Survey: Romanians setting money aside in anticipation of cash-strapped days

Roughly 50 percent of Romanians consider that their financial situation has worsened since last year, and 38 percent are pessimistic, expecting things to deteriorate even further, found a survey conducted by CEC Bank in partnership with banking comparator

“The main reason for concern is the spike in energy prices – mentioned by 38.5 percent of respondents, up 60 percent compared to a similar survey carried out in the previous quarter. Next on the list of the Romanians’ major fears are the pandemic (16.3 pct – a higher percentage compared to the Q1 survey) and the risks to food and staples supplies (14.6 pct),” the authors of the survey said.

Concerns over the conflict in Ukraine dropped from second place last quarter to 5th place (a 50 percent decline in the share of responses), while only 5 percent of Romanians worry over unemployment and difficulties in paying their installments – 6 percent of the respondents.

Amid a host of uncertainties and pessimistic outlooks, Romanians are stepping up savings. Thus, whereas in Q1 only 47 percent of the respondents reported putting money aside every month, their share has now increased to 63 percent. However, the majority are only able to save modest amounts: less than 300 RON a month (28.6 pct), while 17.9 pct report saving between 300 and 600 RON.

Also, the share of respondents who declare having an emergency fund to cover their expenses for three months has increased from 28.24 to 36.95 percent.

Regarding indebtedness, six out of ten respondents have loans to pay, and 40 percent of this category have taken out money for the house.

Finzoom conducted the survey commissioned by CEC Bank in June, on a representative sample of over 1,390 respondents from all over the country, Agerpres reports.



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