The study is the first in the series ABOUT MONEY 1:1 that Raiffeisen Bank will conduct monthly on topics related to the financial behavior of Romanians and the impact of money on everyday decisions.

Five out of 10 Romanians have heard of Blue Monday, the third Monday in January and what specialists call the most depressing day of the year, and the phenomenon is especially known among people with higher education and Bucharest residents, who are more aware of the impact of this period on their emotional and financial state, the study data reveal.

The survey results show that Blue Monday is not just an urban myth, but a common reality for many Romanians, which affects them significantly, especially financially. The combination of higher utility bills, increased spending during the holiday season and the cold weather puts extra pressure on overall well-being.

Bigger worries, smaller budgets

January is perceived by many as a time of restrictions. According to the survey, 50% of respondents reduce their spending or create a strict budget (29%) and 60% of respondents indicate a lower monthly budget during this period.

In addition, 37% of respondents believe that their financial situation affects their emotional state. During this period, more than half of Romanians (53%) become more cautious with spending, while 22% are more prone to impulsive decisions. Financial stress is also felt more strongly in families with children.

Smaller budgets and higher spending push many Romanians to adopt emergency solutions. More than 40% of Romanians turn to savings or loans to cope with post-holiday spending, while only 4 out of 10 use financial apps to manage their budget. These figures underline the importance of better financial planning.

Young people are more oriented towards saving and technology

The survey results indicate more responsible behavior among 18-24 year olds. They are trying to save more in January, and the 18-35 age group is more open to using apps and financial tools to manage their budget compared to other age groups.

"Blue Monday should not become a depressing tradition. We encourage Romanians to adopt a proactive attitude in managing their personal finances, especially during demanding periods like the beginning of the year. The solutions we provide can help in monitoring and optimizing spending, and with personalized financial planning and more effective budget control, we can turn this period into one of balance," says Mihail Ion, Vice President, Capital Markets, Investment Banking and Personal Financial Planning Division, Raiffeisen Bank Romania.

In the context of Blue Monday, Raiffeisen Bank specialists recommend a few steps for effective budget management, which can also lead to improved emotional state:

• Plan ahead: Make a budget for January as early as December, taking into account holiday spending.
• Prioritize spending: Separate needs from wants to identify where you can save.
• Use digital tools: Financial apps can help you monitor and control spending in real time.
• Build a contingency fund: Set aside a small amount each month for unexpected situations.

The nationally representative CAWI survey by Raiffeisen Bank Romania, in collaboration with Appinio, was conducted on a sample of 700 respondents.

Blue Monday is a term coined to describe the third Monday in January, which is considered the most depressing time of the year. The concept was originally promoted by a UK travel agency and popularized by a formula developed by psychologist Cliff Arnall. The formula included variables such as: bad weather conditions in January, debts accumulated after the winter holidays, low motivation at the beginning of the year, long time until the next holiday etc.