Issues related to financial education of youth in a developing country (The case of Albanian youth)

Abstract

Nowadays, financial education in a developing country believed to be important as it affects the individual well-being, the national economic growth and the stability of financial markets. Supporting financial education conveys youth empowerment through increasing their income as entrepreneurs, managing their money (incomes, salaries or other benefits) through planning spending and savings, fostering financial inclusion through recognition of financial products, risk management and protection from asymmetric information. Albanians continue to be among people who love education and invest in professions that might enable them to make more money, but they have little or no opportunities to learn about managing their money. Today, almost 4 years after the approval of the National Strategy for Development and Integration (NSDI), this paper based on data analysis of young Albanians perceptions conclude that the national objective of “empowering youth” is considered over 60% unattained, affected also by an outdated strategy on education and on development of a supporting financial education for Albanian youngsters in particular. Government, regulators and private organizations must collaborate and invest in the financial education of youth, for the future will be the product of such efforts that are made today.