One in three Latvians has no savings

Take note – story published 6 years ago

A whopping 32% of Latvian residents do not have any savings compared to 24% of residents in Estonia, and 20% in Lithuania, said Edgars Zilde, a project manager at the Latvian branch of Nordea Bank, citing the latest Nordea survey.

The survey results show that in Latvia and Estonia 28% of the respondents when losing income could not cover regular monthly expenses even for a month, compared to 25% such responses in Lithuania.

At the same time, 58% of Latvian residents, 64% of Estonian residents, and 62% of Lithuanian residents expect their income increase in the coming five years.

Zilde also said that 90% of Latvian residents admitted that they have almost no or very little knowledge about investments. A further 38% of Latvians trust unprofessional sources regarding financial affairs and investments, such as friends, opinions read on the internet or information published on social media, and 36% of respondents said that investments are risky and meant for professionals.

The survey was organized by Omnicom Media Group, interviewing 2,293 respondents, aged 18-65, across the Baltic states.

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