Survey: 13% of Latvians have never taken out a loan
A new survey shows that 13% of Latvia's population has never taken a loan, with fear about the future and unstable income cited as the main reasons.
Caution around borrowing
A recent survey shows that 13% of Latvia's residents have never used a loan or credit product. Among this group, the most common reason for avoiding borrowing is uncertainty about the future, cited by nearly a quarter (24%) of respondents. Fear of taking on financial obligations was another major factor, mentioned by 19% of those surveyed, while 13% pointed to a lack of stable income. A small share — under 2% — said they had tried to borrow in the past but were refused.
Intars Miķelsons, executive director of the Credit Information Bureau (KIB), notes that part of society treats borrowing with strong caution and does not view a loan as a routine everyday financial tool. He stresses that before taking on any loan, a person should weigh both the necessity of borrowing and their ability to repay it. The fact that nearly a quarter of non-borrowers cite future uncertainty as their reason underlines how important a sense of financial security is when making such decisions.
Differences between men and women
The survey also reveals differing reasons between genders. Women are more likely than men to cite uncertainty about the future (29% versus 15%) and are also more likely to mention fear of borrowing (23% versus 14%). Men, on the other hand, more often say a loan simply was not necessary because their own income was sufficient — a response given by 52% of men compared to 40% of women.
The survey was conducted in May 2026 by research company Norstat, which interviewed 1,002 Latvian residents aged 18 to 74.
