Survey: Average Estonian household has six months' worth in savings

Euros. Source: (Marco Verch/Wikimedia Commons)

The average household in Estonia has enough money saved to support themselves for up to 6.3 months should their regular sources of income be lost, it appears from the results of a Baltic-wide survey commissioned by insurer ERGO and conducted by Latvian pollster SKDS.

While the average Estonian household has six months' worth of savings set aside, one third of Estonian households, meanwhile, would be able to maintain their current standard of living for just one month, while 6 percent of Estonians reported they have no savings at all.

On the other hand, about one in ten Estonian residents has enough savings to support themselves for up to one year, while 8 percent have enough set aside to support themselves for up to two years in case of loss of income.

In comparison with Estonia's 6 percent, 8 percent of residents in Latvia and 3 percent of residents in Lithuania have no savings at all. The average length of time that households could get by on their current savings is 7.8 months in Lithuania and 5.5 months in Latvia.

Dekla Uusma, head of life and health insurance product development at ERGO, said that it appears based on the results of the survey that many Estonian households would find themselves in trouble if a member of the household were to fall ill or be involved in an accident. The state allowance is €7.8 per day, or €236 per month on average, for people with a partial ability for work, and €13.8 per day, or €414 per month on average for those with no ability for work.

It also appears from the results of the survey that of Baltic residets, Estonians are the most inclined to see themselves as subject to material deprivation, with 34 percent, or more than one third, of respondents in Estonia reporting that they cannot cope financially ⁠— compared with 31 percent in Latvia and 20 percent in Lithuania.

Compared with the results of a similar survey taken in 2014, the ratios of those who felt they are materially deprived had declined in all three countries, with the biggest decline, of 9 percent, being recorded in Latvia, followed by an 8 percent drop in Estonia and 5 percent drop in Lithuania.

Of Estonian residents, the most satisfied with their lives according to the survey were women, as well as high income earners between the ages of 25-34  with young children.

The ERGO security index survey was conducted via interviews with a total representative sample across all three countries of 3,000 people in summer and fall of 2019. Similar surveys had previously been conducted in 2014, 2015, 2016 and 2017.


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Editor: Aili Vahtla

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