Study: Only one out of four Romanians satisfied by financial situation

Only one out of four Romanians declare satisfied with the financial situation, while for one out of 5 respondents the financial situation is the most important aspect of their lives, according to a study about the Romanians' financial knowledge, published by BCR on Tuesday and made together with the research company Unlock Market Research.   The Romanian Commercial Bank presents data of a study about the Romanians' financial knowledge, which shows that Romanians want more financial education but do not appeal to experts.   Study data show that one out of 2 Romanians prefer to ask financial advice from family and friends, while 24% of Romanians ask for specialized financial consulting. Moreover, more than half of Romanians who save money do not use a financial service devoted to savings, while 27% of them prefer to save cash.   “The study points out the need to facilitate access to financial information, because the lack of specialized advice exposes Romanians to vulnerability, and wrong financial choices affect the level of satisfaction and the quality of life,” the bank points out.   The study made in August 2021 presents a series of information and behaviors associated to financial education: 58% of respondents confess that they did not have access to financial information or interest in improving their level of financial education; 52% of respondents prefer to ask advice from family and friends , while only 24% contact a bank or financial expert.   The lack of specialized advice exposes to vulnerability and that is seen in one's pocket: 71% bought things they did not need because they were cheap, 65% bought impulsively without attentive financial planning, while 62% do not monitor their expenses.   “For one out of five respondents the financial situation is the most important aspect of their lives, but at the same time, only one out of 4 Romanians declare satisfied of their financial situation,”the study shows. The study showed that: health (75%) and basic needs, as well as food and utilities (73%) are categories for which Romanians prioritize their expenses and make all efforts to make sure they are covered; education (30%) and spending free time (27%) represent a secondary priority, while other fields, like hobbies (16%), social meetings (18%) and entertainment (7%) are not considered a priority as concerns expenses; 2 out of 3 Romanians already have some money saved.   56% of people who save say they do it occasionally, while 44% of those who save lay aside an amount of money every month.   More than half of Romanians who save money do not use a financial service devoted to savings. 67% of  respondents have a bank account and debit card, 65% opened a current account and 61% use Internet banking.   40% have a credit card and 28%  have at least a saving product like a bank deposit; 66% of Romanians admit that the main reason for saving money is that of offering guarantees in case of emergency. Also people say they save for specific purposes, the most frequent of which are holidays (51%) or buying property (26%).   75% of respondents have as main income source salaries , 14% pensions, while 20% say they work as freelancers. At the same time, 67% of respondents declared they have a constant income without fluctuations.   Studies show that Romanians are still last in Europe for financial education. For instance, the latest study made by the World Bank at EU level and presented at the second edition of European Money Week in 2018, placed Romania last of 127 countries considered.   The study Unlock Market Research was made upon BCR request in August 2021, on a sample of 800 people, representatives at population level aged between 18 and 65 years, in the urban area.