An Empirical Analysis on Preferred Saving Instruments Based on the Enquiry "Financial Situation of the Romanian Households"
Ileana Gabriela NICULESCU-ARON
saving instruments, financial education level, logistic regression
Keeping pace with the changing times and under the liberalized financial sector regime, the financial-banking institutions developed a new range of financial instruments that offer multiple saving opportunities. But, this innovative and diversified financial-banking system was not able to attract the population away from the traditional methods of saving. Pertinent results in the analysis of savings instruments that households resort to may be quickly obtained with the help of data from selective studies. To this purpose, the aim of this paper is to highlight some particularities of preferred saving instruments of the Romanian households, starting from the results of an enquiry that took place during 1-15 May 2012 on a sample of 1728 respondents, constituted with quota sampling. The study reveals that cash and bank savings still remain the most preferred methods of the households. The results also highlight that certain factors like financial education level, trust about the financial-banking system or the residence area have a significant impact on decisions regarding saving methods.