How to protect your money, manage it properly and avoid the mistakes thousands of Moldovans have made over the last ten years, explained with real examples from the Republic of Moldova.
February 2015. At exchange offices in Chișinău, queues were growing from early morning. The euro rate, officially at BNM 22,37 lei on 17 February, rose the next day to 24,01 lei. At private exchange offices and some commercial banks, the euro was selling for 29–30 lei.
Many Moldovans who remembered the 1992–1993 coupons, the money of an entire generation turned overnight into worthless paper, panicked. They sold lei, however weak the rate was, to buy euros and dollars. "Better foreign currency than paper." Tens of thousands of people did this within a few days.
Then, within two weeks, the rate corrected. The euro fell toward 19–20 lei. The same people now needed lei for current expenses. They sold again. Only this time, they were selling cheap foreign currency.
Two exchanges in a single month. At each exchange, a loss of 20–30% of value. For some, that meant half of a lifetime's savings.
All of this could have been avoided with one simple check: EUR/USD charts on international markets were moving within normal parameters during the same period. The shock was not coming from outside. It was coming from inside the country, and internal moves in a local currency, without global support, almost always correct back toward the previous level.
Financial education does not make you rich overnight. It makes you harder to fool, and that is already worth a lot.
In the next nine chapters, you will see exactly how.
Financial education does not mean becoming an expert in stocks. It means understanding how your money works — where it comes from, where it goes, what happens to it over time, and what decisions you can make with it — so you can live better, without surprises and without avoidable losses.
The internationally used definition comes from the Organisation for Economic Co-operation and Development (OECD): financial education is the combination of knowledge, attitudes, and behaviors that allow you to make informed decisions about your own money and improve your financial well-being.
In 2020, OECD measured the financial literacy level of the adult population in 26 countries. Maximum score: 21 points. Moldova obtained 12,6 points — below the OECD-11 average (13,0), but the best score among the seven evaluated countries in South-East Europe (Bulgaria, Croatia, Georgia, North Macedonia, Montenegro, Romania, Moldova). So we are in the global middle range, but we have real room for improvement, especially in the financial behavior component.
Source: OECD/INFE 2020 International Survey of Adult Financial Literacy (May 2020)
Three forces work quietly against your money: inaction (the most widespread), inflation that erodes your purchasing power year after year, and emotional decisions made in moments of crisis. All three can be avoided with basic financial education.
Before talking about inflation or currency crises, there is a more common problem: most Moldovans simply do nothing with their money. And doing nothing, in the real world, means an automatic loss.
According to the most recent survey by the National Bank of Moldova (December 2025), the savings situation looks like this:
Source: BNM, survey on the population's financial behavior, December 2025
Of the 25% of Moldovans who still manage to save, the vast majority keep their money in forms that produce no return — cash at home or bank current accounts without interest. Only 9,1% choose term deposits (with interest), and only 2% use securities or similar instruments that produce a return.
No financial plan works unless you know where your money goes every month. The personal budget is the map. The 50/30/20 rule is the compass.
According to data from the National Bureau of Statistics of the Republic of Moldova, the average gross monthly salary in 2024 was 14.096,7 lei, and in Q4 — 15.024,5 lei. The net amount, after contributions and tax, is noticeably lower. For most Moldovans, every leu matters, and a simple budgeting framework becomes even more useful.
You divide your monthly net income into three baskets:
Rent or mortgage payments, basic food, utilities, essential transport, mandatory insurance, minimum payments on existing loans.
Restaurants, entertainment, subscriptions, vacations, non-essential purchases, gifts. Everything that makes your life more pleasant, but without which you can live.
Emergency fund, deposits, investments, extra debt repayment, contributions to voluntary private pension.
For incomes below the average salary, 50% for needs is often unrealistic — in Chisinau, rent for a studio apartment alone covers one third of income. Recommendation:
Two simple ideas that change how you see every large purchase: what an asset is, what a liability is, and where you are today on the map of income sources.
Before any major purchase — apartment, car, professional equipment — ask yourself just once:
Regularly puts money into your pocket. Examples: an apartment rented out (monthly rent minus costs), stocks that produce dividends, government bonds that pay coupons, a website that generates income.
Regularly takes money out of your pocket. Examples: a car on credit (installment + insurance + fuel + depreciation), the apartment you live in (maintenance, repairs, tax), an expensive subscription you do not use.
