Romanians are less and less financially savvy, found a recent study by ING Life Insurance. Around 88 percent of the respondents to the financial intelligence test came out in the 'beginner' and 'ignorant' profiles, 11 percent more than in 2010, when the first test was launched.

The test, which includes 13 questions focusing on financial future, household finances, savings and investments, was run in 10 European states: Bulgaria, the Czech Republic, Greece, The Netherlands, Poland, Romania, Slovakia, Spain, Turkey and Hungary.

Those with four or less correct answers were labeled 'ignorant', those with five to eight correct answers were 'beginners', while the 'average' and 'advanced' profiles needed 9 to 11 and 12 to 13 correct answers respectively.

Romania's evolution is similar to the other analyzed countries, with an average of 86 percent of respondents in the 10 states ranking in the same two, low financial knowledge profiles. However, more Romanians are ignorant on money issues, with the percentage almost tripling, from 8 percent in 2010 to 21 percent this year.

The number of those who understand essential financial concepts was slightly down, from 69 to 67 percent.

The Greek are the best informed about money issues, with a quarter of respondents ranking in the 'average' and 'advanced' profiles, followed by the Dutch – with 22 percent, Hungarians – 15 percent and the Czech Republic – 14 percent.

Romanians and Bulgarians have 12 percent of respondents in the two categories, sitting somewhere in the middle of the ranking, ahead of the Slovaks, the Spanish and the Turks.

Questions about savings were the most difficult for Romanians, as well as for the rest of the Europeans involved in the study.

editor@romania-insider.com