How Much Romanians Save Compared to Germans: An Eightfold Difference, Eurostat Shows

Data published by Eurostat reveals a significant gap between Romanians and citizens of other European countries when it comes to money held in bank accounts or kept at home as cash. At the end of 2024, Romanian households held a combined total of approximately €95.9 billion in cash and bank deposits. Divided by the number of residents, this amounts to just over €5,000 per person.

By comparison, households in Germany held savings of around €3,482 billion, or nearly €42,000 per capita. In France, the average exceeds €30,000, whilst in Italy it approaches €27,000. In practical terms, the average German holds more than eight times as much in savings as the average Romanian — more than six times as much as the average French person, and more than five times as much as the average Italian.

What these averages actually tell us

It is important to note that these figures are statistical averages, not actual sums held in any individual's account. The calculation encompasses the entire population — children, people with no savings, and those with large deposits alike — which is why the average does not reflect the real financial situation of a typical family.

Why Romanians save less

The primary explanation lies in lower levels of disposable income. Although household incomes in Romania have risen considerably over the past 20 years, they remain below those found in Western economies. Compounding this are inflation and rising utility and food costs, which have eroded the amounts families might otherwise have been able to set aside.

Furthermore, Eurostat data shows that in 2024, Romania was among the European countries with a negative household savings rate — meaning that, overall, expenditure exceeded disposable income, and some families were forced to draw on existing savings or take out loans.

Property: the primary asset of Romanian households

Despite their limited financial savings, Romanians have the highest home ownership rate in the European Union: in 2024, approximately 94% of them lived in a house or flat owned by their household. As a result, the wealth of many families is concentrated in property rather than in bank deposits, shares, or other financial investments. The drawback is that a home cannot be quickly converted into cash when unexpected expenses arise, unlike a bank deposit.

A higher level of savings provides greater protection against job loss, medical emergencies, or periods of rising prices, whilst also enabling easier investment and reducing dependence on credit. For many families in Romania, building up a financial reserve covering several months of expenses remains a challenge, given that a significant portion of their income goes towards loan repayments, utilities, food, and transport.