The apartment you live in is not a pure liability — it saves you the rent you would pay someone else. A car is not a pure liability if you use it to earn money (taxi, deliveries). The rule is not absolute, but a useful lens.
Robert Kiyosaki popularized a simple framework for describing income sources. Four squares, two categories:
Saving is step zero of financial independence. Without an emergency fund, any investment can be brutally interrupted by an unexpected bill.
The standard global recommendation, supported by OECD and all central banks: 3–6 months of essential monthly expenses, kept in a liquid account (current account with interest, deposit with early withdrawal allowed without a major penalty, or overnight account). Not in stocks, not in cryptocurrencies, not in a long-term locked deposit.
The emergency fund is not an investment, but protection. Accept that its return will be low (even negative in real terms). Its function is to be there when you need it, not to produce profit.
| A bank deposit IS | A bank deposit IS NOT |
|---|---|
| Partial preservation of money |
A simple mathematical mechanism which, applied consistently for years, makes the difference between someone who saves and someone who builds wealth.
Compound interest means the annual return is calculated not only on the initial amount — it is also calculated on the interest received in previous years. Money produces money, which in turn produces money. The closer you get to a 20–30 year horizon, the stronger the effect becomes.
Time is the main ally. The earlier you start, the stronger the effect of compound interest. Someone who invests 500 MDL per month from the year they turn 25 and stops at 35 will have, at 65, more than someone who invests 500 MDL per month from 35 to 65, assuming the same return. The conclusion remains valid under most reasonable assumptions.
Consistency matters more than the amount. Someone who invests 200 MDL per month, without pause, for 25 years reaches a substantial amount. Someone who invests 2.000 MDL once, then nothing, ends up with far less — even with the same return. Financial education helps you turn saving into an automatic habit, not a decision repeated every month.
Change the initial amount, annual return and number of years. Check "monthly contribution" to see what happens with regular contributions.
The initial amount, kept in a drawer, would have preserved only the nominal value, which in 20 years can lose substantial real purchasing power because of inflation. Check "monthly contribution" to see the accelerating effect of regular contributions.
7% is an approximation of the historical average return of global stock indexes (for example the S&P 500, 1928–2024 period, inflation-adjusted). It is not a guaranteed return. Past results do not guarantee future results. In the Republic of Moldova market, instruments that deliver this type of return are limited. The calculator is strictly educational.
Beyond deposits, there are several instruments accessible to Moldovan citizens. All operate within the Moldovan legal framework.
| Instrument | Access | Risk | Taxation |
|---|---|---|---|
| Bank deposit MDL/foreign currency | Directly at the bank | Very low | 6% withheld at source on interest |
| Government securities (VMS) | E-Bond platform, through primary dealer banks | Low (sovereign risk) | Tax-exempt (issued after 15.08.2024) |
| Municipal bonds |
The public pension system in the Republic of Moldova is the only automatic one. Rarely, however, is it sufficient. Building a pension that preserves your standard of living remains your responsibility.
Unlike Romania, which has three pillars (mandatory public, mandatory private, and voluntary private), the Republic of Moldova has only:
Managed by the National Social Insurance House (CNAS). Based on generational redistribution: those who work today pay for today's pensioners. Your future pension depends on contribution history, declared salaries, and the inflation rate.
Available since February 2026 through Fondul Aragonn, the first optional pension fund in MD, authorized by CNPF. Minimum contribution 300 MDL per month (~15 EUR). Tax deductibility: up to 15% of gross income.
Sources: CNPF, radiomoldova.md / moldova1.md releases, February 2026
Fondul Aragonn is very new. Operational details (realized returns, total costs, early withdrawal conditions) will crystallize over the first years. Treat it as an additional component of your strategy, not as the only solution.
Financial education is a long road. A few useful pointers on where you can go next — locally and globally.
ASEM — Academy of Economic Studies of Moldova is the main reference point. The Faculty of Finance offers bachelor's programs (Finance and Banking in Romanian, English, and Russian; Insurance; Investments) and master's programs (Banking Administration, Public Finance and Taxation, Corporate Finance and Insurance, Investments and European funds). ASEM organizes every year, together with the National Bank of Romania and ASE Bucharest, the "School of Modern Finance" program.
Other universities with relevant programs: USM (State University of Moldova), ULIM, USEM.
Basic financial education is step zero. If you want to continue with structured courses, individual consultations or a guided path, start with one of the options below.
