Residents of Latvia Share How They Would Spend Money if They Became Millionaires

If they became millionaires, 50% of residents would invest the received funds in real estate, while 25% would spend money on improving or renovating their existing housing, according to a survey conducted by Citadele bank in November of this year, reports LETA.

The second most popular choice among those who would find themselves as millionaires would be traveling the world — this option would be chosen by 36% of respondents. Women and respondents aged 50 to 59 were the most likely to select this answer.

One in three (32%) would allocate the money to a so-called "financial cushion" — savings for unforeseen situations that cover basic needs. This was the third most common choice among respondents. The organizers of the survey note that this indicates a worrying trend — a significant portion of the population lacks such savings altogether.

A quarter of respondents (24%) would create long-term savings for their children — this option was particularly popular among residents of Kurzeme and Latgale. 14% would prefer to live as they did before, but with larger savings. The choice to maintain their previous lifestyle was most often made by unemployed individuals seeking work, as well as parents on parental leave. Additionally, 24% would spend the money on paying off existing debts.

Some respondents would invest the received funds in activities with the potential to preserve or increase capital. Nearly one in five would invest in stocks or investment funds, while 13% would choose a reliable savings product with guaranteed returns. 10% would start saving for retirement, including through the third pension level.

15% would use the money to create a new business — this response was more common among men and respondents under 50. 12% would invest in their own development by obtaining education or new professional qualifications. Women and individuals with existing higher education were the most likely to advocate for academic advancement.

Philanthropic goals for distributing a million were chosen by 18% of survey participants — they would donate part of the funds. 4% would support some cultural, educational, or sports project, while only 2% of respondents would choose to create their own charitable foundation or scholarship program — this was the least popular response option.

The survey of residents was conducted by a bank in collaboration with the research agency Norstat in November, in an online format, and covered more than 1,000 residents of Latvia aged 18 to 74.