Four out of ten Romanians believe they will save less this year, study shows

Almost 40% of Romanians believe they will save less this year than in 2018, according to a study by Mind the Gap on the evolution of household spending, local Mediafax reported.

Most Romanians believe they will spend more on food (52%) and on utilities (53%) this year, compared to 2018. Also, 31.6% of respondents think they will spend more on children’s education (costs associated with the nanny, kindergarten, school, after-school, special courses and tutoring), as well as on health-related services (37.7%).

Although the Romanians are becoming aware of the importance of financial prudence, the rising daily cost of living is a barrier to saving, the study showed.

“Rumors about another possible global economic crisis, as well as the instability of our country's legislative and economic framework, make the Romanians more concerned about the possibility of having some reserves to turn to in situations where they face financial difficulties,” Andreea Vintila, Senior Partner Mind the Gap, said.

“Holidays, unexpected situations, such as medical problems or job loss, as well as child-related projects are some of the reasons that make Romanians save,” Vintila also said.

The same study also revealed that most Romanians worry about the rising inflation/decrease in purchasing power (82% of respondents), but also about possible health problems (79%), corruption of the political class (79%), a lower living standard (79%), the situation of the public health system (72%), the economic, fiscal, legislative instability (69%), and about the evolution of the RON/EUR exchange rate (68%). The impact of a possible global economic crisis, the situation of the public education system and the possible job loss are also among the Romanians’ main concerns.

The study was carried out nationwide in March 2019, on a sample of 1,000 respondents aged between 16 and 70 years.

(Photo source: Pixabay.com)