The content on this page is strictly educational and informational. It does not represent individualized financial, legal or tax advice. For decisions involving your money, consult an authorized specialist and verify official data at the source (Banca Națională a Moldovei — bnm.md; Comisia Națională a Pieței Financiare — cnpf.md; Serviciul Fiscal de Stat — sfs.md; Biroul Național de Statistică — statistica.gov.md).
The macroeconomic data, interest rates, exchange rates and legal provisions cited are valid as of the latest update (May 2026) and may change. Historical results do not guarantee future results. Investments involve the risk of capital loss, partial or, under certain conditions, total.
Trading.md is an intermediary firm and partner of regulated international brokers. Our activity complies with the legal framework of the Republic of Moldova regarding the capital market and the regulations issued by Comisia Națională a Pieței Financiare (CNPF). Trading.md is not a broker and does not directly provide financial instrument intermediation services.
Financial decisions are not optional. You make them every day — when you buy bread, when you pay a bill, when you open a bank account, when you choose insurance, when you sign a credit contract. The better you understand what you choose, the fewer unpleasant surprises you will have in one year, five years, or ten.
Nothing that follows in this guide guarantees that you will earn more money. But each chapter reduces the probability of losing it through an avoidable mistake.
In Moldova, Banca Națională a Moldovei (BNM) has coordinated the "Give Meaning to Money" campaign since 2019. Comisia Națională a Pieței Financiare (CNPF) regularly issues warnings about financial scams. Global Money Week is held every year with activities open to the public.
According to the World Bank, in the Republic of Moldova only 7% of adults save formally — one of the lowest reported levels, far below comparable countries such as Poland (46%) or Malaysia (52%).
Source: World Bank, Global Findex Database, reported by bani.md in December 2025
According to BNM data published for April 2025, the population of the Republic of Moldova holds approximately 91,1 billion lei in accounts and deposits in the banking system. Of this amount, a significant part is locked in forms that produce no return:
Source: BNM April 2025, report summarized by economist Veaceslav Ioniță, August 2025 (bani.md)
36,4 billion lei means more than 1,9 billion euro kept in sight accounts without interest or with symbolic interest (below 1%). The current effective interest rates on these accounts:
At an annual inflation rate in Moldova of approximately 5–6% under normal conditions, money in these accounts loses between 4% and 5% of its real purchasing power every year. For the 36,4 billion lei in "dead" money, the population's aggregate annual loss in real purchasing power rises to approximately 1,5–1,8 billion lei per year — money that, at the level of each individual depositor, disappears without anyone seeing it taken out of their wallet.
Money kept under the mattress or in accounts without interest loses value every year because of inflation — without you seeing the money disappear from your wallet. The loss is automatic and invisible. The following paragraphs show exactly how much.
Inflation is the process by which, over time, the same amount of money buys less and less. In the Republic of Moldova, between 2014 and 2024, prices increased cumulatively by more than 130%. This means that 1.000 lei kept at home since January 2014 had, at the end of 2024, the purchasing power of approximately 425 lei. The money did not disappear. However, it lost more than half of its real value.
Try different amounts and years to see how inflation changes the purchasing power of money over time.
10,000 MDL from 2014, kept at home, had the purchasing power of approximately 4,246 MDL by the end of 2024. The money did not disappear; it lost -57.5% of its real value.
Inflation data through 31 December 2024 (latest official BNM/BNS update). For 2025 and more recent periods, data is still being published.
Approximate calculation based on the average annual CPI in the Republic of Moldova (source: BNM, BNS, IMF). Actual results may differ depending on the structure of your personal consumption basket. This is not financial advice.
Between January 2014 and February 2015, the Moldovan leu depreciated sharply. The immediate cause: the disappearance of approximately 13,3 billion lei (around 767 million USD, equivalent to 12% of Moldova's GDP) from three Moldovan commercial banks, in the episode publicly known as the "theft of the billion".
Official BNM data (cursbnm.md): EUR/MDL monthly 2014–2015, daily peak 24,01 lei on 18.02.2015. Exchange offices: Maib and Victoriabank data (curs.md, "evolution chart" section), daily peak up to 29,90 lei at some banks. ICE/interbank rate: EUR/MDL ICE data (Investing.com / TradingView), daily peak 21,13 lei on 18.02.2015.
