Study finds that 3 in 10 Romanians keep their money at home

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Three in ten Romanians (28%) continue to keep their savings stashed at home, one third of them fail to save, and another third believe they will save less than before, according to the findings in a recent study in latest developments in Romanians’ attitudes towards saving and investing.

According to the Reveal Marketing Research data published on Tuesday, two in three Romanians have difficulty saving for a rainy day, but if they could, they would choose to keep the money at home, while half intend to phase out using cash in everyday life.

Currently, a third of Romanians are failing to save money, especially people between 45 and 55 years old (41%) and those on low income (38%). Also, another third of respondents believe that they will save less than before as they are now in a position to pay more attention to planning monthly budgets in order to save money. That is truer in the case of people on average income (36%).

According to the study, in 2022, young Romanians between the ages of 18 and 24 have become more responsible for managing personal finances, recording the highest share of those who believe they will save more in the future (14%) as against the total sample (8%).

However, in the event that they manage to save money, half of Romanians would prefer to use savings solutions offered by banks (deposits or savings accounts). In the case of people aged between 18 and 35 and those over 55, the percentage of those who prefer this saving strategy is significantly higher, at 54% and 59%, respectively.

At the same time, investing savings in order to protect and/or multiply money is becoming an increasingly attractive prospect for high-income Romanians. Thus, the level of interest in stock market trades has increased significantly in 2022, compared with 2021: while in 2021 only 4% of Romanians were interested in investing in the stock market through a broker, now the share of those interested has reached 11 %.

The Reveal Marketing Research study was conducted online, April 20 to 26, 2022 on a sample of 1,005 people over the age of 18, from urban areas, Internet users. The maximum sampling error is +/- 3.1%, at a 95% confidence level.

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