Survey: Romanians save on average EUR 58 monthly

Romanians save on average RON 309 per month - the equivalent of EUR 58 - on an average, net salary of RON 3,541 (a little over EUR 700), the latest edition of Erste Group’s yearly survey Money Matters showed. The average monthly sum saved up in Central and Eastern Europe is of EUR 120, a 31.86% increase compared to 2017, when the sum amounted to EUR 91.

The RON 309 sum saved monthly represents an 8.5% increase compared to 2020, when the average stood at RON 286, and a 14.8% increase compared to 2019, when the sum amounted to RON 269.

The residents of Austria lead the savings ranking in the surveyed CEE region with an average of EUR 344 monthly, followed by citizens of Slovakia with EUR 123, and Czechs with EUR 119. The residents of Hungary manage to save EUR 83, of Croatia EUR 72, and of Serbia EUR 47.

The survey also showed that 7 out of ten Romanians do not have a savings routine and set aside a random sum, depending on what they are left with at the end of the month, after covering the current expenses.

A total of 51% of the Romanians surveyed said saving was important, compared to 44% who gave the same answer in 2020, and 36% in 2019. At the same time, 71% of the respondents do not have a saving routine. In most countries in the region, one in two respondents said they saved a fixed sum monthly.

The increase in the awareness on the importance of saving is also due to the impact of Covid-19, given that 30% of the Romanian respondents of the Money Matters survey said they saved or invested less during the pandemic. The average in the region stood at 18.5%.

A total of 69% of those surveyed said they saved for emergencies and unplanned expenses, while 66% said they saved to have funds for themselves or the family.

Furthermore, 13% of the Romanians surveyed think they have a solid knowledge of financial education, while the region’s average on this topic is of 9.5%.

The Money Matters survey was carried out at the request of Erste Group in Central and Eastern Europe: Austria, Hungary, Croatia, Czech Republic, Slovakia, Romania and Serbia. It was carried out in July and August of this year, on a sample of 500 people, representative of the banked population older than 15.

(Photo: Chattrawutt Hanjukkam | Dreamstime.com)