The visible gap in the chart above did not come "from outside". On global interbank markets (ICE/Investing.com), EUR/MDL rose in February 2015 by only 1,5 lei (from ~19,60 to ~21,13) — a modest move. On the official BNM rate, on the same day, it had risen to 24,01 lei. At private exchange offices — up to 29,90 lei. Anyone who had followed the ICE/interbank rate (available for free on Investing.com, TradingView, and any financial platform) would have immediately noticed that the shock was purely internal — caused by the loss of confidence in the Moldovan banking system — and would have resisted the temptation to exchange currency in panic. This check takes less than five minutes a day.
At private exchange offices — an even more critical situation
The figures above reflect the official BNM rate. At private exchange offices and some commercial banks — meaning where people actually exchanged money — rates reached significantly higher levels:
For the ordinary citizen, the real loss was far above what the official figures suggested. The official BNM rate reflects the domestic interbank market — citizens bought foreign currency at a commercial rate, significantly above the official rate.
On international markets, during the same period, the euro and the dollar moved within normal parameters. The visible gap in the chart above is purely internal — a local shock that later partially corrected toward the previous level.
No one can predict the exact moment of a currency crisis. But whoever kept all their money in 2013 in a single currency absorbed the full shock. Whoever had it split (for example 40% MDL + 40% EUR + 20% USD) lost much less. That is not prediction — it is basic currency diversification. In addition, whoever had checked EUR/USD charts on international markets during that period would have noticed that the shock was internal and would correct — and would not have exchanged currency in panic.
In 2022, average annual inflation rose to 28,74%, with a peak of 34,62% in October (BNM data). The average rate on 12–24 month term bank deposits rose in parallel, but reached only 16,6% in the best offers. The arithmetic is simple: anyone who kept money in a deposit lost, in 2022, approximately 12% of real purchasing power — even after the interest received.
Source: BNM Inflation Report no. 1/2024; InfoMarket Moldova, December 2022
If you thought deposits lose value only during crisis periods (war, pandemic), you are wrong. In the Republic of Moldova, interest rates on bank deposits have almost never exceeded the annual inflation rate. This is not an exception — it is the rule. Real profit, anywhere in the world, means a return above the inflation rate. Almost no Moldovan deposit crosses this threshold.
This does not mean deposits are useless. Even if they do not generate real profit, they partially cover the natural devaluation of money — part of the loss caused by inflation is compensated through the interest received. That is already better than keeping money under the mattress, where the loss caused by inflation is complete. A deposit partially preserves your money. The next step — instruments that actually produce returns above inflation — comes in chapters 6 and 7.
For 30 days, write down every expense — either on paper or in an app. Do not change anything in your habits, just record. At the end of the month you will see exactly where the money goes. Usually, people discover two surprisingly large categories they had not taken into account.
You work for someone. You exchange time for salary. Income stops when the work stops.
You own a system (company, store, platform) that produces income. The system can function even without your daily involvement.
Individual entrepreneur, independent professional. You still exchange time for money, except you are your own boss.
Your money works for you. Investments generate returns without your daily involvement.
Most Moldovans are in the Employee or Freelance professional category — and that is normal. The important point: the four squares are not moral categories, "good" or "bad". They are complementary. The transition toward Investor can be made progressively, without giving up employee status — deposit, government securities, bonds, voluntary pension fund, and later investments on international markets through regulated intermediaries.
Diversifying income sources means not depending on a single square. Someone who is only an employee and loses their job loses 100% of income instantly. Someone who combines employee + investor (even with a small source of return) keeps part of their income even without a salary.
| Guaranteed by the state in case of bank bankruptcy, up to 200.000 MDL per depositor per bank | Guaranteed beyond the ceiling — split larger amounts between different banks |
| Liquid (with or without a penalty for early withdrawal) | Indestructible — bank risk exists, although it is reduced |
| Useful as an emergency fund and for short goals (under 2–3 years) | The solution for 10–20 year goals |
The most common mistake: choosing the currency by the highest interest rate. The long-term logic you miss: interest applies to a currency whose value may change in the meantime against another currency you will actually need to spend.
A real example from 2025:
The intention. In January 2025, you chose a 12-month USD deposit, with annual interest of 3%. At the end of the year you had 10.300 USD from the initial 10.000 USD.
The reality. In the same year, the dollar depreciated against the euro by 13,10% (the EUR/USD rate rose from 1,0389 to 1,1750). This means the dollar weakened in parallel against the Moldovan leu as well, because BNM sets the USD/MDL rate starting from the global rate too. Your interest gain was eaten by the currency loss. Overall, your USD deposit produced a negative real result expressed in lei.
