A survey of young Romanians, Czechs, Poles and their money
- More than 80% of Romanians aged 18-35 believe their financial aspirations are attainable
- Almost half (49%) of young Romanians say their standard of living has improved over the past year.
- Young Romanians spend 28% of their income on food
- Parents (45%) and internet searches (42%) are the main sources of financial advice and information for young Romanians; and one in five follow at least one financial influencer.
- 27% of Romanians aged 18-35 say they have either experienced financial product fraud themselves or know someone who has.
Cook Communications has announced the publication of Young Money Matters, the first survey of young people and their money to have been undertaken simultaneously in Romania, the Czech Republic and Poland.
Young Money Matters said Monday that the survey takes an in-depth look into how people aged 18-35 in each country earn and spend their money, where they invest, what financial products they use, and where they go for their financial advice.
“The idea for Young Money Matters arose from our work in financial communications,” said Joe Cook, founder and managing director of Cook Communications. “We wanted to understand how young people manage their money, and where they get their financial information and advice as they set out in life.”
The last few years have seen pandemic lock-downs, high inflation and rising house prices. Yet despite these challenges, almost half of young Romanians said that their standard of living had improved over the past year. And although most expect the cost of living to continue rising over the next year, they remain remarkably optimistic about the future and positive about meeting their financial aspirations. Four out of five young Romanians (81%) think they can achieve their financial goals.
Alongside the optimism, however, Young Money Matters revealed that 27% of young Romanians have either experienced financial product fraud themselves or know someone who has. Our survey also found inefficient savings and investment habits among young Romanians, Czechs and Poles. Financial knowledge and education is also not what it could be: just 13% of young Romanians received any form of education about personal finances at school.
“We hope that our inaugural Young Money Matters reports will stimulate debate within the financial services sector, in the media, and among educators, regulators and, above all, young Czechs, Poles and Romanians,” said Cook.
Young Money Matters reports on the Czech Republic, Poland and Romania are available in English and in the national language.
We have also published a concise comparative report, in English. They are all free to download at www.cook-comm.com/young-money-matters.
