Generation Z is most optimistic about financial future, although over 63% are unable to save money

Romanians are cautious about their financial future, considering the lack of stability and of a solid financial situation that could protect them from uncertainty. Only 30% feel optimistic about their financial outlook, particularly as many struggle to save money and very few feel prepared to handle unexpected expenses, according to a nationwide online survey initiated by Allianz-Tiriac. Generation Z stands out as the most optimistic (47%), despite facing the greatest financial challenges, highlighting the significant need for protection.   One in two respondents says they are unable to save any money, with incomes barely covering daily expenses or even just basic necessities. The figure is notably higher among Generation Z (63.6%) and somewhat lower among Millennials (45.5%), in line with the general income growth trends as individuals progress in their careers, the Allianz-Tiriac survey also shows.   Just under 30% of Generation Z say they are in a financial position that allows them to save occasionally, and only 7.2% consider themselves financially secure with sufficient savings. In this context, only 16.3% believe they could handle unexpected costs, such as an accident, a health issue, or even a death in the family. Moreover, if their income was lost, 6 out of 10 do not believe they could manage more than three months with their current savings.   To feel financially comfortable, nearly 62% of Gen Z respondents believe they would need savings equivalent to up to six monthly salaries, well above the 45.5% average across all generations, according to the Allianz-Tiriac survey. For another 23%, financial comfort would require savings between 12 and 24 monthly salaries, which is below the overall average of 33.5%, pointing to the shorter-term financial mindset among younger individuals compared to Millennials and Gen X.   ”Financial protection in Romania currently falls short of people’s actual needs, especially among younger generations, who often lack adequate savings. Romanians desire financial security, but only 11% say they rely on insurance, despite acknowledging its importance for protecting themselves and their loved ones. Instead, nearly 48% think they would borrow money in times of need, from family, friends, or even banks, while almost 41% admit to having no plan, seeking solutions as problems arise. Yet, unexpected expenses do not wait for savings or improvised solutions, so the family’s financial situation ends up under pressure. This is precisely where the role of insurance comes in, offering protection against the unexpected at low cost and immediate financial support when it is most needed,” says Adriana Matache, Deputy CEO & CFO at Allianz-Tiriac Asigurari.   Over 61% of Generation Z respondents recognize that insurance is a genuine solution for protection and also for financial security. Additionally, 3 in 10 consider it a way to reduce pressure on their personal budget in situations such as accidents, surgeries, serious illnesses, a death in the family, or various risks related to their car or home, the Allianz-Tiriac survey also reveals. However, more than a third think they cannot afford insurance and one in ten believes there is still enough time to think about insurance, although the majority – nearly 85% – agree that having insurance would bring significant benefits to their financial stability and future.   Insurance sales data indicate that Romanians primarily insure their cars and homes, and only after they also consider life, health, and other financial protection solutions designed to cover risks such as accidents, disability, or income loss. For example, at the end of 2024, there were over 5.6 million active motor insurance policies and more than 4 million mandatory and voluntary home insurance policies in Romania. In contrast, life insurance accounted for just over 2 million active contracts, while health insurance recorded nearly 250,000 active policies, according to official data.   ”In recent years, we have observed a growing interest among Romanians in insurance solutions that protect what makes their hearts beat faster, reflected in the stronger growth of life and health insurance compared to other categories. This positive trend is supported by the diversification of insurance options, the expansion of benefits offered by these products, and the development of more affordable solutions, including options tailored for young people, now available 100% online,” adds Adriana Matache.   The Allianz-Tiriac survey was conducted in April 2025 at national level, on a total sample of 1,011 internet users in Romania. Approximately 52% of respondents are men, mostly aged between 18 and 44, and nearly 59% have monthly incomes of over 4,000 lei.