Analytics, Financial Services, Latvia, Pensioners, Society

Leiskalns praised people's ability to "discard the socialist awareness" and accept the fact that they will have to fend for their retirement on their own. "People are beginning to become aware of the demographic situation and the fact that the birth rate in Latvia is one of the lowest in Europe," the expert said.

A number of residents have emigrated from Latvia, which leads people to think that the current retirement system will be unable to function well enough in order to secure them during their retirement age, Leiskalns said.

Another reason why increasingly more people are losing faith in the Latvian retirement system, is the year of 2011, when the pension fund was reduced by about one-fourth.

As reported, the number of residents who believe that people themselves should care more about their life after retirement, not the government, has been increasing the past several years, according to a survey carried out by the SKDS research center.

SKDS found that 23.9% of residents "tend to agree" with the statement that old age necessities should be taken care of by senior citizens themselves, and 7.7% "totally agree".

31.4% "tend to disagree" with the statement, and 30.6% "absolutely disagree."