Study: Most young Romanians with money problems don’t ask for help

Over 43% of the young Romanians (aged under 35) who have money problems try to overcome the obstacles by themselves without asking anyone for help, according to a study commissioned by debt recovery firm Kruk Romania. More than 37% of respondents say they turn to the family when they have money problems, and only 4% ask their friends for help. One in ten Romanians ask both parents and friends for help, and just less than 1% choose to seek the advice of a financial adviser. Some 70% of respondents admitted that they had financial problems in their family, which led to tense discussions, and 86% said that they discussed these kinds of situations at home. Some 65% stated that they kept records of monthly spending, including bills, maintenance, loans, or holidays, the study reveals. Although almost all respondents (91%) believe that a budget rationally adapted to their needs could bring them savings, only half calculate and plan their monthly budget. The study was conducted online, between May 16 and May 26, on a sample of some 1,900 people aged between 19 and 35. Almost half of them (48%) have monthly incomes lower than RON 2,000 (EUR 443), 17% make between RON 2,000 and RON 3,000 (EUR 443 – EUR 665), and a quarter don't have any income, being categorized as students. Who do Romanians turn to when facing financial problems? Irina Popescu, irina.popescu@romania-insider