TALLINN – A survey commissioned by Luminor bank shows that if people had extra money, they would most likely use it to fulfill their dreams and buy an apartment, repair an existing home, travel or buy a car.
Most, or 38 percent, of Estonian respondents would like to buy their own home, a popular wish was also to renovate an existing home, which approximately a third of the Baltic respondents wanted to do, Luminor said.
According to the survey, home renovation is more important for respondents over the age of 50. The third most frequent answer among Latvian and Estonian respondents was travel, and this was mostly the case for young people under 30 years of age. By contrast, Lithuanian residents would prefer to buy a new car.
According to approximately half of the residents of the Baltic states, more than 20,000 euros are needed to meet these goals. "At the end of the first half of this year, the volume of loans issued to the residents of the Baltic states for various purposes reached 5.5 billion euros. Of course, the lion's share of this is home loans, which we have financed the most," Tanel Rebane, head of retail banking at Luminor, said.
Residents of the Baltic states would also use the extra money to improve their health, buy a cottage or holiday home and invest in hobbies.
The Luminor survey was conducted in August 2021 in collaboration with pollster Norstat. Altogether 3,003 Baltic residents aged 18-74 participated in the survey.