Half Latvian residents have savings

2008-12-04
TBT Staff in cooperation with BNS

RIGA - A survey carried out by the Latvian branch of Swedbank has found that 56 percent of the country's residents accumulate savings.

Bank spokeswoman Kristine Jakubovska told the Baltic News Service that most respondents said they were saving money because of the difficult economic situation in the country.

"A reserve of money always provides a feeling of financial security,ensures a possibility to cover unexpected expenses in the changingeconomic situation. The fact that people have started saving up forsecurity is a good sign and shows that people are planning their expensesmore carefully and are forming financial security for their future," saidSwedbank investment management head Elmars Priksans.

Jakubovska said that men more often than women are saving up for thefirst installment of a real estate property or a car, for hard times,health, holidays and important events in life. Meanwhile, women more oftenaccumulate savings for housing repairs, furnishing, trips and futureof children.