Study shows more than 30 percent of people have no savings

While significantly less than the €100 promised by the Centre Party ahead of the 2019 general election, the Riigikogu passed an extraordinary €7 pension hike on Wednesday. Source: Christoph Scholz/Creative Commons

A study by the Ministry of Finance shows that 31 percent of people do not save money and that 48 percent of people are worried about the cost of retirement.

More people, 61 percent, are regularly putting money aside than ever before the survey results showed. Compared to the last survey in 2015 there has been a decrease of 4 percent of people not saving any money, falling from 35 percent to 31 percent.

The most common way to save money is in a bank account (42 percent), followed by cash deposit (28 percent). Only 13 percent of people said they invested and 4 percent said they owned stocks or shares.

Almost a third of respondents have experienced a situation where their current income does not cover their expenses in the last 12 months.

Nearly half, or 48 percent, of people said they are worried about their retirement and do not know if the will be able to afford it. Only 21 percent of respondents were sure or completely certain that their finances were well planned for in retirement, and 14 percent said they have no plan.

In June, Turu-uuringute AS conducted a survey to map the knowledge, attitudes and behavior of people in financial matters and their changes compared to the results of earlier or similar surveys in 2010, 2012, and 2015. 

The survey was based on an international questionnaire prepared by the Organization for Economic Cooperation and Development (OECD) and then supplemented with questions concerning Estonia.


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Editor: Helen Wright

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