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Report: 36% of the Romanian consumers say they save more than they did 12 months ago

January 5, 2023

Inflation generated a domino effect in the growth of food and energy prices, and 36%  of the Romanian consumers (against 32% the European average)say they save more than they did 12 months ago, as they make sure they have financial reserves in case of economic trouble, according to the European  Report Regarding Consumers Payments,  edition 2022.   The Intrum report shows, according to a press release sent on Thursday , the awareness of the Romanians on the importance of personal finances, through saving and the development of a financial culture due to the pandemics and the present economic challenges and it focuses on the measures the consumers adopt to keep their financial balance as well as sustainable consumption.   'The economic and geopolitical uncertainty has a significant impact on the welfare of the consumers.More than 55% state the worries connected to a possible recession make them save more than the European average of 45%.  This situation leads to behaviour changes, as 70% of the interviewees state they simplified the social activity to reduce expenses. These decisions show the Romanians' awareness about the importance of understanding the economic flow.The creation of savings funds as well as financial education manifested in the sustainable consumption represent an important objective for the Romanian consumers' said Catalin Neagu, managing director Intrum Romania.   The study shows that the increase of life costs influenced 71% of the interviewees to be more aware of the expenses they make for things they do not need ( for example digital subscriptions).    At the same time, the Romanian consumers take into consideration the future financial threats and tend to adopt diversified measures to consolidate their economic welfare, such as: to establish objectives to manage their savings, to read the terms and conditions in the contracts or even to consult their acquaintances on issues connected to money.   According to the study, 51% of the Romanian consumers with weak financial education expect not to pay a utilities bill at least once in the next 12 months, as compared to only 29% of those with good financial education.'Even if the reasons for not paying a  bill are varied, financial education is important for the consumers, so that they fare well during difficult economic times. 7 out of 10 (69%) consumers stated that the worry about the growth of inflation and/or interests for installments make them improve their financial culture. Another 34% of the interviewees consider that, although they have received enough financial education, they need advice with regard to the more complex financial aspects, against 24%who are confident in their financial knowledge' the press release says.   Despite the unequal economic progress, there is an impulse for sustainability, thus 66% of the consumers choose to repair and recycle old products, instead of buying new ones, says the quoted source.   The study relies on the interview of at least 1,000 interviewees with 24,011 answers corresponding to 24 countries. The sample of this study was made up of women and men aged over 18, liable or partially liable for the expenses and income in their household.The research was made between July and August 2022.

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