In the event that health needs to be improved, only 13% of Latvian residents would have enough savings to not have to borrow money, while 35% of respondents said that they would be ready to borrow money if they needed money to solve health issues. This was found out in a population survey conducted by the financial service provider “IPF Digital Latvia”.
When asked if they would need additional funds to improve their health, whether the respondents would be willing to borrow money, 35% of the respondents said yes, while 33% of the population said “no”. 13% indicated that they themselves have enough savings to not need to borrow money, while a fifth, or 20%, could not provide an answer.
“Although the data shows that the population has savings, a relatively small number of survey participants indicated that they have enough to take care of their health. This means that Latvian citizens are relatively vulnerable,” says Toms Vandāns, head of “IPF Digital Latvia”.
Analyzing the data cross-sectionally, it can be concluded that people aged 40-49 are more willing to borrow money in case of need, who chose this answer 44% of the time, as opposed to elderly people aged 50-74, 28% said they would be ready borrow While it might seem that people in the prime of their careers have more savings, it was young people aged 18-29 who were more likely, 19% of the time, to say they had enough of their own funds to deal with health issues, compared to those who are aged between 40 and 59 years, of whom only 11% answered that the savings are sufficient.
The population survey was conducted by the market research company “Norstat” on the order of “IPF Digital Latvia” in the summer of 2024, in which Latvian residents aged 18 to 74 participated.
The “IPF Digital” group includes the financial technology and lending brand “Creditea”, offering services in the Baltic States, the Czech Republic, Australia and Mexico. IPF Digital is part of the International Personal Finance Group, which is incorporated in Great Britain and whose shares are listed on the London Stock Exchange. “International Personal Finance Group” has a total of 1.7 million customers.
“Olsen+Partners”
The Health Savings Dilemma: Latvians in a Tight Spot!
Well, well, well! It seems Latvia has found itself in a bit of a pickle when it comes to health savings. An article has surfaced revealing that a paltry 13% of Latvian residents have enough savings to afford a visit to the doctor without it involving a second mortgage on their grandmother’s house. Meanwhile, a whopping 35% are ready to don their best bank-robber disguises and borrow money when health issues arise. That’s right, folks — forget “house calls,” what we should be worried about are “loan calls!”
Now, let’s chew on the statistics for a moment. When asked if they’d be willing to borrow money to improve their health, 33% of the population stood firm with a resounding “no.” Clearly, they’d forgo treatment rather than take on debt, and you’ve got to respect their commitment to suffering in silence! But if we’re being honest, how many Latvians are really ready to strut to the bank and say, “Hi there! I’d like a loan, please. Also, my back’s been clicking oddly…”? It’s like ordering a fancy cocktail while secretly hoping it doesn’t give you a bellyache!
Toms Vandāns from IPF Digital Latvia pointed out that while some folks have savings, they’re not exactly swimming in a sea of cash when it comes to healthcare. “Relatively vulnerable” is a polite way of saying they might want to consider investing in a piggy bank rather than just a single coin. It’s like planning a holiday but realizing you can’t afford a suitcase.
And here’s a juicy bit of analysis: people aged 40-49 are the most eager to borrow money, with a staggering 44% ready to hustle their way through health financing! They’re in their prime, yet they can’t afford a doctor without racking up debt. Meanwhile, those aged 50-74 are less keen, probably because after that many years, they’ve likely found creative ways to avoid doctors, like swearing by herbal teas and yoga.
Interestingly, the younger crowd, those sprightly 18-29-year-olds, proved to be the savers! A cheeky 19% felt confident about their funds, possibly relying on their Instagram influencers for financial advice rather than conventional wisdom. Meanwhile, try getting a 40-59-year-old to feel adequate about their savings, and you’ll see them pull out a retirement plan that looks like something out of a horror movie!
This survey, conducted by Norstat, has opened a rabbit hole of questions about health financing. If the Latvian health system relies on crowdfunding efforts, then we may as well turn it into a reality show — “Will the Health Budget Survive?” Spoiler alert: Probably not!
So, dear readers, while the numbers are clearly a bit bleak, we can only hope that the powers that be in Latvia will wake up and realize it’s time to put a little more zloty towards the most important thing in life — health. After all, if you’re going to borrow, why not borrow for something that might just keep you alive, rather than for a toaster you thought would make your life better?
