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Survey: Latvians expect their financial state to improve in 2018

33% of Latvian residents are optimistic and believe their family’s financial state will improve at least somewhat in 2018, whereas only 6% are very optimistic and believe the year will be more successful than the previous year, according to results of a survey performed by Norvik Bank.

38% of residents are confident that their family’s financial state will remain unchanged, whereas 24% of residents believe their family’s financial state will worsen.

«Outlooks suggest that 2018 will retain stable economic growth. This means every one of us will get minor or major increase for our wallets. Residents will be able to spend more when planning their budgets. To ensure larger savings for the family budget, it is first of all important to review everyday expenses. Secondly, it is best to save up money for some major purchase – it will be easier to reach a goal if there is something specific,» says Norvik Bank’s private persons service manager Anna Vjaksa.

She says that it is noteworthy that 23% of respondents make savings on their wage account and 19% – on their deposit account. Only one-fifth of respondents intend to make savings in cash form. This is why Norvik Bank welcomes anyone to come over and ask for advice from specialists to help pick the most appropriate method for making savings.

Most of the time residents divert to savings the amount left after paying all mandatory bills. «To successfully start making savings one should consider making it a habit – diverting a certain amount immediately after getting paid,» recommends Anna Vjaksa.

55% of Latvian residents already make savings on a regular basis. 23% are committed to starting making savings in 2018. 32% of residents view 2018 as the most appropriate year for spending money.

18% of respondents believe now is the best time to plan the future. What is particularly interesting is that 14% of respondents, mostly young men (20%) said 2018 is the best time for making investments – in real estate or crypto-currency. 44% of Latvian residents admit not knowing how best to use their money.

50% of interviewed Latvian residents admit their family intends to pool their money and make savings accessible to all members of the family. 26% of respondents pick one priority goal for making savings. 20% of respondents, most of them young people (31%), who formed a family only recently, tend to make multiple simultaneous savings, dividing them for specific goals.

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