Daniela Bobeva
Economic Research Institute
Bulgarian Academy of Sciences
https://doi.org/10.53656/str2023-5-4-cha
Abstract. The expansion of the financial intermediation and the diversification of the financial products for consumers generates enormous academic interest in the field of the financial education. The exponential development of the technology in the financial services also encourages the theory and policy to promote financial education. In this environment, consumers can hardly catch up with the expertise of the financial institutions. Thus, the information asymmetry widens, leading to significant adverse consequences for both consumers (indebtedness, financial exclusion, and financial losses) and financial intermediation (reduction of the client
base, shocks on demand). The purpose of this study is, by analyzing the development
of the personal finance theory, the regulatory framework and policy, to identify the issues and the risks in the context of the contemporary challenges. The article reveals
the specifics of the students’ personal finances, which also defines the educational
approaches and emphases to overcome the risks of low-quality education. Defined
are the main guidelines of the training aimed at preventing excessive indebtedness at this early age, acquiring skills for choosing the most suitable financial products, diversifying personal income and promoting investment activity.
Keywords: financial education; personal finance; financial exclusion; financial services
