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About 29% of Romanians are concerned over rising costs and 60% are satisfied with their standard of living

posted onAugust 18, 2017

One in three Romanians (29%) are concerned about the prospect of rising living costs in 2018, while 21% of them are concerned about the evolution of the economy in the next period,  according to a study by British research company Gfk UK.

A total of 29% of Romanian respondents said the rise in the cost of living in the upcoming period is caused by an increase in the cost of utilities, 15% said that this is due to costs of maintaining the household (rent or or instalments to the bank to purchase a house) while 12% said that food expenses affect the cost of living. This is over the European average of 17%.

The study also shows that the overwhelming majority of Romanian respondents, 94% think carefully before taking a loan and 92% borrow amounts they know they can easily repay.

“Four out of 10 respondents find it easy to access a loan, similar to last year. This does not mean that they do not deal with financial responsibility very much: 94 percent of respondents say they think very carefully before taking a credit, and 87 percent never borrow under pressure, and 92 percent say they do not borrow more than they know they can repay without difficulty,” the study reads.

Most Romanians said they take into account loans from banks or non-bank financial institutions mainly when they want to make home improvements (31%), to cover unexpected expenses that may affect their financial situation (29%), to cover medical expenses (18%), to consolidate their debts (23%), and to invest in children’s education (5%).

However, 60% percent of the Romanian respondents are satisfied with their current level of living, 8 percentage points more than in 2016 and above the average of 53% at European level.Moreover, 66% percent are confident that the personal financial situation will improve in the next 12 months, slightly below last year’s level (67%), but above the European average of 45%.

The study was conducted by GfK at the initiative of British group International Personal Finance on a sample of approximately 4,000 clients in four European countries, and Mexico.