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According to a public opinion poll commissioned by Luminor in all the Baltic countries, 17 percent. Faced with the crisis, respondents had to live on savings, at that time up to 40 percent. he had no savings during the Lithuanian quarantine. And only 5 percent. compatriots claim to feel financially secure to retire.
Attitudes are changing
According to the study, after the end of the quarantine, up to 70 percent. Lithuanians say they see no point in accumulating in the second pillar of pensions. According to Aistė Paliukaitė, head of UAB’s pension product Luminor Investicijų Valdymas, to live comfortably after retirement, it is recommended to receive at least 70-80 percent. pension in search of current monthly income. However, the so-called first pillar, the pensions paid by Sodra, is not enough.
“However, the research results show that although every fourth inhabitant felt insecure during the crisis, they have no savings and do not plan to save, invest or accumulate for old age in the near future,” says A. Paliukaitė. Only 30 percent. Lithuanians intend to continue accruing additional benefits in the second pillar of pensions, although this is more appreciated by single middle-income respondents.
Level III has no time
According to the research, Lithuanians tend to accumulate less in Tier III pension funds. Unlike in neighboring countries, this seems particularly irrelevant to young people. 73 percent. Lithuanian level III pension funds do not accumulate, of which 11 percent. He says he doesn’t even have time to think about it.
Up to a third of the surveyed Lithuanian population say they do not believe that Tier III money can create added value. However, A. Paliukaitė recalls that for the past 10 years, according to the Bank of Lithuania, all Tier III pension funds operating in the country have earned an average of 6.11 percent each year. returns to its participants. Tier III pension funds invest the amount they accumulate. This means that in the long run, you are likely to accumulate a greater amount than if you transfer money to a personal account each month, “says A. Paliukaitė.
According to a survey conducted in May, Lithuanians in the three Baltic countries are least likely to think about the future: up to 30 percent. Respondents say they will save less or stop saving after quarantine. In neighboring Latvia and Estonia, the figure is 22%. The study revealed that the current investment climate among Lithuanians in the Baltic states also seems unfavorable: they tend to invest less: 10 percent, Latvia 12 percent, Estonia 18 percent. Investments are most favored by those who have found it easier to weather the crisis.
The study was conducted in May this year using a quantitative online survey. The objective was to analyze the impact of the emergency on the financial situation of the people of the Baltic States and their attitude towards savings, investments and pensions. The study involved 1,618 people from Lithuania, Latvia and Estonia in the age group of 23-59 years.
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