“Olsen+Partners”
In a recent survey conducted by the financial service provider “IPF Digital Latvia,” it was revealed that a concerningly low 13% of Latvian residents possess sufficient savings to manage their health emergencies without resorting to loans. This stark figure highlights the financial vulnerability of a significant portion of the population, with an alarming 35% of respondents indicating a readiness to borrow money to address health-related issues.
When further probed about their willingness to seek additional funds for health improvements, 35% of those surveyed affirmed that they would consider borrowing money, while 33% outright declined. Interestingly, only 13% reported having adequate savings for healthcare, and a notable 20% remained uncertain, unable to provide a definitive response.
“Although the data shows that the population has some savings, a relatively small number of survey participants indicated that they have enough to take care of their health. This means that Latvian citizens are relatively vulnerable,” assessed Toms Vandāns, head of “IPF Digital Latvia”.
Delving deeper into the demographics, the analysis revealed that individuals aged 40-49 exhibited a pronounced tendency to borrow money when necessary, with 44% indicating a willingness to do so. In contrast, only 28% of older respondents aged 50-74 were open to borrowing. Surprisingly, despite assumptions that younger individuals might have less financial security, those aged 18-29 were the most likely group to assert they had enough personal funds for healthcare, at 19%, compared to just 11% of those between 40 and 59 years old.
The population survey was carried out by the market research company “Norstat,” commissioned by “IPF Digital Latvia” during the summer of 2024, encompassing a wide age range of Latvian residents from 18 to 74 years.
The “IPF Digital” group, which includes the lending brand “Creditea,” operates across the Baltic States, the Czech Republic, Australia, and Mexico. It is a part of the International Personal Finance Group based in Great Britain, whose stocks are listed on the London Stock Exchange and serves a substantial clientele of approximately 1.7 million customers.
“Olsen+Partners”
**Interview with Toms Vandāns, Head of IPF Digital Latvia on Health Savings Dilemma Among Latvians**
**Interviewer:** Thank you for joining us today, Toms. Your recent survey unveiled some startling statistics about the financial readiness of Latvians when it comes to health emergencies. Can you summarize what the key findings revealed?
**Toms Vandāns:** Thank you for having me! Yes, our survey indicated that only 13% of Latvian residents feel financially secure enough to cover health-related costs without needing to borrow money. In contrast, 35% stated they would be willing to borrow to address health issues, which really illustrates a concerning vulnerability concerning health financing in Latvia.
**Interviewer:** That’s indeed concerning. You mentioned that 33% of respondents would not consider borrowing at all for health issues. What do you think drives this reluctance?
**Toms Vandāns:** That’s a great question. Many people may prioritize avoiding debt over seeking urgent medical care, possibly due to past experiences or a cultural mindset that values self-reliance. It also hints at a hesitance to navigate the borrowing process, and perhaps many would rather suffer than take financial risks.
**Interviewer:** The survey showed that younger individuals (18-29 years) feel more confident about their savings compared to those aged 40-59. Why do you think this demographic disparity exists?
**Toms Vandāns:** It’s quite intriguing, isn’t it? The younger population may be less encumbered by hefty family expenses or existing loans, allowing them to save more effectively. They also tend to seek financial advice from modern channels like social media, which may offer some fresh perspectives. On the other hand, 40-59-year-olds are often at a stage in life where they face greater financial responsibilities like mortgages and education costs for their children, leaving them less room to save for health issues.
**Interviewer:** According to your findings, those aged 40-49 are the most likely to borrow. What implications does this have for the financial health of this age group?
**Toms Vandāns:** This age group is arguably in their prime earning years but also faces significant health-related costs. Relying on loans can lead to a cycle of debt, which can further exacerbate financial stress. This suggests a need for targeted financial literacy programs or support systems that address the specific health financing challenges they face.
**Interviewer:** With such financial stress regarding health, what do you think should be the next steps for policymakers in Latvia?
**Toms Vandāns:** It’s essential for policymakers to recognize the gap in health financing. Increased investment in healthcare, along with promoting affordable health insurance options, is a key step. Additionally, raising awareness about savings and financial planning can empower citizens to build a safety net for health emergencies.
**Interviewer:** Thank you, Toms, for sharing these insights. It’s clear that the interplay between health and finances is a growing concern, and we hope to see effective strategies to address these issues in the near future.
**Toms Vandāns:** Thank you for the opportunity to discuss this important topic!
