These are the findings of research carried out in January 2008 by Henley Centre Headlight Vision for Aviva plc.
- 70% of Romanians neither save nor invest money
- 28% of Romanians prefer to spend rather than save or invest
- 17% of those who nonetheless do manage to save money, do not deposit very much more than the equivalent of an average monthly salary (€300), and 12% of these save even less (€200)1
These are the findings of research carried out in January 2008 by Henley Centre Headlight Vision for Aviva plc. The survey was conducted in 25 countries in Europe, Asia Pacific and North America, and included Romania, and the findings show that in the majority of countries in central and eastern Europe, interest shown by the population in financial products is fairly low compared with other countries in Europe.
Romania is in last place in terms of the average number of savings/investment products held, with only 0.7 products per person surveyed, whereas the European average is 2 products per person surveyed.
Romania comes half-way down the list of countries in central and eastern Europe when it comes to expenditure versus savings, with 28% of Romanians preferring to spend money rather than save or invest in financial products; the Poles and the Lithuanians are in first place (42% of those surveyed), and those in last place are the Czechs (only 20% of those surveyed).
In terms of what motivates the Romanians not to save money, 66% of those surveyed cited "it is impossible to save money" as the main motivating factor. Only the Hungarians came out with a higher percentage (77%). The Czechs are the most moderate in terms of what prevents them from saving money, with 29% of those surveyed giving as their main reason the fear of losing their savings or investments.
"In a society built around consumerism, such as Romania's, the promotion of long-term savings products, pensions or life insurance policies is a real challenge, and this becomes more significant the more the market grows. A great deal is invested in advertising and sometimes the vital factor is missing - in order that this market can attain the level of development of central and eastern European countries, we need adequate financial education," so states Shah Rouf, CEO Aviva Romania.
"In this context, Aviva's mission, to offer free financial advice to every customer, will help them to understand which financial products will cover their specific needs and what benefits they will derive from buying them," added Shah Rouf.
Anyone who wants to take advantage of a free financial assessment is invited to complete the form which can be found on the website www.aviva.ro/Aplicati-pentru-o-analiza-gratuita-a-necesitatilor-dvs-financiare-ss-114,267.htm.
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The point of contact for further information:
Lavina Orăscu - Brand Communication Co-ordinator
Telephone: 0723 310 378
E-mail: lavinia.orascu@aviva.ro
Note for editors:
- None of the findings of the Aviva survey may be reproduced without acknowledging the source: Aviva Life Insurance.
- The Consumer Attitudes to Savings survey was undertaken in 2004 in 11 countries, in 2005 in 16 countries, in 21 countries in 2006 and in 2008 in 25 countries. Starting in 2006, Romania was included in the survey. The countries in which the research was carried out in 2008 are: Great Britain, France, Germany, Italy, Spain, Ireland, the Netherlands, Poland, Turkey, Russia, Hungary, the Czech Republic, Romania, Lithuania, Belgium, China, India, Singapore, Hong Kong, Taiwan, Australia, Sri Lanka, Malaysia, the United States of America, Canada.
About the Aviva group
Aviva is the oldest insurance group in the world and the largest in Great Britain, dating back to 1696.
Today, Aviva has 57,000 employees and 45 million customers in 27 countries across the world.
The group is the market leader for life insurance and pensions in Europe, leading on the majority of the markets in which it operates.
Aviva has revenue from insurance premiums* and investments totalling €54.3 billion and administers over €491 billion worth of funds.**
Aviva Group Romania includes three companies: Aviva Life Insurance, Aviva Administration Company for a Private Pension Fund, Certinvest (purchased on 13 September 2007).
About Aviva Life Insurance and Aviva Administration Company for a Private Pensions Fund
Aviva began operating as a provider of life insurance in Romania in 2000 and currently insures over 1,100,000 customers.
On 26 July 2007, Aviva received approval from the Oversight Committee for the System of Private Pensions to set up a company to administer private pensions (Aviva Administration Company for a Private Pension Fund SA), and on 25 August received authorisation to administer its mandatory pension fund - Pensia Viva.
About Certinvest
Certinvest currently administers €15 million in four mutual funds, each of them based around a different type of investment: Intercapital (a shares fund), Capital Plus (a diversified fund), Orizont (a fixed-income - bonds - fund) and Tezaur (a capital market fund). Certinvest also administers individual investment accounts.
Certinvest has shown throughout the years that it is one of the most dynamic and innovative administrators in the market. The company launched the first commission-free sales fund on the Romanian market (Tezaur) and the first bonds fund in Romania (Orizont).
Certinvest is also proud to support the growing investment funds market in Romania.
* according to new sales from 31 December 2007
** at an exchange rate of 1 GBP/ 1.33 EUR
1 The "Consumer Attitudes to Savings 2008" survey was conducted by Henley Centre Headlight Vision in the first semester of 2008, commissioned by Aviva plc. GfK Romania oversaw the survey in Romania