According to Luminor Bank, results from a survey by Norstat that interviewed 1 011 respondents aged 18 to 74 years, Latvian residents are worried the most about the rising prices of utilities, electricity and food products.
“This result is expected, because at the beginning of the year, when inflation reached its peak, the costs of utilities and food had increased the most –
over the course of the year utilities had increased by almost a half,
whereas the price of food products had increased by a quarter. Although inflation has started going down, the burden of costs for households remains significant,” admits Luminor Bank governor in Latvia Kerli Vares.
29% of respondents mentioned heating and other utilities that worry them the most. The increased cost of utilities has caused the most worries for families that have four children (50%), residents of the capital city (40%), unemployed residents (40%), as well as residents in the 50 to 59 years age group (35%).
Electricity costs have made life more complicated for 29% of respondents. This area causes worries for qualified, low-qualified workers and unemployed residents (38%), as well as residents in Latgale (33%).
The rise of food product prices is mentioned as a the third most often cause for concerns mentioned by 24% of respondents in Latvia. This area is a source of worries for families with children (42%), self-employed persons (36%) and pensioners (32%).
Respondents said they are also tired of the rise of fuel prices, medical service prices, as well as increasing clothes and footwear prices.
Survey results indicate that
when it comes to price worries, opinions generally differed between age groups.
Residents aged under 29 years said they are worried the most about food prices. This response was picked by 27% of youngsters and 16% of seniors. Respondents older than 60 years mentioned the electricity price hike as their first choice (35%), whereas the youngsters electricity prices are not as important (15%). Residents aged between 40 and 59 are worried the most by the increased housing-related costs.
“We can see that worries differ between groups of different age and largely depend on their lifestyle. Because some youngsters possibly still live with their parents or receive financial support from them, they are less worried about this position. Middle-aged residents who have small children and have to deal with expenses the most often, are more worried than others about housing maintenance,” says the head of the bank.
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