Over 40% of Latvian population cannot cover unexpected expenses

A survey conducted by the Central Statistical Bureau (CSB) show that in 2021, 42.5% of the population could not afford to cover sudden unexpected expenses, according to CSB's information published March 22.

According to CSB, 5.3 % of the population was exposed to severe material and social deprivation, which is 1.7 percentage points lower than in 2020, when the figure was 7.0 %.

Persons with low income were the most vulnerable to material and social deprivation. Among the lowest income group (1st quintile group) the share of the population exposed to severe material and social deprivation reached 16.2 % in 2021, while among the highest income group (5th quintile group) it was only 0.2 %.

In 2021, 59.3 % of the Latvian population could not afford at least 1 of the 13 basic needs (59.8 % in 2020). 42.5 % of the population aged 16 and over could not afford to cover sudden unexpected expenses (46.4 % in 2020), 34.1 % could not afford to go on one week holiday away from home each year (30.1 % in 2020) and 21.8 % could not afford to replace worn-out furniture in their home with new furniture (25.2% in 2020).

The full report is available on CSB website.

 

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