On the occasion of the World Savings Day on October 31st, the global digital bank Revolut, which has over 65 million customers globally and 4.5 million in Romania, has carried out a study* with the research company Dynata on how much Romanians rely on online advice and consultants in order to make their money grow. The survey highlighted their attitude in terms of savings and investment, what are their biggest fears when it comes to online financial recommendations and if they suffered loss after following non-experts’ tips. The survey was conducted on a representative sample of the Romanian population of over 1,000 people, according to Business Review.
As consumers increasingly and unknowingly turn to illegitimate sources for financial guidance, Revolut aims to counter this trend through transparency and education. Through the app, users have access to easy-to-understand learning modules and financial tools that support customers on their journey to grow wealth long-term.
6 out of 10 Romanians took financial decisions based on online advice
Almost 60% of the respondents to the survey recognised that they took financial decisions without verifying it with a professional or trusted source. 26% of respondents are doing this occasionally, 11% frequently and 21% rarely. 42% of the survey respondents declared that they never follow online recommendations. Women (47%) are more cautious when it comes to the trust in the online financial advisors, compared to men (37%) and never follow this type of advice without verification. Also, 36% of the young people (18-34 y.o.) mentioned that they occasionally use these kinds of recommendations with the hope to increase their funds. The more mature generations, by contrast, never search or use online financial consultancy as an inspiration to save money or invest (63%).
Fear of scams, the first reason for rejecting online financial consultancy
For 45% of Romanian respondents, the primary barrier to following online recommendations is the fear of scams. Other significant concerns among the surveyed group include pump and dump schemes (24%), Ponzi schemes (22%), and overhyped or misleading claims (17%). These obstacles vary depending on age and generation.
The age category 25-34 y.o fears the most of fraud (54%) and Ponzi schemes (29%), while silver consumers (65+ yo) are reluctant due to pump and dump schemes (33%).
One third of Romanian respondents admit that they lost money following online advices
How much money did the respondents lose after following uncertified online advice? 28% declared that they lost a certain amount of money, with the highest proportion amongst those losing up to €1,000 (16%). Regarding financial advice, one in five respondents followed online recommendations with no negative outcomes. Conversely, one in four has never utilized tips from unknown online sources. Additionally, 22% reported never having invested, traded, or sought any financial advice.
A clear gender difference emerged, with men exhibiting a greater propensity for risk. Thirty-two percent of men confirmed following online financial recommendations that resulted in a loss, though most (20%) experienced minor losses under EUR 1,000.
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