Romanians put aside only 7% of their monthly income, spend mostly on food and household products

Romanians manage to put aside only 7 percent of their monthly income, compared to the worldwide average of 12 percent, according to a study carried on by ING in ten countries. Consumers in the Netherlands, Belgium and Mexico put aside 10 percent of their income every month, while those in Spain, 11 percent, Japan, 14 percent, and India and Korea, as much as 20 percent. The biggest monthly expenses in Romania go to food – 32 percent of the monthly income, compared to 26 percent globally, while 28 percent of the income goes to products for home care, for which 25 percent is put aside worldwide. On the short term, Romanian consumers are more exposed to financial risks as 42 percent of Romanian households don't have an emergency fund, found the ING study. Only a quarter of the respondents from Romania have an emergency fund which could cover their expenses for more than six months. Worldwide, 30 percent of respondents have such a fund which could cover their expenses for more than half a year. The ratio of Romanians who have to take loans when they don't have enough resources is of 27 percent, while the average ratio is of 16 percent globally. More than half of Romanians feel they can't control their financials, according to the study. editor@romania-insider.com