Latvian youth least financially prudent in Baltics

Take note – story published 7 years ago

Young people in Lithuania and Estonia are more actively saving money for some specific purpose than youngsters in Latvia, according to a survey by SEB Banka, BNS reported on Monday.

In Latvia, 61% of young people are saving money for some specific purpose as opposed to 76% in Estonia and 78% in Lithuania.

The main reason why Latvian youths accumulate savings is to make a major purchase, or buy a car or housing. 

Major purchases such as a personal computer or smart phone are what 18% of youngsters in Latvia, 21% in Lithuania and 23% in Estonia are saving money for.

Saving money to buy an apartment is the second most popular reason for saving – 12% in Latvia, 13% in Estonia and 22% in Lithuania. Buying a car is the third most popular reason, given by 8% in Latvia, 22% in Lithuania and 10% in Estonia.

Estonian and Lithuanian youths tend to save up money for travels more frequently than their Latvian peers – 16% and 15% respectively against 7%. Paying for one’s studies is the saving purpose for 9% of young people in Lithuania, 5% in Latvia and 4% in Estonia.

Although 20% in Latvia and 18% in Lithuania and 32% in Estonia said they would like to invest their spare money in stocks, respondents in all three Baltic countries admit that investments are too complicated for them --  30% in Lithuania, 28% in Estonia and 25% in Latvia.

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