Romania ranks second in the European Union in terms of the percentage of those who receive a salary in cash. According to World Bank data for 2021, 24% of wage earners in Romania continue to receive money exclusively in cash. In addition, the same data show that 31% of Romanians did not open an account in a banking institution.
The number of Romanians who prefer cash is decreasing compared to 2014, when a third of workers took money in cash. However, this percentage is still high in an era where technology and digitization have advanced significantly in most developed countries.
The COVID-19 pandemic has accelerated the transition to a cashless market, and many European countries have seen a significant decline in the use of physical money in favor of electronic and digital payments.
There are several reasons that could explain this situation. One of them is mistrust of the banking system, especially among older people and residents of rural areas.
Read the article on Panorama.ro
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.