Survey: Only 1 in 10 Romanians Feel Financially Secure Amid Rising Expenses

The financial challenges of 2024, coupled with an uncertain economic outlook for 2025, continue to put pressure on Romanians’ purchasing power and savings ability. With rising expenses exceeding household budgets, an increasing number of people are turning to loans to cover financial gaps, according to a national survey conducted by tbi bank among over 1,000 respondents.

The survey reveals that only 11.4% of respondents felt they had saved enough in 2024 to meet their financial needs. Meanwhile, 43% managed to save only small amounts, 32% did not save at all, and 14% had to dip into their existing savings, reducing funds available for emergencies. As a result, nearly 28% of Romanians took out a loan in 2024 or plan to do so soon, while 24% already have ongoing loans.

According to Gergana Staykova, Market Lead at tbi bank, the increasing need for credit is driven by inflation and financial strain on households, making it harder for people to save as much as they would like. She emphasized the importance of assessing income, expenses, and debt levels before taking out a loan, encouraging consumers to explore cost-effective financing solutions like Buy Now, Pay Later (BNPL) options, which allow for interest-free installment payments.

When asked about their reasons for seeking financing, 28% of respondents cited a lack of savings, while 20% said their expenses exceeded their available budget. Among those considering a loan, nearly one-third plan to finance a major purchase, such as a car, while 27% need funds for unexpected expenses, 22% for healthcare costs, and 20.7% for everyday expenses.

The survey also highlights the preferred loan amounts and repayment capacities of Romanian borrowers. About a quarter of respondents would consider loans exceeding 80,000 lei, while 41% would take out loans under 10,000 lei. More than 60% prefer personal loans, while just 14% would opt for a mortgage. Regarding repayment capabilities, 24.3% could afford monthly installments above 1,000 lei, while 22.3% could only manage payments up to 300 lei. In terms of repayment periods, 28% expect to repay their loans within 3-5 years, while 25.6% estimate they would need more than five years.

The tbi bank survey, conducted via the iVox platform, analyzed how Romanians perceive the state of the economy and their financial habits. The sample of 1,003 respondents included 47% female participants, with over 50% reporting a net income above 4,000 lei. The findings underscore the growing financial strain on households and the increasing reliance on credit as a financial safety net heading into 2025.

Source: tbi bank