One of the major gaps in financial literacy in Bulgaria is not so much our ability to save, but rather long-term financial planning and the way we manage the savings we have accumulated. This is one of the key points made by Rossitza Wartonick, founder of the Financial Literacy Initiative Foundation and Bulgaria’s National Financial Literacy Ambassador, in a Mediapool article exploring investment culture, financial literacy and the changing ways in which people access financial information and start investing.

“Between bank deposits and crypto, there is a whole world of opportunities for managing our money that we still do not know or use well enough. And this is precisely where I see one of the major tasks for financial literacy in Bulgaria – learning to think about our money not just until next month or the next major purchase, but 10, 20 or 30 years ahead,” Wartonick says.

According to Wartonick, the trend in recent years has been positive: personal finance and investing are discussed much more widely, while household investments in funds and shares are growing. At the same time, the traditional Bulgarian approach remains relatively conservative. European survey data cited in the article reveal an interesting contrast: only 9% of Bulgarians have held an investment product such as a fund, shares or bonds, compared with an EU average of 24%, while Bulgaria is above the EU average when it comes to crypto-assets – 11% compared with 6%.

Another important point raised by Wartonick is the growing role of social media as a source of financial information. Accessible content can make investing easier to understand and help more people take their first steps. But alongside high-quality information, there are also unverified or simply false claims, disguised advertising, advice from people without the necessary expertise and promises of quick profits.

“Today, the problem is not finding information – there is an abundance of it. The harder part is navigating it. Who is behind what we are watching or reading? Do they have the necessary expertise? Do they have a commercial interest? Do they talk about risk as well as potential returns? These are very simple questions, but they can save us from costly mistakes,” Wartonick comments.

The article also explores women and investing. According to Wartonick, the aim should not be simply to encourage women to take more risk, but to help them plan for their own long-term financial security and make informed use of the different options available for managing their savings. “For me, one of the strongest motivations is the recognition that taking care of your own finances is part of personal independence,” she says.

A European perspective on financial literacy and investing

Rossitza Wartonick’s comments are part of a broader international article published by Mediapool, bringing together data, examples and perspectives from experts across several European countries. The article was produced within PULSE, a European initiative for cross-border journalistic cooperation, with contributions from journalists from Mediapool in Bulgaria, Der Standard in Austria, El Confidencial in Spain, Delfi in Lithuania, OBCT in Italy and Voxeurop in France.

One of the central questions explored in the article is how social media and digital platforms are changing the way people learn about investing and gain access to financial markets. Experts highlight both the opportunity to make financial information more accessible and the risks associated with oversimplification, unrealistic expectations of returns and unclear commercial interests behind online content. The article also looks at how financial regulators are responding. In Austria, for example, the financial supervisory authority has opened a dialogue with financial influencers on the rules that apply to their activities and their influence on retail investors.

Women’s participation in investing is another focus of the article. Data from different European countries suggest that the gender gap remains substantial, while also revealing signs of change. In Lithuania, for example, the number of registered female investors increased by around 37% in a single year, with women aged 25–34 forming the largest group. In France, the share of women investing in financial markets is also increasing, although it remains significantly below that of men.

The article highlights different dimensions of a common European challenge: how to give more people the knowledge, confidence and access they need to make informed decisions about their money, without turning financial education into an uncritical push towards investing and greater risk-taking.

Read the full article in Mediapool: “Bulgarians fear basic investments but are ahead on crypto”