This places Romania at the top of the ranking in Europe, followed by Poland (82%), Turkey (80%), and Czech Republic (71%).
The survey found 75% of Romanians decided to reduce their spending, higher compared with the European average of 57.5%. Romania is followed by Turkey (73%), Poland (70%), Italy and Spain (66% each).
The conscious decision to save more also reflects expectations of future financial difficulty for 52% of Romanians. Respondents were less worried about financial strain in the Netherlands (16%), Luxembourg (20%), Belgium and Germany (23% each).
To increase their income, 40% of Romanians said they worked more hours, the highest percentage in Europe. In addition, 37% of Romanians said they would be willing to work overtime if offered that option.
In terms of changes in payment behavior, around 58% of Romanians said they use less cash, ranking third in Europe after the UK (65.4%) and Poland (64.5%). Over 54% of respondents in Romania said they currently prefer card payments, above the European average of 49%.
“The massive share of Romanians trying to save (83%) and lower their spending (75%) is remarkable. At the start of the pandemic, saving was for many a mere unintended consequence of mobility restrictions. After almost a year, the number of people actively intending to save money has grown considerably,” said Valentin Tataru, chief-economist at ING Bank Romania.
“Still, there is a high share of Romanians (33%) with no savings plans. On an optimistic note, however, the economy could return to pre-pandemic levels in the second half of 2021, the wage growth rate will stay positive and unemployment is on the decline,” said Tataru.
While 33% of Romanian respondents say they have no savings plans, the highest rate in Europe, 27% set money aside when they get paid, ranking last in Europe, and 22% prefer to top up their savings at the end of the month. Still, by waiting until the end of the month to save, 17% of respondents are left with no money to set aside by that time.
Over 35% of Romanians said they had no savings, the same as in May 2020, but down from 39% in December 2019.
Of Romanians who do have savings, nearly 36% report the equivalent of less than one month’s pay, 23% have the equivalent of one to three months’ pay and just 14% have the equivalent of four to six months’ pay.
Romanians aged 25 to 34 show the most interest in saving and 36% report transferring part of their monthly pay to a savings account each month. Over 21% of Romanians who said they were unable to save are in the 55-65 age bracket and older.