According to a simultaneous research conducted by Erste Group in the countries of Central and Eastern Europe, almost three quarters of Romanians do not have a saving routine and claim that they put money aside randomly, depending on what they have left at the end of the month. . In most countries in the region, half of the respondents stated that they save a fixed amount every month, which shows a better organization of spending and prioritization of savings.
• The latest edition of “Money Matters”, an annual study conducted by Erste Group, shows that 71% of Romanians do not have a saving routine and choose to set aside a random amount, depending on what they have left at the end of the month, after which ensures their current expenses.
• The study marks World Savings Day and brings new information on the evolution of personal savings in the context of COVID-19, but also the importance of financial sustainability.
• 51% of Romanians now consider that saving is very important, compared to 44% in 2020 and 36% in 2019.
We celebrate the International Day of Savings after, this autumn, we put at the center of our communication the campaign “For a financially smart Romania”, which aimed to provide Romanians with ideas and practical resources for developing financial intelligence. The 2021 edition of the Money Matters study confirms that in Romania there is interest in the area of financial education, but also that we understand, in increasing numbers, that achieving prosperity is also about saving a percentage of monthly earnings. We need to systematically organize our personal budget, so that we know very clearly what income and expenses we have and how we can allocate money for savings, but also for needs and desires “, said Nicoleta Deliu, Communication Director, BCR.
The Money Matters study was conducted at the request of Erste Group and targeted Central and Eastern European countries – Austria, Hungary, Croatia, the Czech Republic, Slovakia, Romania and Serbia. The research took place in July and August 2021, on a sample of 500 people, representative of the bankable population, over 15 years old.
The study data showed that:
- Romanians save, on average, 309 lei per month, the equivalent of 58 euros, with an average net salary of 3,541 lei;
- The average monthly amount saved in the region is 120 euros, representing an increase of 31.86% compared to 2017, when the amount was 91 euros. Romanians registered a constant increase of the amount saved, reaching 309 lei per month, increasing by 8.5% compared to 2020, when the average amount saved was 286 lei, and increasing by 14.8% compared to 2019, when the average amount saved was 269 lei;
- Austrians continue to be leaders in this area of Europe, averaging 344 euros a month, followed by Slovaks with 123 euros and Czechs with 119 euros. In the next places are the Hungarians with 83 euros, the Croats with 72 euros and the Serbs with 47 euros. Correlated with the average salary in each country in the region, there is a constant percentage of 10% savings in population;
- The increase in awareness of the importance of saving is also due to the impact of COVID-19, taking into account the fact that 30% of Romanian respondents of the Money Matters study said that in the last year they saved or invested less due to the pandemic context. 5%;
- 69% of respondents mentioned that the reason they save is emergencies and unforeseen expenses, while 66% of them said they save to have a reserve of money for themselves or their family;
- 13% of Romanians consider that they have solid knowledge of financial education, while the average per region of those who stated that they have very good knowledge of financial education is 9.5%;
- Regarding the attribution of the responsibility of financial education, 55% of the respondents consider that it falls within the attributions of the school and other educational institutions, 49% believe that it is the responsibility of parents and family, 41% place the responsibility of banks and other financial institutions, 41% consider that it falls within the remit of public authorities, and 31% believe that it is the responsibility of the media. The average for the region is 51.8% for respondents who believe that financial education is the responsibility of banks.