This figure is slightly above the European average of 47%. The survey, which included over 6,200 individuals across 12 European countries, also found that nearly a quarter of Romanian respondents desire professional financial advice but cannot access it.

Roberto Freddi, Europe Lead, Financial Services and Partner at Kearney, said: “We are witnessing a confidence crisis in retirement planning across Europe. Nearly half of consumers doubt they'll be able to maintain their lifestyle after leaving the workforce, while a third simply don't know what to expect.” 

The report highlights a growing trend across Europe, where 41% of people expect to continue working past retirement age. This pressure is particularly intense in Romania, where 48% of people feel this way due to the wide gap between average wages and pensions. 

For those aged 60 to 75, a striking 63% worry about maintaining their current living standards, requiring at least 67% of their current income to feel secure. Women, in particular, anticipate needing 62% of their income, reflecting the persistent gender gap in pay and pensions.

Despite a preference for digital channels—with 68% of clients in Romania using online platforms for investment products—there is still a generational divide, as older investors continue to favour face-to-face advice for major retirement decisions.

Freddi added that retail banks have an opportunity to help by simplifying investment products and offering proactive, personalised support.