Bank: More Saving in Sunnier Days
While 78 percent of Estonians say they have some savings, the amounts are small and generally amount to less than 1,000 euros. One major bank believes there is room for improvement.
Estonians have the highest percentage of "savers" in the Baltics, as the figures are 61 percent for Lithuanians and 46 percent for Latvians.
The figures are from a study commissioned by Swedbank.
The bank expressed concern about the number of those who have no savings and do not plan to save in the future. The number of such people was highest in Estonia - 23 percent compared to only 18 and 8 percent in Latvia and Luthuania.
Piret Suitsu, the head of the bank's private customer information center, said the economic recovery should not signal that there is no more need for savings.
"It's complicated to change the attitudes of the non-savers, but it is very important to provide families with a stronger leg to stand on when something similar to the crisis that recently abated should crop up again."
Suitsu said those who are already saving generally see more opportunities to do so in future.
Only 11 percent of those without savings (and 4 percent of the relevant segments fo the other nationalities) found that they could put money aside.
Whatever the meager state of their savings, the majority in all three countries said they feel saving is important.
In general, people would be prepared to save more, but lack opportunities.
Only 21 percent of Estonian inhabitants, 15 percent of Latvians and 12 percent of Lithuanians feel that they are able to start saving or increase the amount saved.
In Lithuania, spending is often considered more important - 13 percent of people there prefers to spend. The respective figures were 6 and 2 percent for Latvia and Estonia.
And about half of all people say they do regret not putting more money aside before the crisis.
The study also showed that the forms of saving are the most simple ones - cash at home for 300 euros and less, and basic savings accounts for amounts up to 1,000 euros.
Term deposits for amounts of 3,000 euros and up are not used very often - only 12 percent of Estonians and only 4 percent each of the other two Baltic states' inhabitants have them.
Lithuanians trend toward more cash, while Estonians use composite saving systems, such as third pillar of retirement fund, children's insurance and various investment finds.
Conducted in April by Spinter Tyrimai, supported in Latvia by Data Serviss and in Estonia by Turu-uuringute AS, the survey consisted of about 1,000 face-to-face interviews using a standardized set of questions.
Kristopher Rikken