Reveal Marketing Research: Romanians consider banking apps the most secure for the protection of personal finances
- 47% of Romanians would turn to family or friends if they needed a sum of money, and only 29% would take out a bank loan
- The percentage of Romanians who fail to save money has decreased from 28% in April 2022 to 21% currently
- Romanians feel their money is safest using the banking app (60%)
Given that banking operations and financial services are essential aspects today, Reveal Marketing Research has conducted a study to analyze Romanians’ perceptions of banking institutions and how they identify themselves in the collaborative relationship with banks.
Romanians feel their money is safest when they use mobile banking applications
60% of Romanians declare that they trust mobile banking applications to keep their money safe. Internet banking or bank websites are next in line, with 59% of respondents declaring their trust in them.
56% trust the banks themselves to keep their money safe. Generation Z and over-55s have significantly more trust in banks, scoring 65% and 63% respectively.
46% of Romanians trust Google Pay, and 41% trust Apple Wallet. Generation Z (18-24 year old) is the only one that trusts Apple Wallet (52%) more than Google Pay (34%).
Online merchants are the institutions in which Romanians have the least confidence in terms of the safety of their money. 31% trust international online retailers and 38% trust local online retailers. Intermediary platforms that process online payments between merchant and buyer enjoy a higher score, with 45% of respondents saying they trust them to keep their money safe.
Romanians prefer to use loans from acquaintances rather than loans from banks
If they needed a certain amount of money, 47% of respondents say they would borrow from family or friends, to a significantly greater extent Generation Z (64%) and those from rural areas (53%).
Calling for bank loans is preferred by 29% of Romanians, while 11% would use a credit card if they needed a sum of money. 3% of respondents mentioned that they would borrow from non-banking financial institutions (NFIs).
Romanians prefer these informal loans because, most of the time, they are small amounts, and the lack of interest or strict payment terms reduces their financial anxiety.
How Romanians save money
Regarding savings, 21% of Romanians declare that they do not manage to save money. This percentage is decreasing since April 2022, when 29% of Romanians declared this aspect.
32% of Romanians declare that they will save less than at present, and 28% declare that they will save the same as before. For 15% of Romanians, savings will increase, compared to 8% who declared in April 2022 that they will save more than at present.
If we look at the ways Romanians would choose to save, we notice, compared to last year, a significant increase in bank deposits. If in April 2022 51% of respondents declared that they would save by bank deposit, currently 58% of Romanians would choose this method.
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 from last year.
How Romanians pay for online orders
Regarding online orders, 45% of Romanians prefer to pay online when placing the order, especially people between the ages of 45 and 55 (55%), while 44% prefer to pay the order in cash when the package is delivered. Cash on delivery is preferred to a significantly greater extent by young people between 18-24 years old (58%) and people from rural areas (53%).
10% of respondents say they prefer to pay by card, but upon delivery of the order. 15% of people over 55 prefer this payment method.
50% of Romanians declare that they will use less and less cash than before, to a significantly greater extent among people between 45 and 55 years old. 34% declare that they will use cash in the same proportion as before, and 7% that they will use more cash than at present. The data on the use of cash has not changed compared to April 2022.
Romanians’ relationship with the banks
Regarding the collaborative relationship between Romanians and banks, half of them declare that they 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 years (56%) and those from rural areas (57%).
47% of respondents declare that they use the services of 2-3 banks, and 3% collaborate with more than 3 banks. People active on the labor market, especially those between 35 and 55, collaborate with more banks than the rest of the respondents.
About Reveal Marketing Research
Reveal Marketing Research is a full-service market research company, specialized in market research, sociological studies, customer insight, business strategy, market development. With expertise in over 20 industries, Reveal Marketing Research believes that market research is the basis for the right decisions and brand positioning. Qualitative and quantitative solutions have been helping companies in Romania and Europe for 14 years.
Methodology: The Reveal Marketing Research study was conducted online between 15-17.02.2023, on a representative sample for the universe of people aged 18+, from urban areas. The sample size was 1008 respondents, and the maximum sampling error is +/- 3.1% at a 95% confidence level.