Survey: 58% of residents could cover mandatory payments for no more than three months if they lost income
If they lost their income, 58% of Latvian residents could cover their mandatory payments for no more than three months, according to a survey by the Credit Information Bureau.
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According to a survey conducted by the Credit Information Bureau (KIB), 58% of Latvian residents would be able to cover their mandatory payments for no more than three months if they lost their income. Only 11% of respondents indicated they could manage without income for more than a year.
The survey data shows that the majority (36%) have mandatory payments ranging from €201 to €500 per month. 15% have payments up to €200, 19% from €501 to €1000, and 11% exceed €1000. A higher payment burden is more common among economically active age groups: 21% of respondents aged 30–39 have payments over €1000, while in the 60–74 age group, only 6% exceed that amount, and 68% have payments up to €500.
Intars Miķelsons, Executive Director of KIB, notes that the amount of regular payments often reflects a person's life stage. Younger and middle-aged individuals tend to have more active obligations, housing expenses, family maintenance costs, or leasing payments, while seniors may have lower payment amounts. However, smaller payments do not necessarily mean greater financial security if income is limited and there are no savings.
The survey reveals that in the event of a sudden loss of income, 17% could not cover their expenses even for one month, 17% could cover one month, and 24% for one to three months. Longer periods were possible for 14% (4–6 months), 6% (7–12 months), and 11% (more than a year).
Significant differences emerge by income level. Among respondents with a personal income up to €550 per month, 62% could cover mandatory payments for no more than one month, whereas among those with incomes over €2000 per month, only 11% could do so.
Miķelsons emphasizes that for part of the population, the monthly payment burden is relatively high and the safety cushion is often insufficient. In a crisis, it is not only the amount of income that matters, but also how much of that income is already tied to mandatory payments. Even with relatively good income, if regular commitments are high and there are no savings, loss of income can quickly lead to payment defaults.
The survey was conducted in May 2026 by the research agency Norstat, surveying 1,002 Latvian residents aged 18 to 74.