Source: LiveRates.io 2025 historical EUR/USD; BNM USD/MDL archive
In any currency, deposit interest is almost always lower than that currency's inflation rate. Compared with keeping money under the mattress, the deposit is better (it partially covers inflation and is guaranteed in case of bank bankruptcy). Compared with the deposit, however, it is better to know a few smarter instruments — for example government securities in lei (tax-exempt, see Ch. 7), or a currency choice based on analysis of the global trend. For that, however, you need knowledge — which you build throughout the rest of this guide.
To anticipate currency trends, basic financial education is no longer enough. You also need minimal knowledge about how global markets work, how to read a chart, and what macroeconomic factors move currencies. This is where the next step comes in: moving from informed saving to informed management. See the pages MD Charts, Economic Calendar, and Econometrics of Moldova.
| Low-moderate |
| Tax-exempt |
| Corporate bonds | MD Stock Exchange (since 2023) | Moderate (depends on issuer) | According to the Fiscal Code |
| International stocks (real ownership) | Through regulated intermediaries | Moderate-high | Effective 6% on capital gain |
| Voluntary private pension (Pillar III) | Aragonn Fund (since February 2026) | Moderate | Deductibility 15% of gross income |
Sources: CNPF (cnpf.md), State Tax Service (sfs.md), Fiscal Code of the Republic of Moldova
Step 1. You calculate the realized gross gain (sale price minus purchase price minus commissions).
Step 2. Taxable base = 50% × gross gain.
Step 3. Tax = 12% × taxable base.
Effective result: approximately 6% on the total realized gain. The declaration is submitted on form CET18 by 30 April of the following year.
Official sources: State Tax Service (sfs.md), Fiscal Code of the Republic of Moldova
Alongside the legitimate financial instruments above, there is a parallel industry of offers that imitate legitimacy but do not have it. BNM data (2025) show that only 9% of Moldovans use financial instruments with a real return, while the overwhelming majority keep money in passive forms. The knowledge gap is exactly the ground where financial scams prosper — because people who do not know the legitimate form of an investment cannot recognize the imitation either.
Financial education makes you harder to deceive. Here are the types of offers that appear increasingly often in Moldova and around the world — and that should make you stop immediately:
General rule: if an offer seems too good to be true, it is a scam. Ask for documents. Check the regulator. Refuse pressure. Talk to someone you trust before paying. For local offers, check cnpf.md/avertizari. For international firms, search for the license on the official website of the stated regulator (FCA in the United Kingdom, CySEC in Cyprus, ASIC in Australia etc.).
For a more detailed discussion about building long-term financial independence, see the page Financial Independence.
People who provide investment services in the Republic of Moldova (brokers, consultants, portfolio managers) must be certified by CNPF. Requirements include higher economic or legal education, professional experience, qualification exam, and a clean criminal record. This means that a person from engineering, IT, or medicine who wants to enter the Moldovan financial industry professionally has a long retraining path ahead.
Outside Moldova, there is a mature ecosystem of internationally recognized professional certifications. All certifications listed below are open to candidates from the Republic of Moldova — CFA Institute, GARP (FRM), CMT Association, CFP Board, CISI, and Bloomberg accept global candidates, without restrictions for MD residents. Moldova does not appear on the list of sanctioned countries (Cuba, North Korea, Iran, Syria, Russia, certain regions of Ukraine). Exams are taken at international centers (the nearest are in Romania — Bucharest) or online. In 2017, the annual "CFA Institute Research Challenge Romania and Republic of Moldova" competition even took place, with the participation of the Academy of Economic Studies of Moldova.
There is only one practical limitation: the EFA certification (European Financial Advisor, issued through EFPA — European Financial Planning Association) requires membership of a national EFPA branch, and Moldova has no official EFPA branch. Moldovans who still want this certification can access it through EFPA branches in Romania or other EU countries.
