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Only 38% of Romanians keep track of their spending and prioritize it correctly, and 71% admit to buying things they don’t need just because they are cheap, according to a financial literacy survey conducted by Banca Comercială Română together with research company Unlock Market Research.
The survey data shows that 1 in 2 Romanians prefer to seek financial advice from family and friends, while only 24% of Romanians seek specialized financial advice. In addition, more than half of Romanians who put money aside do not use a dedicated financial savings service and 27% prefer to save their money in cash.
The research highlights a need to facilitate access to financial information, as the lack of specialized advice exposes Romanians to vulnerability and wrong financial choices affect their satisfaction and quality of life. The study conducted in August 2021 presents a range of knowledge and behaviors associated with financial education:
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- 58% of respondents admit that they have not had access to financial information or interest in improving their financial literacy;
- 52% of respondents prefer to seek advice from family and friends, while only 24% turn to a banking expert or financial specialist;
- Lack of expert advice exposes them to vulnerability, and this is felt in their pockets: 71% bought things they didn’t need just because they were cheap, 65% bought impulsively without careful financial planning, and 62% did not monitor their spending or prioritized it wrongly;
- For 1 in 5 respondents, their financial situation is the most important aspect of their life, but at the same time, only 1 in 4 Romanians are satisfied with their financial situation.
In this context, BCR also offers a series of concrete financial education tips:
- The 50/30/20 rule for the correct division of the budget: 50% for everyday expenses, 30% for desires, and 20% for savings and investments.
- Me first – pay yourself first. Save first, spend later from what’s leftover.
24H – delay buying something for at least 24 hours to make sure you need it. - Emergency fund – build up a reserve fund, where 3-6 monthly salaries should be saved.