Almost half (46%) of the population does not save any money, and of those who do, 27% do not put money aside in an emergency fund. By contrast, 25% of Polish people say they could live at least a year on the money accumulated in such a fund, in line with a comparative analysis by the company.
29% of Romanians never plan their budget, and 30% can afford to buy only what is strictly necessary, the study shows. However, 10% of the population cannot afford basic expenses, while in Poland, the percentage of those with insufficient income is only 3%.
If they had a large amount of money, 14% of Romanians would not save at all. Otherwise, most (33%) would deposit the money at the bank or invest in real estate (11%), while only 5% of those surveyed would open a business and only 2% would be willing to invest on the stock exchange. 14% of the population would keep the money at hand.
In terms of priorities, the majority of respondents first pay their utilities and services (98%), then the usual household purchases (95%) and the health expenditure (95%); instalments (88%) would be paid before the transport (76%) and education costs (68%).
Romanians accumulate debts especially due to unpaid invoices, because of too low income or unforeseen situations; their percentage (18%) is almost double than that recorded in Poland (10%), and the comparative analysis reveals differences in terms of debt responsibility: only 32% of Romanians believe they are personally responsible for the difficulties caused by the failure to pay financial obligations on time, compared to 43% of Polish respondents. Although fear of social stigma and the pressure of penalties are driving more Romanians to pay their arrears, 13% say they can live in peace even if they delay the payment, and 40% of those surveyed think it is unfair to be foreclosed if they do not pay on time. 88% expect to be rewarded if they pay off their debts on maturity.
However, the average amount saved by those who manage to put money aside has increased to RON1,314 in 2023 (vs. RON960 in 2021, RON1,125 in 2022), but also the percentage of those who manage to save over RON1,000 per month increased from 20% in 2022 to 27% in 2023.