More than a third of Romanians would keep their savings in a hidden envelope in the closet!
Reveal Marketing Research conducted a study on Romanians’ attitudes towards savings and investments to find out what are the main tools of managing their financial resources. Given the COVID-19 context challenging the economic situation at all levels and industries, people need to reassess their money expenditures now more than ever. Here are the results of the study:
- Half of Romanians claim that if they managed to save 350 lei once every 3 months, they would deposit the money in a bank account.
- 32% of respondents said they would prefer to keep their savings in an envelope in the closet.
- Only 8% of respondents mentioned they would choose to invest in a life insurance.
- Only 4% of Romanians would invest in the stock market through a broker.
What would Romanians do with their 350 lei savings?
Young professionals are among the most willing to go to the bank when choosing their money-saving methods, 57% of them mentioning that they would deposit them in a bank account. Over 70% of retired seniors would do the same. According to Reveal Marketing Research, we notice that in urban and rural areas, the preference for keeping money in the bank is Romanians’ first option when it comes to savings – 49% of those in urban areas and 51% of those in rural areas have opted for this alternative.
For more than a third of respondents, money kept in their own home is an option for making economies. 40% of the traditional families, asked what they would do if they managed to save 350 lei once every 3 months, stated that they would keep the money in an envelope in the closet. One third of the single adults have chosen the same option as traditional families and admit that they would keep their savings at home. For these segments, having both direct contact with money also the certainty that they can check it any time, can give them a sense of control over their financial resources.
Life insurance and stock market investments
In the context of the rising of health insurance investments, when we talk about life insurance, however, only 8% of Romanians are interested in this matter. Investing in a life insurance is preferred, particularly, by modern families, as shown by Reveal Marketing Research data. 13% of modern families would choose to invest their money this way. Only 9% of millennials, asked what they would do with a saved amount of 350 lei, mentioned investing in a life insurance.
The percentages are low in terms of the Romanians willingness to invest in the stock market through a broker. Out of the total sample, only 4% of Romanians would choose this type of savings management. Compared to the rest of the segments, single adults are more interested in stock market shares – 8% of them have selected this option. However, the percentages are very small, and Romanians seem to be quite reluctant to investing their savings in the stock market.
Only 6% of respondents mentioned they would choose other money management methods, aside from those listed in the survey.