Survey: Amount of money needed to 'live normally' in Latvia grows

Take note – story published 1 year ago

Over the last year, the amount of money needed for Latvian residents to “live normally” has increased significantly, according to a survey conducted by the research company SKDS, LETA reported August 13.

In response to the question “how much should you earn per month to allow you (your family) to live normally”, respondents indicated on average €1,646. This year, this figure is €177 or 12% higher than last year and is the highest in all 22 years of available data.

“Can you imagine that 23 years ago - in 2000 - only €494 per month was enough for a normal life?” SKDS director Arnis Kaktiņš commented on the results.

A year ago, people needed an average of €1,469 for “normal life”, €1,338 in 2020, €844 in 2012, €1,146 in 2008 and €691 in 2006, for example.

The survey shows that the amount needed for “normal life” is increasing every year, except for years when the country is experiencing an economic downturn and the level of expectations is declining. The amount needed for “normal life” has grown at the fastest rate in the years before the crisis, for example in 2007, by 39%. The largest drop was recorded in crisis years: 14% in 2009 and 9% in 2020.

As Kaktiņš notes, Latvian residents' dreams have also remained more expensive compared to last year. This year, on average, it would be enough to earn €3,759 per month for all dreams, which is €555 more than a year ago and €205 more than in 2019, when historically high amounts were reached.

Compared to 2000, citizens had an average of €1,164 for “fulfilling all dreams”, €1,755 in 2005, €2,434 in 2008, €1,930 in 2012, and €3,294 in 2015.

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