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Wednesday 18.10.2017 | Name days: Rolanda, Rolands, Ronalds, Erlends
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83% of Latvian households do not have any savings

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If back in early 2010, the welfare level of Latvians was mostly hit by salary cuts, it is food and other basic necessities price gains since the 3rd quarter of the last year. Moreover, four fifths of Latvian households do not have any savings at all.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUThe key reasons for deteriorating welfare levels are salary cuts, higher prices of foodstuff and other goods of prime necessity, loss of job and no hope to find employment.

While, in early 2010, the main reason for dropping welfare level was salary cuts, but starting from the 3rd quarter of 2010 – food products and other goods of prime necessity price gains, according to the Central Statistical Bureau.

Finding a job still is an issue. In the 1st quarter of 2011, only 11% of the total number of households, reported its members have found a job. But 9% of the households with its own business admitted that during the past 12 months demand for the goods or services produced in his/her enterprise has climbed.

Given dropping income and the existing economic situation of the past 12 months, people tried to save up in various ways.

Unfortunately, about four fifths of the households admitted they have no savings at all, moreover, the share is up from 79% in the 1st quarter of 2010 to 83% in the 1st quarter of 2011.

To improve the economic situation, households receive formal (state and local government) and informal (relatives, friends, etc.) material aid.

According to the survey data, 13% of the households received aid from state and local governments. The share of households receiving such aid is increasing gradually – from 10% in 1st quarter of 2010 to 13% in 1st quarter of 2011.

The share of households receiving material aid from relatives or friends has remained flat. Also in the 1st quarter of 2011, 12% of the households received financial aid from relatives or friends in Latvia, but 4% of the households, in turn, had financial aid from relatives or friends living abroad. The latter has slightly dropped as previoously it was 6%.


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