Almost one third of Romanians made a major acquisition in 2014, but half foresee financial distress in 2015, survey shows

A recent IRES study reveals that 29% of the surveyed Romanians made a major acquisition in 2014, the most frequently mentioned investments being those related to buying a car – 19%, revamping the house – 16%, buying appliances – 15% or buying a housing unit – 14%. Other respondents have installed a boiler, or bought furniture, TV sets or computers. Fewer than 10% of respondents traded real estate in 2014: 4% purchased such goods, 2% sold real estate and only 1% made both purchases and sales. Only 23% of the surveyed Romanians said they’ve managed to save some money in 2014, but 38% are optimistic about 2015, hoping they will manage to save money this year. In terms of holidays spending, four out of ten respondents said that in 2014 they haven’t spent for this as much as they wanted, while a similar percentage believe the same will happen this year. Overall, 54% of respondents believe that they will have to make financial sacrifices in 2015. Over 80% of respondents anticipating such financial sacrifices believe they will give up on buying certain goods, 36% believe they will no longer travel by car and 32% think they will borrow money. Almost 40% of the surveyed Romanians said they’ve borrowed money in 2014. Most of them, namely 43%, took a bank loan, 41% asked their friends for money, while 34% went to other family members. At present, 41% of respondents say they have at least one unpaid debt. Some three out of ten Romanians went on holiday in 2014, 56% of them saying they’ve been on holiday only once last year. The survey was conducted on a sample of over 1,100 people aged over 18. Irina Popescu, irina.popescu@romania-insider.com