Romanian retail investors became more pessimistic about the prospects of the local economy, while the confidence in their own income and living standards deteriorated compared with the previous quarter, according to the latest quarterly eToro Retail Investor Beat survey.
The level of trust in the Romanian economy has deteriorated compared to the previous quarter, with 68% of Romanian retail investors saying they are not confident about its prospects, up from 65% at the end of the first quarter of this year, says eToro analyst for Romania, Bogdan Maioreanu.
Also, the poll found that more investors are seeing a risk by the state of the Romanian economy to their portfolios (+1 percentage points) than in the previous quarter. In fact, when looking at how investors see the biggest external risk for their portfolios, 24% cited inflation, and equal percentages (21%) cited the state of the global and the Romanian economy.
The political crisis triggered by the dismissal of the Bolojan government through a motion of no confidence, combined with the highest inflation in the EU might explain the increase in distrust in the Romanian economy prospects. We have also seen a decrease in confidence in personal income, living standards, and the cost of living. In the second quarter of 2026, only 63% of Romanian retail investors were confident about their income and living standards compared with 66% in the previous quarter. The latest poll also shows a decrease in the level of confidence about job security, at 70% of respondents compared with 74% in the previous quarter.
The latest quarterly poll results show that Romanian retail investors are now the least confident in their own investment portfolios in three years, with only 73% expressing confidence. It is a sizable decrease from the 82% confidence three months ago. In terms of portfolio allocation, 48% of Romanian retail investors own local stocks, 40% have foreign equities, 42% own a form of cryptoassets, 40% have domestic bonds, while almost 71% keep cash, including in savings accounts. It is the first time in the past three years when we see less than 50% of Romanian investors holding crypto in their portfolios. Some of the reasons might be related to the loss of value of the bitcoin whose price dropped from a high of over $126.000 last October to below $60.000 now.
When asked if they intend to increase their investments in the next three months, 40% of Romanian retail investors responded affirmatively. The asset classes where investors want to increase their holdings are crypto (16%), followed by foreign equities (15%), currencies (12% and stocks from Bucharest Stock Exchange and cash (11% each). The sectors in which Romanian investors intend to increase their investments are technology (20%), followed by energy (19%), financial services (13%), real estate (6%) and utilities (also 6%). We are seeing a slightly increased interest in technology and energy compared with the previous quarter.
The latest eToro Retail Investor Beat survey points to a clear shift in sentiment among Romanian retail investors, driven by a mix of domestic political uncertainty, persistent inflationary pressures, and a more fragile global context. While confidence in both the economy and personal financial outlook has weakened, investors are not retreating altogether. Instead, they appear to be recalibrating by reducing exposure to more volatile assets such as crypto, and selectively increasing allocations to sectors perceived as more resilient or forward-looking, such as technology and energy. They also are increasing cash and maintaining a high level of liquidity. This suggests that the current pessimism might reflect a more cautious and tactical approach, with investors positioning defensively while remaining ready to capture opportunities once macroeconomic conditions improve.
