Young people in Romania are attracted by modern financial tools, but they need a better financial education, according to a survey on the youth’s perceptions about the local banking system carried out by BCR, the biggest local lender.

A total of 92% of young people aged 20-25 are bank customers. Moreover, 57% of the teenagers aged between 14 and 19 are also work with banks, the study shows.

Slightly over half of the people with ages between 20 and 25 have a job, and 50% earn at least RON 1,000 (some EUR 225) per month. In this age group, two-thirds (67%) of the respondents also receive money from their families. This is why, in 80% of the cases, the financial education comes from the family while the school has a share of only 15%.

Some of 63% of the young people aged 14-19 went to a bank in the last three months, the percentage reaching 78% in the 20-25 age group, the study also shows.

Moreover, 66% of young Romanians aged 14-25 have a current account with a bank in Romania, 45% hold a debit card, and about 30% use Internet banking. Based on age groups, 44% of those aged 20-25 and only 14% of those aged 14-19 use Internet banking.

Almost 30% of young people between 20 and 25 use the Internet to pay bills and make transfers, and 59% make various online purchases, according to BCR.

When it comes to the young people’s complaints about banks, most of them are related to the quality of services and staff (30%), followed by the level of the interest and fees charged (15%), and trust (10%).

In terms of innovative solutions, 71% of young people would want fingerprint authentication, 55% would like to be able to use their smartphones or smartwatches to make payments in restaurants and shops, and 37% would want to make contactless payments in shops.

Regardless the source, slightly over 80% of young people from both age groups (14-19 and 20-25) spend their money on clothing and footwear, and on going out. However, if they could save money, 67% would do it for holidays, 44% for studies or specialized courses, and 37.7% for clothing items.

When connected to the Internet, most young people use social networks, search information, listen to music, use message apps, send or receive emails, watch TV channel or films, and make online transactions.

More than half of the young people would like to find a job before finishing school. Slightly over 30% of them would want their first job to bring them a salary of RON 1,000 – RON 1,500, 25% would want a wage of RON 1,500-2,000, and 21% would like a salary of over RON 2,500.

The study was conducted at the end of August based on 1,968 valid questionnaires.

What salary do Romanian students expect from their first job?

Irina Popescu, irina.popescu@romania-insider.com