the Romanian Banking Institute (IBR), the National Authority for Consumers' Protection (ANPC), and the Financial Companies Association in Romania (ALB). The Institute for World Economy (Romanian Academy) collected the data in May 2010.
The main objective of this work is the establishment (and later the evaluation) of a well targeted national program of financial education.
Kind of Data
Sample survey data [ssd]
Unit of Analysis
Non-institutionalized persons aged 18 or older
Producers and sponsors
Institute for World Economy (Romanian Academy)
The sample of the survey is probabilistic, two-stage, stratified, representative at national level with an error of +/- 3% at a 95% confidence level.
The sample is based on two stratification criteria: (i) historical region (8 regions) and (ii) type of locality (7 types depending on the city size, in urban areas, and on the synthetic index of community development,4 in the rural ones).
The sample volume is 2048,5 out of which 148 cases represent a boost of persons aged 16, 17 or those had their 18th birthday after November 2009.6 Respondents were randomly selected from electoral registers corresponding to 185 voting sections (randomly selected), located in 141 localities (77 communes, 63 towns/cities and the capital Bucharest).
The sample includes a slight over-representation of men, rural respondents, and elderly particularly due to the boost of young but also to the fact that people left abroad concentrate among the 25-44 age category. Nevertheless, the sample fairly reproduces the structure (by gender, age categories and area of residence) of the country population 16+ years according to the data for 2009 provided by the National Institute for Statistics. Socio-demographic structure of the sample is presented in table 3 of the survey report.
Demographic data and data regarding the use of financial services were collected for all members of respondents? households. In the respondents? households live 5406 persons overall. This extended sample has also a slight over-representation of rural respondents and an under-representation of children (0-14 years) and persons 25-24 years (most probably young people who left abroad with children).
MORE INFORMATION ON THE SAMPLING METHODOLOGY
Sample volume: 2,200 non-institutionalized persons aged 18 or older. In addition, the sample will be boosted with 180 persons aged 16-18 years old. Overall, at least 2,000 valid questionnaires should be completed during fieldwork.
Type of the sample: Probabilistic, two-stage, stratified, representative at national level, with an error of +/- 2.8% at a 95% confidence level.
Stratification criteria: The sampling scheme is based on two stratification criteria
(a) Historical region (8 regions)
(b) Type of locality, with 7 theoretical strata
i. Urban areas - 4 strata
1. very small towns under 30 thou inhabitants
2. small towns 30,001-100 thou inhabitants
3. medium cities 100,001-199 thou inhabitants
4. large cities 200 thou inhabitants or more
ii. Rural areas - 3 strata determined based on the synthetic index of community development 37
1. poor communes (the 30% communes with the lowest level of development within the country)
2. medium developed communes
3. developed communes (the 30% communes with the highest level of development within the country).
Sampling stages: The sampling scheme includes two stages.
Sampling units: There are two sampling units corresponding to the two sampling stages. In the first sampling stage, voting sections are selected and in the second stage, non-institutionalized persons aged 18 years or more.
Selection: Random selection in all sampling stages.
Sampling scheme: In the first stage the sample is distributed proportionally with the volume of population for each of the 56(= 8 x 7) theoretical strata different from zero.
The corresponding number of voting sections for each strata is determined taking into account on the one hand, the volume of each strata sub-sample (= sample size x share of total population in that strata) and, on the other hand, a minimum level of 10 questionnaires for each sampling point. The voting sections which will represent sampling points are then randomly selected based on the exhaustive national list of voting sections (the latest available from the Permanent Electoral Authority).
The sample has 188 sampling points (voting sections) of which 104 are in urban areas, and 84 are in rural localities, including the capital city.
For each sampling point is computed the number of corresponding questionnaires by dividing the strata sub-sample by the number of sampling points of that strata.
In the second sampling stage, the electoral registers corresponding to the voting sections (selected as sampling points) are used as sampling frame. Non-institutionalized persons aged 18 or more are randomly selected from the electoral registers based on the mechanical step method.
In those localities where the electoral registers are not available (or the municipality do not grant access), the random route method will be used. All these cases will be specified and explained in the fieldwork report, except for Bucharest, where the random route method will be used for all voting sections, as the rate of replacement from electoral registers is high in all national representative surveys.
The electoral registers include only persons 18 years or more. Accordingly, the sample will include a boost of persons aged 16, 17 or persons that had their 18th birthday after November 2009.39 For each voting section, one person aged 16-18 years will be added. They will be selected based on the random route method.
The overall response rate of the survey is 95.2%. More detailed information is provided in "Table 2 Response rates and quality of the sampling frame by sampling method (%) " of the survey report.
Data used in the survey report are not weighted.
Dates of Data Collection
Data Collection Mode
Data Collection Notes
Ensuring data quality
- the consultant company trained the field interviewers regarding the sampling rules, with special attention paid to the individuals? selection and replacement.
- for each person selected in the sample will be completed the first page of the questionnaire, which includes identification variables needed for computing the error.
- replacement of persons is allowed only in the following cases:
* The person does not live at the address mentioned in the electoral register or s/he is absent for the entire period of data collection
* Interview refusal - for reducing the refusal rate, training and constant monitoring of the field interviewers is needed, particularly given the complexity of the questionnaire
* Use the "three visits rule": a selected person can be replaced only after three visits at different hours and days, with at least one weekend day.
Use of the dataset must be acknowledged using a citation which would include:
- the Identification of the Primary Investigator
- the title of the survey (including country, acronym and year of implementation)
- the survey reference number
- the source and date of download
Disclaimer and copyrights
The user of the data acknowledges that the original collector of the data, the authorized distributor of the data, and the relevant funding agency bear no responsibility for use of the data or for interpretations or inferences based upon such uses.