These certifications fall into three useful categories, depending on time and budget:
| Certification | Country / Body | Duration | Approx. cost |
|---|---|---|---|
| Introductory and short | |||
| Bloomberg Market Concepts (BMC) | USA · Bloomberg L.P. | ~8 hours online | ~250 USD |
| CFA Investment Foundations | USA · CFA Institute | ~100 hours | ~500 USD |
| CISI Fundamentals of Financial Services | Great Britain · CISI | ~50 hours | ~150 GBP |
| Mid-level professional | |||
| CFP (Certified Financial Planner) | USA / Global · FPSB | 1–2 years | 1.000–3.000 USD |
| CMT (Chartered Market Technician) | USA · CMT Association | 2–3 years · 3 levels | 2.000–3.500 USD |
| FRM (Financial Risk Manager) | USA · GARP | 1–2 years · 2 levels | 1.500–2.500 USD |
| Advanced professional | |||
| CFA (Chartered Financial Analyst) | USA · CFA Institute | 3–4 years · 3 levels | 3.520–4.600 USD |
Source: CFA Institute (cfainstitute.org) — Moldova is not on the list of sanctioned countries; GARP, CMT Association, CFP Board, CISI, Bloomberg; prices valid for 2026. Nearest testing centers: Bucharest (ComputerLand Romania is an authorized CFA Institute center).
For those specifically interested in CFA: the average pass rate in 2025 was 43% for Level I, 42% for Level II, and 50% for Level III (CFA Institute, January 2026). To obtain the final charter, 4.000 hours of relevant professional experience over a minimum of 3 years are required.
None. Financial education starts for free, with the habit of recording your expenses for 30 days and reading credible sources (BNM, OECD, guides like this one). Only after you have a clear picture of your money do decisions about saving and investing come next. People who start with "how much should I invest" skip the most important step.
The most common mistake is, paradoxically, lack of action. According to the BNM survey from December 2025, 74,7% of Moldovans fail to save anything over 6 months, and among the 25% who do manage to save, 57,1% keep money in cash at home, while 46,1% keep it in current accounts without interest. Only 9,1% use interest-bearing deposits and only 2% use instruments with real return. Money held passively loses value every year because of inflation, without you seeing money disappear from your wallet. Besides this main mistake, two others are common: keeping all savings in a single currency (which fully exposes you to currency shocks, as happened in 2014–2015) and reacting emotionally to crises (selling currency at the wrong time, then buying it back at a higher price). All three can be avoided with basic knowledge, diversification and calm.
The correct answer: in the currency in which you will spend the money. If you plan expenses in Moldova, use lei (at least partially). If you will spend in the European Union, use euros. For an emergency fund, a balanced rule is 50% in the currency of the country where you live + 50% in an international reserve currency (euro or dollar). Never put all your eggs in one currency basket.
It depends entirely on the instrument chosen. With Moldovan bank deposits, under 200.000 MDL you are guaranteed by the state in case the bank fails. With government bonds, losing capital is practically impossible. With individual stocks, in theory up to 100%; in practice, a globally diversified portfolio over long periods rarely loses everything. With leveraged products (CFDs, forex), the risk is very high: European statistics show that 74–89% of retail investors lose money. The golden rule: never invest more than you can afford to lose.
In three simple steps, in order. First, for one month, write down every leu spent: you will discover exactly where the money goes and find 2–3 categories that can be reduced without affecting your quality of life. Then slowly build an emergency fund; even 100–200 lei per month means money when you need it. Only after that should you think about long-term saving and investing. Basic financial education matters more than the amount of money you start with.
Moldova's public pension system is insufficient to preserve the standard of living of most people. The practical solution: combine several sources. Voluntary Pillar III (Fondul Aragonn, available from 2026, with tax deductibility up to 15%), personal savings in a separate account, instruments that produce income (for example government securities in lei, tax-free). Starting early matters enormously: the difference between starting at 30 vs. 50 years can mean a final amount 3–5 times larger.
Financial education does not make you rich. It makes you less vulnerable. The difference between someone who is financially educated and someone who is not becomes most visible in difficult moments: currency crises, job loss, misleading offers. The biggest losses a Moldovan can suffer do not come from lack of money; they come from poor decisions with the money they already have. OECD studies show that people with a higher level of financial education have, on average, lower debt, higher savings and a lower level of financial stress.
A few simple rules. Do not send money immediately after the first contact; verify the provider. Reject pressure such as "today only" or "only a few spots left". Ask for documents; any serious firm provides clear written terms. For Moldovan firms, check cnpf.md to see whether the entity is authorized. For international firms, look for the license on the official website of the regulator that authorized them (FCA in the United Kingdom, CySEC in Cyprus, ASIC in Australia etc.). Never pay in cryptocurrency to unknown wallets. And most importantly: if an offer seems too good to be true, it is.
