Poll: COVID-19 crisis made 26% of the population start saving

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During the crisis of COVID-19, 26% of Latvian residents have reevaluated their savings habits and are determined to start saving or accumulating more funds than in the past, according to a study by the bank Luminor, the bank's pension product manager Anželika Dobrovoļska told Latvian Radio on June 19.

A survey of the population in all three Baltic States shows that only 5% believe they have sufficient resources or properties to survive retirement age, and 80% believe they do not have sufficient savings for retiring.

Meanwhile, 27% have not been saving until now, nor are they planning to do so.

In Latvia, 32% of the population now assess pension level 2 higher than before the COVID-19 crisis, especially for younger people aged 23-34 (39%), while the population aged over 50 is more pessimistic.

Compared to the rest of the Baltic States, Latvia has the largest share of people who have decided in recent months to start saving at pension level 3, most of whom are young people. 22% of people aged 23-34 plan to start saving, while only 7% are expected to do so between 50 and 59.

Dobrovoļska pointed out that a desire to save now appears, people are becoming more knowledgeable, but when the crisis is over, determination can also subside so it is important to be systematic and to get used to saving; you can start with small amounts but make it a mandatory monthly habit that cannot be avoided.

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