Romanians manage to save an average of only EUR 46 per month, nearly five times less than Austrians who set aside EUR 216 per month, according to a study by the Austrian financial group Erste, which owns the largest Romanian bank BCR.

The figures mainly reflect the income difference between the two countries, as Asutrians are paid several times more than Romanians.

The amount a Romanian manages to save monthly has remained unchanged this year compared to 2015. By comparison, an Austrian’s savings have increased by 7.5% this year compared to the previous year.

Among the countries analyzed in the study, Austrians rank first, followed by Slovaks, who save EUR 97 per month, on average, Czechs - EUR 77, Croats - EUR 57, and Hungarians - EUR 52.

The only ones that do worse than Romanians are the Serbs, who only manage to save EUR 34 monthly.

Some 40% of Romanians believe that saving is very important, surpassed only by Hungarians (50%) and on par with the Serbs (40%). They are followed by the Austrians and Croatians (33%), Czechs (27%), and Slovaks (17%).

Moreover, 55% of Romanians said they did not have enough money to make savings.

Romanians rank first when it comes to a drop in the amounts they are currently saving compared to two or three years ago. About 41% of them consider that they manage to save less money now compared to the past. They are followed by Serbs (32%), Czechs and Hungarians (31%).

However, only 23% of Romanians believe that their financial situation has deteriorated in the past three years.

Some 29% of Romanians said that they have large gaps when it comes to financial knowledge. It was the highest percentage in the survey, followed by the Serbs (22), Croats (13%), and Czechs (11%).

Savings rate in Romania reaches ‘90s level

Less than 100 people hold 2% of all savings in Romanian banks

editor@romania-insider.com