As some residents have already withdrawn funds from their second-level pension accounts, Lithuanian President Gitanas Nausėda is urging people to approach the issue of wisely spending the returned funds responsibly.
Last weekend, retailers already recorded a significant increase in consumer activity, while banks received data reminiscent of Christmas shopping: according to payment card data published by SEB bank on Monday, household spending was about 20% higher than during the corresponding weekends both a month ago and a year ago, and total spending was higher than in the pre-Christmas weekends of last year.
The head of state emphasized that the funds spent on consumption by residents withdrawing their money from accounts will "turn into a somewhat smaller share of pensions."
Moreover, according to the president, the money spent on consumption will only provide a short-term boost to the economy.
As reported, residents of Lithuania who decided to withdraw funds from the second level of pension savings in the first quarter of this year began receiving their invested funds along with investment income on Friday. And all those who withdrew funds will receive them by April 15.
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