Analytics, Financial Services, Lithuania, Society

"The experience of other countries that adopted the euro shows that support for the common European currency grows significantly after the currency's adoption. A shift occurred in Lithuania before entering the euro area. This was driven by the significantly increased awareness of the public, as ignorance is often the cause for all sorts of fears," said the central bank's Governor Vitas Vasiliauskas.

The public most often names the eliminated currency exchange costs, future association with Europe, the country's stability and economic growth as the reasons for positive assessment of the euro. Fears of growing prices, loss of national currency and anxiety about the ability to reorient during the changeover were most often named by those who assess the future currency sceptically.

The euro was positively assessed by people both in the cities and villages. Among people living in villages the euro adoption was positively or very positively assessed by 52%; negatively or very negatively – 36%; among people in the cities – 54 and 40%, respectively.

The public survey also indicated that nine out of ten people feel very well or well enough informed on the euro. 94% of those surveyed know the irrevocable litas and euro exchange rate.

According to the survey data, 84% of respondents have seen cash euro, while every other person could name at least one of the euro security futures. According to the survey data, 68% of the population have used euro in settlements. In addition, most of the population know that euro banknotes are the same in all countries, while coins have different national sides.

73% of respondents know what the Lithuanian euro coins will look like, while the Vytis on the national side of the euro coins was positively or very positively assessed by 90% of respondents.

The survey of the public opinion on the euro was performed on 3-26 November 2014, via the Omnibus method. A total of 1,002 residents of Lithuania, over the age of 18, were surveyed. The survey was performed by the sociological research company BERENT Research Baltic.