Analytics, Covid-19, Financial Services, Latvia, Society

International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2024, 16:37

Share of Latvian residents accumulating savings has shrunk as a result of Covid-19

BC, Riga , 14.12.2020.Print version
The Covid-19 crisis has left an impact on Latvian residents' habits to accumulate savings - 56 percent of residents take care of their "safety net" this year, which is by 3 percentage points less than in the past three years, according to Maxima Retail Compass data.

Almost 36% of residents have put aside some money irregularly, while 20% save up a certain sum of money every or almost every month.

According to the poll, the savings that shrank most were those put aside for a particular goal, for example, education and health, travel and wedding.

"Changes in priorities in relation to savings can be also explained not only with the restrictions in the country, but also with reduction of income during the first wave of the pandemic,' said Maxima representative Jelena Popjonoka.

The survey data show that 48.5% have saved some money for  "a rainy day" as they are not confident about further situation in the economy, while 23.4% have saved up for the old age, which is by 3 percentage points less than in 2019.

The survey was conducted in cooperation with SKDS pollster, polling 1,005 Latvian residents, aged 18-75.

In 2019, Maxima Latvija achieved EUR 836.727 mln in turnover, while the company posted EUR 27.496 mln in profit.

Maxima Latvija was registered in 2000, and has a share capital of EUR 4.91 mln. Maxima Latvija is fully owned by Dutch-registered company Lincoln Land Erste.

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