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November 27, 2021

Romanians still do not trust banks

Half of Romanians trust only major banks and 34 percent prefer to keep their savings at home, a percentage higher than the 25 percent in 2006, in the context of mistrust, low interests and high fees, as the intention to open a credit is still low, according to the National Audit Survey Focus conducted by the Romanian Audit Office Transmedia (BRAT) among people in the urban areas with ages between 14 and 64 years old. More than 70 percent of Romanians believe banks are more interested in the benefits they can get from clients and 37 percent believe they resort to loans from banks only if they cannot get money. During the surveyed period 2006 to 2013, the Romanians’ perception remained constant regarding saving money, as 60 percent believe it is important to save money each month but only 28 percent manage to do this.
As a market trend, the number of those who have loans for consumer goods and to buy cars went down, according to the survey, so that if 12 percent of Romanians used to have a consumer credit in 2011, only 9 percent have one at the moment. The intention to open a credit this year is a third compared to the figures in 2006, especially in the case of loans to buy cars, a plot of land or credits or personal needs. The most acute decrease is registered at purchasing cars, only 1.5 percent of Romanians intend to open a credit for a car compared to 5.1 percent in 2006.
As for deposits, only 10 percent of the urban citizens have savings in their bank, compared to 13 percent in 2008. More and more Romanians started to place a greater importance to the fees requested by banks, a million people believing that fees are the second most important criterion in choosing banks where they can open a deposit. On the other hand, there is an increase on the segment of current accounts as more and more people get their salary on card. Currently, 29.8 percent of Romanians own a current account in domestic currency and 25.5 percent get their money on the card.

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