Abstract:

A new provocation regarding the knowledge of the financial environment a good financial health and the abilities to manage money are essential in a economic systems in continuing changing. Today the ability and financial skills allow people to allocate their financial resources throughout their lives in a life of uncertainty and imperfection. The lack of healthy financial education leads to inequalities between customers and consumers. Without a general understanding of financial concepts, we cannot make wise choices in financial terms we are not open to saving and we do not know how this behavior can help us in the future. We do not know how to make investments, we do not understand how and when we can access a loan, we do not understand the financial terms present in a contract of a financial entity. The Klontz Money Behavior Inventory  present in this study examined the internal consistency and convergent validity of the KMBI, through comparison with similar measures, among a sample of 472 academic staff from AKU Turkey and Cluj Napoca University Romania, 232 academic staff. The multi-scale measure the presence of eight distinct money disorders and establish relationship between mental health and financial behaviors, results which can be used to obtain a professionals and financial planners for different culture and behavior. The results indicate that culture has no influence in financial health behavior and give an image about the new profile of consumer in a global market. These findings highlight a need for literature and assessments to identify and describe disordered money behaviors with specific tradition and culture and adapt the economical strategies.