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Only one out of ten Romanians has confidence in the banks of Romania, while 23% of citizens feel deceived in their relationship with banking institutions, according to the results of a specialized study released on Tuesday.
"The top issues that concern Romanian citizens at the moment show, not surprisingly, that the main concern of Romanians (47%) is related to purchasing power in the inflationary period we are going through," the authors of the survey conducted by Ipsos argue.
According to the quoted source, 39% of Romanians are worried about the salary level, especially women and Romanians with average education, among them are also those who are used to borrow money from family/friends/colleagues until the next salary.
At the same time, poverty and social inequality concern 34% of citizens, mainly those with low incomes, retired or unemployed.
Pensions represent a greater trouble among the population aged 50-65, especially men, in small towns or suburban areas, more so in the south of the country and among people with low household incomes.
The financial behavior of Romanians highlights a combination of moderation and planning of expenditure, an attempt to reduce interaction with financial institutions and a still timid prospect of financial independence through investment.
The survey reveals that the main behavior of Romanians in this period is buying. Thus, 45% of our fellow countrymen say that they pay more attention to expenses that are not necessarily needed.
Only 36% of citizens mention that they have enough money from one salary to another. They are generally married people with a high social status (higher education, intellectual professions, high household incomes). At the opposite pole, there are unmarried people, workers, the middle-educated population and people with low incomes, who often borrow money from family/friends.
One in three Romanians (29%) mention monthly saving as a financial behavior. The are generally young people aged 30-39, with higher social status (higher education, intellectual professions, high household incomes).
The authors of the survey argue that, although timid, the trend towards financial independence gives a positive signal about Romanians' concern for increasing well-being and securing their future in these uncertain times. Thus, 9% of those interviewed mention personal investments in government securities and 8% invest in the stock market.
The data give quite clear signals about the reluctance of the population in relation to banks in the current context. The intention to access bank loans is low, whether we are talking about personal loans (8%) or real estate loans (6%). The proportion of those who plan to buy a house in the near future without accessing a real estate loan (8%) slightly exceeds the share of those who prefer credit (6%). Moreover, there is a behavior of periodic early repayment of current loans (10%) and the intention to close credit cards (11%).
However, one in four Romanians (23%) argue they prefer to borrow money from family/friends rather than take out a bank loan.
The Ipsos survey was conducted online via the Ipsos platform, between 26 and 29 May 2023, on a sample of 600 Romanian adults. The survey results are representative for the population with internet access.
