In Latvia, 32 percent of parents save for their children’s education, representatives of Citadele Bank told LETA, citing the results of a survey.

Meanwhile, 37 percent of parents in Latvia do not put aside money for this purpose.

The survey shows that parents’ saving habits differ across the Baltic countries. Parents in Latvia and Lithuania are more likely to save for their children’s education (32 percent and 31 percent, respectively) than those in Estonia, where only 21 percent of families save for this purpose.

Saving for children without a specific goal and leaving the decision on how to spend the money to the child is more common in Lithuania (19 percent). In Latvia and Estonia, this approach has been chosen by 16 percent of parents.

In Estonia, 13 percent of parents are more likely to save for their children’s future housing. This compares with 11 percent in Lithuania and just 5 percent in Latvia.

In Latvia, 4 percent of parents save for the development of their children’s talents, such as in sports or music, compared with 3 percent in both Lithuania and Estonia.

However, a significant share of parents in the Baltics do not save for their children’s future at all. In Estonia, this figure stands at 40 percent, in Latvia at 37 percent, and in Lithuania at 30 percent.

The online survey was conducted by the research agency Norstat for Citadele in August, polling more than 1,000 parents across the three Baltic states.

Source: BNS

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