Analytics, Banks, Financial Services, Latvia, Society

The survey shows that the respondents most confident about the stability of their income are public sector employees, people with high income (over EUR 1,000 per month), as well as people aged 65 to 74. 

Meanwhile, 6% of respondents in the poll expect their income to increase in the next six months and 40% said that their income is likely to reduce.

The respondents anticipating a reduction of their income are employees working in the private sector and economically active people aged 34 to 65, with children. 

Although respondents with low income (up to EUR 500 per month) are more likely to worry about a possible reduction of their income, 37% of people with high income (over EUR 1,000 per month per family member) are also concerned about the prospect of their income dropping over the next six months. 

The survey also reveals that the Covid-19 pandemic has led people to think more about saving money for emergencies, with 12% of respondents in the poll saying they have just started to put aside money. 

According to the survey's data, 55% of people with savings have no need to start spending this money, while 26% have already started using their savings to cope with financial difficulties, and half of them have almost spent their small savings. Six percent of respondents have already spent everything they had saved up. 

Also, 19% of respondents with outstanding loans admitted that they might have difficulties paying off the loaned money. 

Kantar conducted the survey for SEB Banka from May 12 to 15, interviewing 1,000 residents of Latvia aged 25 to 74.