Study: Romanians would rather borrow money from family or friends than banks

Almost half of Romanians (47%) would prefer to borrow money from family or friends if needed, while only 29% would turn to bank loans, according to a recent study by Reveal Marketing Research. 11% would use a shopping card if they needed a sum of money, and 3% would turn to non-banking financial institutions.

Respondents from Generation Z (64%) and those from rural areas (53%) are most open to borrowing money from friends and family.

According to Reveal Marketing Research, Romanians prefer these informal loans because they usually need small amounts, and the lack of interest or strict payment terms reduces their financial anxiety.

The same study also revealed that 60% of Romanians trust mobile banking applications to keep their money safe. Internet banking or bank websites are next, with 59% of respondents declaring their trust in them.

A similar percentage, 56%, trust traditional banks to keep their money safe. Generation Z and over-55s have significantly more trust in banks, scoring 65% and 63%, respectively.

According to the same source, 46% of Romanians trust Google Pay and 41% trust Apple Wallet. Those from Generation Z (18-24 year-olds) are the only ones that trust Apple Wallet (52%) more than Google Pay (34%).

When it comes to saving, almost a quarter (21%) of Romanians said they do not manage to save. The percentage is lower than in April 2022, however, when 29% of Romanians said the same.

When looking at the ways Romanians would choose to save, the study revealed, compared to last year, a significant increase in bank deposits. If in April 2022, 51% of respondents said that they would save by putting money in a bank deposit, 58% would choose this method now.

23% of Romanians would choose to keep their saved money in an envelope in the dresser, 5 percentage points less than in 2022, while 1 in 10 Romanians would choose to invest in the stock market through a broker, keeping the same share as last year.

The study also looked at the Romanians’ relationship with banks. As such, it found that half of Romanians use the services of a single bank for all the operations and services they need, to a significantly greater extent Generation Z (63%), people over 55 (56%) and those from rural areas (57%).

47% of respondents said they use the services of 2-3 banks, and 3% collaborate with more than three banks. People active in the labor market, especially those between 35 and 55, collaborate with more banks than the rest of the respondents.

The Reveal Marketing Research study was conducted online between February 15-17 on a sample of 1008 internet users aged 18 and over.