Analytics, Financial Services, Lithuania, Society

According to the experts of Lietuvos Draudimas, the residents, who have no savings and are not insured against losses of their property, become financially vulnerable in the time of economic reprieve, since they might suffer from smallest unexpected losses, informs ELTA.

"In the time of economic reprieve, it was possible to make restitution of unexpected losses by rapidly growing income or easy loan from banks, whereas there will be less opportunities to do that in the future. Even 30% of respondents think that the income of family will decrease this year; almost every second Lithuanian resident indicated having no savings, and almost every second resident revealed having not insured his property. Moreover, banks tighten their credit policy," indicated Vaidotas Krencius, head of the department of the strategy, clients and marketing of Lietuvos Draudimas. According to him, these factors will lead to the increase in residents" financial sensitivity to the smallest losses.

TNS Gallup conducted the representative survey by interviewing over 500 Lithuanian residents at the age of 18-74 in October 2008.