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Lithuanians are least saving among EU countries
BC, Vilniaus, 07.08.2018.
Print version
Print versionLithuanian residents are least saving among EU member states, and the Bank of Lithuania says people's trust in the economy has to do with it.
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Laura Gudauskaite, an economist of the Bank of Lithuania, says
people do not save but take loans for big purchases.
"Lithuanian
residents' confidence has been rising for several years now and significantly
exceeds the long-term average. More and more people take loans for big
purchases – a new home or car – and take on long-term financial commitments. In
short, we stop saving when it's the easiest to put money aside," the
analyst said.
The latest
Eurostat figures show that the household saving rate in Lithuania stands at
minus 0.5%, compared to 2.7% in Latvia, 11.3% in Estonia and the EU average of
10.8%.
The saving
rate is calculated by subtracting costs from their income.
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