The majority of Romanians - 70% - do not have savings for emergencies and don’t have plans or savings for retirement. Among those who do have emergency funds, a quarter can cover two months of living expenses, some 14%, six to nine months, and a similar ratio can last for at least seven months on their savings, according to a study carried out by local lender OTP Bank and local financial guide FinZoom.ro.

Three quarters of them do not save for the family’s medical expenses, while over 80% of respondents do not have savings for children’s education expenses, and more than 90% do not have a budget for high-value acquisitions, such as a car or an advance for an apartment.

Most Romanians also responded negative when asked if they have a fund dedicated to savings and investment and if they have a plan for regular payments within it.

When it comes to paying outstanding debts, only 27.8% of respondents have a personal project to pay the balance on loans and credit cards.

Savings accounts and deposits are the most popular saving tools among those who participated in the survey. Over 28% have a savings account, while 21.7% of respondents opted for bank deposits.

Only about a third of survey respondents said they implemented a personal project to repay loans, while the rest do not have such a plan.

editor@romania-insider.com