Survey: 47% of Romanians have restricted their spending in the last year due to price hikes

Romanians have adapted their financial behaviors in the context of the accelerated increase in inflation, prices and utility bills in recent months, according to the study “Money Matters” 2022, carried out by Erste Group.

The research shows that 77% of those interviewed decided to put money aside for hard time an accelerated increase compared to last year. 64% of Romanians declare that they have been affected by inflation and 38% believe that their financial situation has deteriorated in the last year, double compared to 2019.

The biggest advance among the reasons why Romanians put money aside is the desire to invest in education and professional training, with 25% indicating this change of mentality, 9% more than in 2021.

“Change has always been a constant in our lives, the Romanians, especially in the last 30 years. Whether we are talking about the regime change in 1989, the transition to the market economy, the accession to the Euro-Atlantic structures, the financial crisis, the pandemic, the border war, the changes have permanently marked our existence. And they instilled in us an extraordinary capacity for resilience and adaptation. Throughout these years, the most important impetus has proven to be the confidence that we can move forward, that we can have a better life regardless of the challenges. We’ve all learned along the way that you always need a partner – personal, professional or financial. Our commitment is that we will be the Romanians’ partner for the changes they want to make in their lives in the context of the new geopolitical, economic and social realities”, said Ionuț Stanimir, Marketing & Communication Director, BCR.

The Money Matters study was carried out at the request of Erste Group and targeted the countries of Central and Eastern Europe – Austria, Hungary, Croatia, the Czech Republic, Slovakia, Romania and Serbia. The research took place in June and July 2022, on a sample of 507 people, representative of the bankable population, aged over 15 years.

The study data also highlighted the fact that:

– Romanians save, on average, 351 lei per month, 42 lei more than in 2021;- Only 33% put money aside for old age;

– 64% of Romanians declare that they have been affected by inflation, and 38% believe that their financial situation has deteriorated in the last year, double compared to 2019;

– 48% rely on their family and friends when they want advice on savings and investments, and 19% even on information from Social Media;

– 61% of respondents believe that financial education is the responsibility of schools and other educational institutions, 56% believe that it is the responsibility of parents and the family, and 45% place it on banks and other financial institutions.