Among the Baltic countries, there are interesting differences in how parents and children support each other financially.
32% of Latvians admit that their parents help or have helped them cover their everyday expenses. Furthermore, almost a fifth had help from their parents in covering their study expenses. 10% received help from their parents to buy a home, for example, helping with a deposit, and 10% had help purchasing a car.
The parents of just 6% of those surveyed had formed savings for their future, which is significantly different from Lithuania, where 31% have received savings from their parents.
Compared with the other Baltic countries, Latvian parents were more likely to help with everyday expenses, but less likely to help with buying a car or house or covering tuition fees.
Lithuanian parents are most active in supporting their children financially. Like in Latvia and Lithuania, one third (30%) help their children with everyday expenses. However, setting aside savings for their children is significantly more popular in Lithuania than for their Baltic neighbours: 31% of Lithuanians responded that their parents had saved for their future. 28% had parents help with their university tuition, while 19% received help buying a home, and 17% received help buying a car.
26% of Estonians have received help from their parents for everyday expenses. 18% received help with tuition, 16% for buying a home and 11% for buying a car. 10% of those surveyed answered that their parents had saved money for their future.
Children support parents in non-material ways
However, the funds do not only flow in one direction. Children also support their parents financially and in other ways. 19% of Latvians support their parents financially every so often, 5% do so monthly, and 8% regularly cover various parents expenses. Furthermore, 33% support their parents in other ways every so often, most often young people aged up to 24.
Among the Baltics, Lithuanians are most likely to support their parents financially. 31% of Lithuanians support their parents financially every so often, 6% do so monthly, and 7% do so regularly. 29% give their parents other kinds of support.
In Estonia, 18% support their parents financially every so often, 3% do so monthly, and 6% do so regularly, according to the survey. 42% support their parents in other ways.
The survey was undertaken in May 2021, with a total of 3,000 respondents from the Baltics.