Analytics, Financial Services, Funds, Latvia, Society

The main reasons for the savings is to maintain individual or family-based financial security. 73% of respondents listed this as their main reason for saving money, 37% said that they are saving for travel, 34% – for retirement years.

The survey reveals that the number of people who are saving for their own and family's financial safety has grown; in 2012, 66% of people saved for this reason. The majority of people who are saving for this reason, live in the countryside (78%), followed by residents of Riga (70%), women (76%), men (69%).

The number of people who are saving for travel has also increased. Compared with 2012, this indicator has grown by four%, reaching 37%. The majority of respondents who are saving for this reason are residents of Riga (45%) and country-folk (27%).

34% of respondents are saving for their retirement, which is 2% less than in 2012. People who are most active in saving for pension (47% of cases) are aged between 45 and 54. The majority of people who are saving for this reason are country-folk (40%) and residents of Riga (36%).

The study was conducted between November 12 and November 19. A total of 750 residents of Latvia participated in the survey.