Residents of Latvia's expectations for pension amounts are more than twice the reality — although the average old-age pension in Latvia is less than 625 euros per month, 55% of residents believe that at least 1500 euros is necessary for a full life in retirement, according to the results of a population survey conducted by the subsidiary of Citadele Bank — CBL Asset Management, reports LETA.
Another 30% of respondents believe that for a full life in retirement, one needs 1501–2000 euros per month, while one in four (25%) indicates that the pension should exceed 2000 euros per month.
According to information from the State Social Insurance Agency as of June last year, there are 434,493 pensioners in Latvia, and the average old-age pension was 624.85 euros. The highest average pension is registered in the Marupe municipality — 780.89 euros, while the lowest is in the Rezekne municipality, where it amounts to 515.31 euros.
Only 5% of respondents consider a pension of less than 1000 euros per month sufficient for a full life, which confirms that in the public's understanding, such a level of income is no longer considered adequate for ensuring old age.
Chairman of the Board of CBL Asset Management Karlis Purgalis points out that the public's perceptions of financially secure old age differ significantly from reality. This indicates a structural problem and the necessity for individual actions — without additional savings and targeted financial planning, a significant part of the population will not be able to achieve the level of financial well-being that they themselves consider necessary for a full life.
The survey shows that the highest expectations for pensions are observed among young residents — in the age group of 18 to 39 years, 59% of respondents believe that at least 1500 euros per month is necessary for a full life in retirement. In the age group of 60 to 74 years, this opinion is expressed by 42% of those surveyed.
At the end of September last year, nearly 437,000 third-level pension insurance contracts were concluded in Latvia. The total amount of savings within the third pension level reached almost 990 million euros.
The population survey was conducted by CBL Asset Management in collaboration with the research agency Norstat in January 2026. More than 1000 residents of Latvia aged 18 to 74 participated in the online survey.
