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Saturday 26.05.2018 | Name days: Varis, Eduards, Edvards
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Every third resident would be unable to pay bills if they lose their job

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEvery third Latvian resident would experience difficulties covering monthly expenses if they suddenly lost their job, according to results of Swedbank Insurance study.

23% of respondents would be able to cover part of their bills. 42% would have to ‘tighten their belts’ and perform the necessary payments at the expense of their quality of life. Only 7% of respondents do not expect any sudden changes in the event of unexpected turns in their life.

In general, upon experiencing sudden impact on their income, 49% of residents would rely on their relatives and friends for support. 27% would rely on the state and municipalities, borrow money from friends (26%) of use savings (24%).

Residents would partially cover bills with support from relatives (56%) and borrowing money from them (34%). Residents who, in a situation when they are unable to pay bills, would depend on the state and municipality for support (32%).

Study results also demonstrate a shocking tendency – residents with large credit commitments would consider turning to fast loan services in the event of losing regular income. Such a strategy would be employed by 21% of residents with multiple loan commitments, as opposed to 3% of residents with one loan commitment and 2% of residents without any loan commitments.

«We rarely think about what we would do if we suddenly lost our jobs or regular monthly income. According to the study, people rarely come up with a plan to deal with such situations. Savings do provide a sense of security. However, according to data, not everyone has enough savings to last more than three months. One solution that is becoming more and more popular in Europe is insurance. This solution offers protection against illnesses and injuries, as well as cases when people lose their jobs,» says Swedbank risk insurance, product line manager Janis Skujins.

He says that insurance can help cover monthly loan payments for up to a year. Data compiled by Swedbank shows that last year’s number of insurance claims submitted for reasons of unemployment and loss of work ability was similar to that of 2015. The average compensation amount was close to EUR 2,000.

In the event of short-term loss of jobs, men evaluate their solvency generally better than women – 10% of men and 4% of women believe they would be able to cover monthly expenses in the full amount without it having a big impact on their quality of life. 48% of men and 37% of women say they would be able to cover necessary expenses by refusing certain daily routines.

Ref: 224.109.109.5092


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