A few days before 1 June, the Aviva Life Insurance Company carried out a survey which tested how far Romanians involve themselves in their children's financial education.
A few days before 1 June, the Aviva Life Insurance Company carried out a survey which tested how far Romanians involve themselves in their children's financial education.
The results were surprising, because they clearly highlight the interest which Romanians have in their children's financial education even from a very early age! Over 92% of those interviewed admitted that they teach their children to save money from a very young age, while over 90% stated that they show them how to check prices in order to make purchases at the best price.
Despite all this, only 28% of those parents interviewed have a current account at a bank and only 12% of these have a savings account at a bank or a savings plan combined with a life insurance policy.
It is interesting that the majority of the parents (over 41%) decide to begin their children's financial education when they first ask them to buy various things for them. Over 30% do this when their children are aged between nine and 12, and 22% when their children are aged between five and eight.
Over 39% of parents tend to give money to their children on a regular basis. 26% do so when their children request it, but 33% do not give them money, but state that they give them everything that they need.
Those surveyed are from Bucharest, 53% men, 47% women, with over 89% aged between 26 and 45. 89% are married, and over 63% have secondary and/or higher education.
"The findings of the study have come as an extremely pleasant surprise to us! We are glad to see the interest that Romanians show with regard to the financial education of their children. These are important things which children should understand from a young age, in order to be able to plan for their financial future later on.
"From the very moment of its launch on the Romanian market, Aviva has offered to support parents, helping them to plan their children's financial future, from their very first day of life, by means of a plan for savings and long-term investments - Alfa," as stated by Shah Rouf, director general of Aviva Life Insurance.
Alfa is an insurance policy of the unit-linked type which ensures financial support to meet the specific needs of the child, such as payment for studies, the purchase of a house, wedding expenses or the purchase of a car (for further information about the Alfa product, go to http://www.aviva.ro/produse/Educatia-copilului-tau).
At the present time, Alfa represents 10% of Aviva's portfolio of products, with the current trend indicating an increase in this percentage, especially in the context of parents being ever more aware of the need to invest in their children's future.
-ends-
For further information:
Giliola Ignat
Telephone: 021 203 83 73
Note for editors:
About Aviva
Aviva Life Insurance is part of the Aviva group, the largest insurance provider in Great Britain, and one of the first two life insurance companies authorised as an administrator of voluntary pension funds by the Oversight Committee for the System of Private Pensions (CSSPP).
Aviva occupies leading positions on the majority of markets in which it operates, with the group administering €535 billion worth of assets*, representing the money of over 40 million clients worldwide.
In Romania, Aviva Life Insurance has over 400,000 clients and agencies and development centres in 19 towns.
*As at 31 December 2006