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One-third of Latvian residents are open to loans to afford a major purchase

31% of Latvian residents plan to make a major purchase worth up to ten thousand euros in the next six months, according to results of Norvik Bank’s survey.

58% of residents intend to pay for major purchases using personal savings, 46% plan to use their monthly income, and 30% may consider taking a loan.
 

Most often, residents want to improve their living environment and purchase items for their home or garden (39%). What is particularly interesting is that it is more of a priority for women than men (48% women and 31% of men). 31% of respondents have plans to purchase electronic appliances, 28% have plans to go on a trip, 25% want to purchase a car, and 24% have plans to purchase some household appliance.
 

Survey data also shows that residents who plan to borrow money have a preference for consumer loan (10%) or credit card purchase (9%). The idea of borrowing money from relatives or friends is less attractive to residents (7%). Residents are the least enthusiastic about borrowing money from non-banking lenders (2%), the bank notes.
 

Most often (in 42% of cases) residents who consider major purchases are under 30. This also applies to people with medium-high income. What is particularly interesting is that women aged 40 to 49 more are prepared to spend personal savings on major purchases more often than other residents. Men aged 30 to 39 are more open to using a loan to afford a major purchase.
 

Norvik Bank private persons services director notes that as residents’ income grows, so does the financial education level – residents are gradually becoming more responsible and considerate when it comes to spending large amounts of money.

BNN

30-10-2017
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