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Ceturtdiena 22.02.2018 | Name days: Rigonda, Adrians, Ārija
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One-fifth of Latvian parents make savings for their children's future

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU22% of Latvian parents who have children under the age of 18, actively make savings for their children’s future. 52% of parents plan to start making savings in the near future.

The average amount of money diverted by parents every month varies LVL 10-30. This allows parents to save up as much as LVL 2,000 to 6,500 by the time their children turn 18, Swedbank reports.

20% of respondents noted that the most appropriate amount of money parents should have to secure a future for their children ranges LVL 3,000 to 5,000 (per child). 17% of respondents said this amount should be within 10,000-20,000. Only 7% said it is enough to have LVL 1,000.

Women tend to make savings more actively than men (62%). 45% of residents who make such savings start before their child turns five. 81% of parents have set their child turning 18 as the end of money saving period. 88% of parents divert as much as LVL 30 every month.

52% of respondents say the main advantage of making savings for a child’s future is saving the largest possible amount by the time a child has fully grown. This money can then be used for education, more expensive purchases and other means.

Opportunity to gain tax benefits from performing regular deposits is good motivation for 40% of Latvian parents to make savings for their children. Life insurance is good motivation for 23% of parents. If some accident occurs and the insured person dies, the money is transferred to his or her family members.

Ref: 102.109.109.9914


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