56% trust the banks themselves to keep their money safe. Generation Z and over-55s have significantly more trust in banks, scoring 65% and 63% respectively. 46% of Romanians trust Google Pay, and 41% trust Apple Wallet. Generation Z (18-24 year olds) is the only one that trusts Apple Wallet (52%) more than Google Pay (34%), in line with the survey which analyzes Romanians’ perception of banking institutions and how they stand in the relationship with banks.
Online merchants are the institutions in which Romanians have the least confidence when it comes to keeping their money safe. 31% trust international online retailers and 38% trust local online retailers. Intermediary platforms that process online payments between merchants and buyers enjoy a higher score, with 45% of respondents saying they trust them to keep their money safe.
When in need of a certain amount of money, 47% of respondents say they would borrow from family or friends, to a significantly greater extent Generation Z (64%) and those from rural areas (53%). Bank loans ares preferred by 29% of Romanians, while 11% would use a shopping card if they needed a sum of money. 3% of respondents said they would borrow from non-banking financial institutions (NFIs). Romanians prefer these informal loans because, most of the time, it is about small amounts, and the lack of interest or strict payment terms reduces their financial anxiety.
In terms of savings, 21% of Romanians say they are not able to save money, but this percentage is on a downward path since April 2022, when 29% of Romanians said that. 32% of Romanians say they will save less than they do now, and 28% say they will save the same as they did before. For 15% of Romanians, savings will increase, compared to 8% who said in April 2022 that they would save more than they currently do. When it comes to savings methods, Romanians prefer to resort to bank deposits. In April 2022, 51% of respondents said they would put their savings in bank deposits, whereas now, 58% of Romanians would do so. 23% of Romanians would choose to keep their savings in an envelope hidden in dresser, fewer by 5 percentage points than in 2022, while one in ten Romanians would choose to invest in the stock market through a broker, keeping the same share from last year.
Regarding online orders, 45% of Romanians prefer to pay online when placing an order, especially people aged 45 to 55 (55%), while 44% prefer to pay cash on delivery. Cash on delivery is preferred to a significantly greater extent by young people aged 18 to 24 (58%) and people from rural areas (53%). 10% of respondents say they prefer to pay by card on delivery. 15% of people aged over 55 prefer this payment method. 50% of Romanians say they will use less and less cash than before, to a significantly greater extent among people aged 45 to 55. 34% say they will use cash in the same proportion as before, and 7% will use more cash than they do at present.
As for the collaboration between Romanians and banks, half of respondents say they use the services of a single bank for all operations they need, 63% for the Z generation, 56% for people older than 55 and 57% for people living in the countryside. At the same time, 47% of respondents say they use the services of 2-3 banks, while 3% collaborate with more than three banks. People who are employed, particularly those aged 35 to 55, collaborate with more banks than the rest of respondents.