Financial Education in Personal Finances, Albanian Reality

Abstract

Well-educated and well-informed consumers on personal finance management are better able to make good decisions for their families by being in an efficient position to increase their economic well-being and the country they are in. Thus, financial education is important not only for individuals and their families, but for the entire community. In the classical economy, informed consumers provide "control and balance" that keep unscrupulous retailers out of the market. This fact in Albania leaves to be desired as, the consumer has a disadvantage of information and this means that education of the society is necessary. Despite this fact there is still no study on the knowledge that Albanians have about personal finance management, especially when the law on self-declaration of income came into force. A revolution for Albanians, in terms of financial management.

Keywords: financial education, personal finances, Albania reality

JEL Classification: A11, A13, G11, G20