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Ceturtdiena 27.07.2017 | Name days: Marta, Dita
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Size of savings of a quarter of Latvian residents does not exceed average wage amount

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn spite of the reduction of the number of Latvian residents from 40% to 36% over the course of the year, savings of a quarter of residents do not exceed the size of an average wage in the country, according to results of a survey carried out by SEB Life Insurance.

Results show that the number of people who plan to start making savings in the next twelve months has increased in comparison with the previous year: from 33% in 2014 to 39% in 2015. Furthermore, the proportion of people certain their savings should be at least equal to five monthly wages has increased considerably.

The will to create savings is most often expressed by men, young people and residents with large income. People aged older than 50 are the most often to say savings should be at least equal to five average wages.

SEB Life Insurance manager Kristine Lomanovska says: «People aged 50 and older, who are the closest to pension age, understand the importance of making savings the most. Furthermore, results of our survey also show that respondents of this group often use the tax-return options and rarely spend the money they get back from SRS on everyday purchases. They instead add this money to their savings or spend that money on something important. We have also noticed lately that tax benefits are no longer the deciding factor for creating savings. Only every tenth respondent has said tax benefits are the main stimulus for creating savings.»

Taxpayers who make regular payments to the third pension level or ones that have at least a five-year life insurance contract are eligible for tax returns at 23% rate. Tax benefits are provided to deposits that do not exceed 10% of annual net income.

According to information from SEB Bank, the number of residents who call the tax return process easy has increased from 42% to 61% this year. This means respondents have found the advantages of the electronic SRS declaration system quite useful. At the same time, the proportion of residents who do not use tax benefits due to lack of information has declined from 28% in 2014 to 24% in 2015.

Ref: 102.109.109.3747


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