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Tuesday 26.09.2017 | Name days: Kurts, Knuts, Gundars

Survey: every tenth Latvian resident lives for the moment

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Аuthor: PantherMedia/SCANPIXThe financial “safety pillow” or savings are a method employed by only 30% of Latvian residents in their attempts to avoid poverty. 61% of Latvian residents do not make savings of any kind.

50% of respondents are currently unable to afford to save even a small amount of money. They admit they spend everything they earn on everyday needs. At the same time, 11% of respondents say they live for the moment and do not think about the future, according to Nordea bank and SKDS survey results.

In order to increase the residents’ knowledge level and understanding about making savings and using different financial instruments, Nordea has created a financial knowledge program and a financial IQ test about investments and deposits.

36% of Latvian women and 25% of Latvian women have created financial “safety pillows”. The essence of the “safety pillow” is closely linked to the residents’ education and income level – residents with higher education (35%) and high income (52%) have plenty of savings, according to the survey results.

“Looking at the trends of “safety pillow” makers it becomes clear that the recent events have taught residents “not to put all the eggs in one basket” and so they decide to save their money in different ways. 55% of respondents have their savings deposited in a bank. 47% of respondents prefer to make savings in cash. 24% prefer real estate, 15% – life insurance deposits, 8% – prefer securities or funds”, – SKDS Director Arnis Kaktins comments the results.

A similar situation is noted by financial specialists. “Residents who create savings often keep their money on deposit accounts. Those that prefer to take on larger risks and perform long-term deposits are a minority in this regard. We are too often limited by our lack of knowledge. This is why we continue our Money School program with a goal to increase society’s knowledge of managing savings – so that everyone would be able to come up with an appropriate precautionary solution for their financial situation”, – says Nordea Private Service Department manager and Nordea Money School manager Jana Strogonova explains.

Free money is more likely to be spent than saved

Most of Latvian residents see their current financial situation as rather tense. They see their opportunities of saving money as very limited. Only 28% of Latvian residents save some part of their income, while 23% of residents are capable of saving money only if they decide not to purchase something important. 38% of residents note their income is not large enough to afford to save money.

74% of residents prefer to save money for the so-called “emergency” or spend on different items they are unable to afford without having to save money. When asked what would they do if they had 1000 LVL, 55% of respondents said they would spend this money on travel and leisure, 28% said they would deposit in a bank, 22% would keep this money in cash, 21% would spend it on education. 16% of respondents would purchase a car or cover the first leasing payment.


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  1. JPR says:

    The handjob hunnies in Riga always have lots of cash in their pockets….

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