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Friday 23.06.2017 | Name days: Līga

Need for additional income equally high in all three Baltic States

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUMore than 36% of Latvian residents gained additional income in the past year, according to data of a study performed by Swedbank’s Institute of Finances.

But his is the lowest index among Baltic States: 42% of residents in Estonia and 52% in Lithuania gained additional income.

What is interesting is that every third resident in Baltic States that did not use their knowledge and skills to gain additional income in the past year would like to do that, study representatives say.

The main stimulus for employed people is the opportunity to gain additional income – such a response was given by 69% of Latvian, 77% of Lithuanian and 71% of Estonian residents. The next most important motivational factor is the opportunity to engage in a liked activity at any time and place (39% in Latvia, 48% in Estonia and 23% in Lithuania), as well as the realization that the person applies themselves (34% in Latvia, 36% in Lithuania and 28% in Estonia).

«More money for them or their family’s wallet is certainly the main stimulus to look for opportunities to earn money. However, although the need for additional income is equally high in all three Baltic States, Lithuanian residents are faster on the uptake for making money and Latvian residents are slower. Gaining additional income requires a certain amount of bravery and commitment. We see this in study data. But every act of making money requires an appropriate business form to secure payment of taxes and compliance with the law,» says head of Swedbank’s Institute for Finances Reinis Jansons.

He emphasizes that delays with registration of business activities prevent long-term development and limit opportunities to make money. «To make more money, it is necessary to work in compliance with the law.»

The main areas in which people most often make additional income

When asked about the main activity that has helped them gain additional income in the past year, 11% in Latvia, 12% in Estonia and 14% in Lithuania mentioned using their skills by working freelance.

The next popular activity is offering household maintenance services (repairs, cleaning, child care, etc.). This answer was given by 7% in Latvia, 11% in Lithuania and 14% in Estonia. The third most popular activity for making additional money is consultancy (9% in Latvia, 6% in Estonia and 8% in Lithuania).

When asked about the income they acquired in the past month, the majority of Baltic residents said – up to EUR 50 (33% in Latvia, 36% in Lithuania and 27% in Estonia). It is notable that people in Estonia are able to earn more than people in Latvia and Lithuania – 21% of respondents in Estonia earned EUR 100-200 and 15% earned up to EUR 400. In Latvia, on the other hand, every tenth respondent admits earning more – 12% from EUR 100 to 200 and 10% – up to EUR 400. The situation is similar in Lithuania – 16% earned EUR 100 to 200 and 9% earned up to EUR 400.

«It is important to keep in mind the opportunities offered by the age of developing technologies. When it comes to the expansion of opportunities for earning additional income, the role of different social networks becomes more important for the development of new services and reaching out to new potential partners. What is particularly interesting is that Lithuanian residents use social media more often to sell and promote their services (28%). 24% of residents in Estonia also actively use social media. The same applies to 18% of residents in Latvia,» representatives of the study explain.

Ref: 224.109.109.4192


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