Revolut study conducted by Reveal Marketing Research: 6 out of 10 Millennials in Romania use fintech apps

Deniza Cristian 10/08/2022 | 11:17

Revolut in collaboration with Reveal Marketing Research conducted a study to find out to what extent financial apps and digital solutions of money management help Romanians to maintain control over their money.


  • Digital financial products are increasingly appealing as they simplify daily life and 1 in 3 respondents declare they would be interested in acquiring savings accounts and credit cards through a digital platform in the next year.
  • 62% of the respondents use money management apps often during a week, while 35% of the population believe that these are helpful to improve their financial situation and, to a greater extent, fintech users (43%) vs. non-users (28%).
  • 6 out of 10 Romanians use fintech solutions because these are cheaper (58%) and faster (57%) than traditional services, while providing reliability and security (37%).

Fintech awareness and adoption are increasing rapidly among Romanians

Even though fintech is a relatively young financial sector, the latest survey solicited by Revolut and conducted by Reveal Marketing Research showed that 78% of Romanians have heard of fintech solutions, and 47% are currently using them.

If we are taking a closer look at the results, we notice that the awareness rate about fintech solutions among men, those aged 25 to 44, and with higher education was higher than in the case of the rest of the sample. When it comes to usage behavior, the Millennials – under 35 y.o. – use fintech digital wallets to a significantly higher degree (56%).

Turning to brands, Revolut is the fintech app with the widest and most loyal community in Romania, with almost 80% of fintech users being Revolut customers and, with nearly half of them using the app for at least 1 year (48%).

Digital financial products as solutions which sustain a balanced life in an unpredictable world

In a context characterized by lack of predictability, Romanians are more responsible when it comes to managing personal finances. 33% of the respondents are thereby planning to acquire savings accounts through a digital platform in the next year in order to add extra comfort in their daily lives. Due to transparency, speed, and ease of access to the money at any time, any place, the saving products are, by far, on the first place in all age categories when it comes to the planning of financial products to be added to the fintech solutions already in place. Especially women (34 %) intend to use fintech for savings and Millennials (25-34 y.o., with 37%).

On the other side, another third of the population intend to maintain and update the desired lifestyle by opting for a credit card through a digital platform in the next year (27%) or for a personal loan (20%). The highest rate of interest towards personal loan offers is noticed among 45-55 y.o. fintech users (23%).

In case of young Romanians aged 18-24, investing in cryptocurrency (28%) or stock market (17%) in order to protect and/ or multiply money is becoming an increasingly attractive perspective compared to the total sample (16% and 12% respectively).

Safety-related products like health insurance, life insurance, and private pensions are less attractive for the GenZers (under 24 y.o.).  The interest in these categories increases with age, peaking in the 45-55 y.o. group, a normal trend that was not dramatically changed by the pandemics or the inflation. In the group over 55 y.o., the interest decreases, especially for the pension insurance, as they probably realize that it’s probably too late for them to start saving in such a product. Instead, credit cards are one of the products this category will intend to add to their financial tools portfolio in the future (27%).

The interest in cryptocurrencies is the highest in the under 24 year old group. Men tend to be between 50%-100% more interested than women in risky assets such as crypto and trading. The gap widens with the increase in risk, with the biggest gap in cryptocurrencies (22% of all male respondents are interested in crypto vs 12% of women).

The rising interest of younger generations towards cryptocurrencies is also highlighted by Revolut data (anonymised and aggregated). As of the end of July 2021, the number of users interested in crypto, in the segment 18-24 y.o, increased by 78%, compared to end of July 2021 In growth terms, their category was followed by their ”parents” generation, 45-54 y.o. with +57%, in the same period. The trend has been also supported by crypto literacy initiatives like ”Learn and Earn”, a series of courses especially included into Revolut app to enrich the knowledge of customers on cryptocurrencies and blockchain technology. And the courses will continue.

Using money management apps regularly is the new “normal” way of doing things in nowadays society

62% of the respondents use money management apps (internet banking/ mobile banking apps) often during a week while 35% of the population believe that these are very helpful at improving their financial situation. Both of the previous statements were visible at a greater extent in case of fintech users vs. non-users, recording differences of more than 15% between the segments.

The survey revealed an age pattern in Romanians behavior and perception regarding how they relate to digital solutions for managing finances. Thus, while the usage frequency is higher for those younger than 45 (66%), those aged over 45 believe to a higher extent that these are very helpful at improving their financial situation (39%).

Why fintech?

The main motivations which explain the increasing use of fintech are closely linked to the cost-efficient and seamless experience it provides to its customers. Thus, fintech services are evaluated as cheaper (58%) and faster (57%) than traditional banking, while providing reliability and security (37%).

Regarding the reasons why they choose to use fintech solutions instead of traditional banking, the data show that men tend to be more cost oriented, while women prioritize more time-efficiency. Also, it could be observed that for those over 55, the reliability and security provided by these solutions is important to a significantly higher degree.

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