Reasons behind this behaviour are understandable and related to the fact that the majority of the society acquires information circumstantially, hoping that the actual failure becomes a lesson for the future. One way to eradicate circumstantial learning is the introduction of financial reading at an early stage of education. In this view, I would proudly say that, the Bank of Albania has provided an outstanding contribution. Allow me to briefly make an résumé of our work in this aspect. The first strategic station of financial education provided by the Bank of Albania was needs assessment and identification of training priorities. From this point of view, we assessed that it was indispensable to open the Bank “de facto” to the public. More frequent communications with the market and its important participants, as well as periodic explanations of monetary policy decision-making and risks balance related to inflation and financial stability, are some initiatives that we consider as a very effective education process. I am proud to say that now we have:   A public opinion that builds up expectation as regards our decision-making;    A media sector, which has admirably enhanced understanding, interpretation and expectations related to our decision-making;    A banking sector, which reads accurately and responds with high flexibility to the direction oriented by us;    A qualified public critique, where Bank of Albania finds a mirror of alternative opinions on its adopted decisions and practices.
In 1911, the renowned Austrian economist Joseph Schumpeter said: “...that the structure of modern industry could not be erected without finance, that it makes the individual to a certain extent independent of inherited possessions, that talent in economic life ‘rides to success on its debts’ even the most conservative orthodoxy of the theorists cannot well deny.” If you asked me why is financial education important, I would say it in these words: because it contributes to Albanians’ financial welfare. The more literate we are financially, the more capable we are to make decisions that contribute to our improved welfare. This is true for everyone, regardless of who we are or where we come from. As Friedman, the Nobel prize winner, says: “Economic freedom is an essential condition for political freedom”. Our exercising rights that result from economic freedom would be unavailing in absence of financial literacy and equality in the marketplace. This implies not only the same information at the same time, but also the capacity to use this information. Finances create an added value not only for the rich, but also for the entire society. It is necessary to create equal access for all citizens. Equal access to finances and equality before the law are the foundations of modern market economy. Finance and financial education walk side by side. While literacy may turn a poor man into a rich man, illiteracy, on the other hand, may conduct a rich man into misery. Finances are dangerous when you are not financially literate enough.