Financial independence is more of an aspiration than a reality for most Romanians, while the age of 30 is the main milestone at which people’s relationship with money changes, with significant differences across generations, according to the study The Ages of Money, conducted by Reveal Marketing Research for the CFA Romania Association and BCR.
The research examines Romanians’ perceptions of financial independence, identifies generational differences in attitudes towards money, and assesses how financial knowledge is passed on between people of different ages.
“Twenty-five years after the establishment of the CFA Romania Association, one of the most important messages of this study is that financial independence is measured not only by income, but also by the ability to make sound long-term decisions. Financial education and dialogue between generations can help bridge the gap between Romanians’ financial aspirations and the reality they experience,” Adrian Codirlașu, CFA, President of the CFA Romania Association, said.
Romanians define financial independence primarily in terms of autonomy from others (22%), financial security and stability (19%), and the freedom to make decisions about their own lives (16%), the research found.
However, perceptions vary across generations. Gen Z is more likely to associate financial independence with income earned through their own work (19% vs. 7% among Gen X), while Generation X places greater emphasis on financial security (22% vs. 14% among Gen Z).
The study also found that only 36% of Romanians consider themselves financially independent, while 15% believe they will achieve financial independence in the future. Gen X reports the highest level of financial independence (41%), followed by Millennials (35%) and Gen Z (26%).
Asked how they feel they are doing financially compared with others their age, 62% of the respondents said they are behind where they would like to be. This perceived financial gap increases with age, standing at 52% among Gen Z, 61% among Millennials, and 69% among Gen X.
The study showed that most Romanians associate financial maturity with receiving their first paycheck (32%), while their relationship with money undergoes a major transformation around the age of 30.
A total of 23% of the respondents wish they had made the decision to start saving much earlier in life, while 46% believe that developing a savings habit is the most important lesson younger people can learn from older generations. Meanwhile, 42% of Romanians say older generations have something to learn from younger people about diversifying their income sources.
The study was conducted in October 2026 among a sample of 1,200 respondents aged 18 to 61, both men and women, from urban and rural areas, all internet users. The sample was evenly distributed across three generations: Gen Z (1997–2012), Millennials (1981–1996), and Gen X (1960–1980). Data was collected using the CAWI (Computer-Assisted Web Interviewing) method through self-administered questionnaires.
The CFA Romania Association is the professional organization representing investment professionals in Romania who hold the Chartered Financial Analyst (CFA) designation, awarded by the CFA Institute.
Banca Comercială Română (BCR), a member of Erste Group, is a financial group encompassing banking operations (retail, corporate and investment banking, treasury and capital markets), as well as specialized companies operating in the leasing, private pensions, and housing finance sectors.
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