The Moldavans trust their national currency

According to the data from the survey performed on a sample of 1400 persons from 24 towns from Moldova by the Magenta Consulting company in September 2010 (error margin +/- 2,6%), the Moldovan Leu is the most suitable currency to make savings. 51% of the respondents answered that they prefer to save money in national currency. It is a long time since Euro has entered the life of the Moldavians becoming the currency for weddings, vacations’ offers of travel agencies and estimating the cost of apartments. An important part of Moldovans work in the countries of European Union, where the operating currency is Euro, that is why 46% of the Moldovans trust more this currency for their savings. The U.S. dollar decreased its positions in the world economy and in the economic views of Moldovans – less than a third of them would entrust their savings to it (27%). The U.S. dollar is followed by the Romanian Leu (9%), Russian Ruble (1%) and Ukrainian Hrivna (less than 0,5%).

It is very interesting to observe the changes in preferences of those who know to make savings: the younger generations are the most skeptical toward the national currency. In this way the share of those who would prefer to make their savings in Moldovan Leu is lower in the segment of those of 14-24 years than in the segment of mature persons: 42% in case of teenagers and 48% in the case of young people.

Adult persons are those who count on the stability of the European currency, entrusting their saving in a share of 53-56%. The most traditionalists are the persons aged from 55 to 65 years: only 31% of them would choose Euro for their savings. This segment believes that the Moldavan Leu is the most secure currency for saving money: 65% in comparison with 42-55% of those under this age.

The U.S. dollar causes more positive emotions to russian speaking respondents: 37% have stocked the portraits of the American presidents in their jars at home and in bank accounts. A good alternative for this segment is the Moldavan Leu, chosen by 58% of the Russian language speakers (+10 p.p. in comparison with Romanian language speakers). Euro is more attractive for Romanian language speakers than for the Russian language speakers (the difference being of 9 p.p. for this currency).

According to the geographical criteria, it can be observed that the proximity of the National Bank of Moldova has an influence on the populations’ preferences for savings in Moldavan Leu, i.e. those who live in the central region in a larger share decided to open savings accounts in MDL, compared to those who live in the north or south: 55% in comparison with 44% and 43% respectively.

An important concept connected with the idea of savings is the family budget. Several times it happens that the spouses prefer to keep their savings apart, in different secret place like books, stockings or in the basement. That is why we shouldn’t be astonished by the fact that wives take out more easily their savings kept for rainy days and spend them on clothing for their children or husbands, on medications for parents, on current shopping, therefore preferring to keep the savings in Moldavan Leu. The amounts collected are not that large, that is why women prefer to give up the expenses of exchanging their savings from MDL into foreign currencies (so consider 54% of women in comparison with 49% of men). At the same time, men compared to women choose more frequently making savings in Euro (51 % to 42%).