Survey: Half of people in Estonia have savings

Euros. Source: Karin Koppel

According to a recent survey conducted in cooperation with the Estonian Insurance Association (EKsL) and Turu-uuringute AS, half of people in Estonia have savings, including one third with savings equaling up to three months' pay, and 39 percent do not save money.

Just over one tenth of people have savings equaling 4-12 months' pay, and five percent equaling more than 12 months' pay.

EKsL board member Andres Piirsalu finds it worrying that a such large number of people in Estonia either don't have any savings or have savings equaling only up to three months' pay.

"When someone doesn't have savings or has very little, then it will be very difficult for them to get by financially in case of a serious accident or injury," Piirsalu said.

According to the survey, 26 percent of Estonian residents have life insurance; of them, more often men, people between the ages of 41-50, Northern Estonian residents, parents, and people with higher income levels.

Half of those without health insurance deem it unnecessary or haven't considered it. Nearly one third found life insurance to be too expensive, 21 percent hadn't gotten to signing up for it or hadn't found a suitable policy, and one tenth do not believe in insurance.

A total of 1,015 people between the ages of 18-64 responded to a web-based survey on insurance and attitudes toward insurance services completed in July.


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Editor: Aili Vahtla

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