In the last six months, 28% of Latvian residents have had their money savings reduced because they were forced to start spending them, representatives of “SEB banka” informed, referring to the data of the conducted survey.
However, compared to February of this year, the decline in savings has slowed down and the proportion of residents who managed to increase their financial stability by increasing their savings has increased. The most active savers are young residents under the age of 39.
Compared to the beginning of this year, there are fewer people whose savings are shrinking – 32% of the respondents indicated this earlier. However, almost every fifth or 18% of respondents in Latvia state that their savings have increased, for comparison – in February, only 12% could say so.
On the other hand, the amount of savings for every fourth, or 25%, has remained unchanged. Almost a quarter of the population has no savings.
Mainly, the amount of savings grows among young residents – every fifth person aged 18-29 and every fourth person aged 30-39. Savings are rarer for women – 29% of surveyed women and only 19% of men admit that they have no savings at all. More often, residents in the 40-49 age group do not have savings, where as much as 30% of respondents indicate this.
Compared to the rest of the Baltic countries, there are more people in Latvia whose savings have shrunk, as 20% and 22% of the population in Lithuania and Estonia indicated this, respectively. However, residents in Latvia were also able to increase their savings the best (18%) – in Lithuania and Estonia, 11% and 14% of respondents managed to save more, respectively.
The survey of Baltic residents was conducted by the company “Norstat” in October 2023 on the order of “SEB banka”. 3006 respondents aged 18 to 74 took part in it.