Most children and teenagers in the Baltic countries save money, and they save even more often than adults. This is evidenced by the results of a survey conducted by a Swedish bank.
The highest percentage of children and teenagers aged 7 to 17 who save money lives in Lithuania — 88%. In Estonia, this figure is 75%, while in Latvia it is 77%.
Survey data shows that children's financial habits change with age.
In the younger age group (7–10 years), the most common way of saving is keeping cash in a piggy bank.
At ages 11 to 14, a mixed approach is increasingly common: children continue to keep some money in cash while also saving part of it in a bank account.
"The savings culture among children is even better developed than among adults. Among adults, savings are less common than among children and teenagers," noted financial expert Linda Shablinski.
At the same time, in Latvia, more than half of children tend to fall into the 'spenders' category, as they spend a large portion of their pocket money. About one in three children can be called 'savers' — they try to set aside a significant part of their pocket money for larger goals.
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