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Friday 28.10.2016 | Name days: Ninona, Ņina, Antoņina, Oksana

Average savings of Latvian men are 18% larger than those of Latvian women

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvians create savings mostly for unexpected emergencies. Such is the motivation of 71% of people who create savings in Latvia. The second most popular reason for creating savings is making plans for retirement, which is used by 32% of residents who create savings in Latvia.

24% of respondents divert their free funds to the realization of their dreams, 19% divert their money to ensure their child’s future. Only every tenth respondent creates savings in order to make more money. 41% of respondents create savings for some specific purpose, according to results of a recent survey by Swedbank.

The most popular methods for creating savings include bank deposits (35%), cash savings (26%) and investments in real estate (17%). Alternatives like securities and deposits in investment funds are not too popular with Latvians (3% and 1%, respectively). Residents most often divert 10% of their monthly income to savings. Nevertheless, Latvian residents still lack the finances to create savings – this is claimed by 70% of respondents.

The favourite method for creating savings is a deposit bank account – it is used by more than 80% of Swedbank deposit clients. Compared with the first half-year of 2014, the total number of deposit account users and their safety reserves have grown by 15%. The majority of those clients are 35 and older. Women create savings more often than men (60% of deposit clients are women). In terms of size of savings, however, men are in the lead in terms of creating savings. On average, men’s savings are 18% larger than savings of women.

«The culture of creating savings is gradually developing in Latvia. What is important is that more and more residents take into account the sense of security that is provided by savings. An analysis of our data shows that we have reached the largest volume of savings among Swedbank clients,» – notes the head of Swedbank Savings and Insurance Support office in Latvia Reinis Jansons.


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