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Monday 21.08.2017 | Name days: Linda, Janīna
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Survey: 32% of Latvian residents have no savings

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULosing their income, 23% of respondents would not be able to cover everyday expenses, 5% would be able to maintain payments for less than a month and 20% of respondents would be able to cover a whole month’s worth of expenses, shows the survey performed by Nordea on personal finances.

73% of respondents in Latvia agree or mostly agree that it is worth making savings for retirement. 84% of respondents find it important to make savings for the future. 77% of respondents agree that it is important to secure financial stability.

«Unfortunately, in spite of positive attitude towards creation of financial stability, 32% of respondents in Latvia have no savings at all and 90% have no or small knowledge of deposits. This is also reflected in results – 25% of respondents still make savings in cash,» Nordea Bank’s representatives say.

38% of respondents trust unprofessional or unsafe sources in relation to financial deals and deposits – friends, family members or posts on the internet. «This often creates the impression that depositing money in financial instruments does not yield profits and only leads to risk or losses.» 36% of respondents believe deposits are too risky and more appropriate for professionals.

«Survey results show that banking professionals have to be very active to explain to residents the value of making savings for the future. We have all the necessary knowledge and skills to help people plan their finances. What is interesting is that 48% of respondents would create savings if they won EUR 10,000 in a lottery,» says Nordea Bank Deposit Consultations and Solutions Department manager in Baltics Anzelika Dobrovolska.

She adds that lack of knowledge is a signal that it is necessary to show clients how to best manage deposits using the bank’s knowledge and experience.

In spite of economic instability in the world, 25% of respondents in Latvia are certain that their income in the next five years will remain the same. 58% of respondents expect their income to grow.

Ref: 224.109.109.5104


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  1. Zerry says:

    Really :) From what to save. If not watching the official statistics the reality in terms of income is dramatic.

    Thumb up 0 Thumb down 0

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