Erste Group survey: Almost half of Romanians limit their spending in last year due to price hikes

Almost half (47pct) of Romanians have limited their spending in the last year due to price hikes, and a quarter are saving money for education and professional training, reveals the “Money Matters” survey, carried out annually by Erste Group.

According to the quoted source, Romanians have adapted their financial behavior in the context of the accelerated increase in inflation, prices and utility tariffs in recent months.

Research data reveals that 77pct of respondents are currently saving money for potential emergencies and unforeseen expenses, while 74pct are saving to have a cash reserve for themselves or their family, both reasons increasing by 8 percentage points compared to last year.

The biggest advance among the reasons why Romanians put money aside is the desire to invest in education and professional training, with 25pct indicating this change of mentality, 9pct more than in 2021.

The Money Matters survey was carried out at the request of Erste Group and targeted the countries of Central and Eastern Europe – Austria, Hungary, Croatia, Czech Republic, Slovakia, Romania and Serbia. The research took place in June and July 2022, on a sample of 507 people, representative of the bankable population, aged over 15 years.

The survey data also highlighted the fact that Romanians save, on average, 351 lei per month, 42 lei more than in 2021. Only 33pct put money aside for the old age.

Approximately 64pct of Romanians declare that they have been affected by inflation, and 38pct believe that their financial situation has deteriorated in the last year, double compared to 2019.

At the same time, 48pct rely on their family and friends when they want advice on savings and investments, and 19pct even on information from Social Media. About 61pct of the respondents consider that financial education is the responsibility of schools and other educational institutions, 56pct believe that it is the responsibility of parents and the family, and 45pct place it on banks and other financial institutions.



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