Today’s children start saving early, including at the age of four, whereas their parents and grandparents did this after 18 years.
Young people invest the first savings mainly in mobile phones and accessories, and people aged 26-79 choose to buy manly clothing, a survey conducted by BCR and released on Thursday reads.
Most children save on average RON 350 to RON 800 a year, buying bikes, cameras or TV games, and those who invest more in education are the teenagers aged 16 to 20, capital.ro informs.
“Our study shows that financial education is needed badly. No age category places first the long-term investments such as education, health, pensions, but it is worth noting that young people aged 16 to 20 invest more in education. (…) We believe that there is still much to be done about the Romanians’ financial education, which has to go beyond savings, to controlling the personal budget, setting realistic life goals and assuming a calculated and fair financial behavior. Financial independence can build a better life, and financial independence is learned at the School of Money,” Nicoleta Deliu, coordinator of the School of Money programme, says.
Thus, children start saving at the age of four. The first money collected by children aged 11 to 15 goes on bicycles and roller skates, then on toys, phones and accessories, as the order of preferences. Adolescents – aged 16 to 20 – have spent the first savings mainly on phones and accessories, then on gifts and studies.