In Latvia, 29% of residents form their savings in cash, the commercial bank informed the LETA agency, citing a survey.
At the same time, a survey showed that in Estonia and Lithuania, about 17% of residents use cash as savings.
The survey data indicate that in Latvia, saving in cash is more commonly chosen by residents aged 40 to 59, as well as by people living in Latgale. This is influenced by both historically established habits and a feeling of greater control over their financial resources.
Comparing the Baltic countries, Lithuania stands out with a more active investment culture. Investments, for example in investment funds or stocks, are indicated as the most convenient way of saving by 10% of respondents in Latvia and 14% in Estonia, whereas in Lithuania, 31% of residents make this choice.
The survey results also show that in the younger age groups — from 18 to 29 and from 30 to 39 years — the savings account clearly dominates, which was noted as the most convenient way of saving by 47% and 45% of respondents, respectively.
