Gifts for the Holidays to Be Bought on Credit? Latvians Admit That Most Have No Savings
Most residents plan to cover their Christmas and New Year expenses from their monthly income, while 16% of respondents have created savings specifically for holiday expenses. The most active users of such targeted savings are young people and the elderly — in both age groups, 18% set aside money in advance for holiday spending. Additionally, residents with an income of no more than 350 euros per month are more likely to form savings for the holidays — 22%, which may indicate more thoughtful budget planning considering limited resources. The smallest share — only 8% — uses funds from emergency savings, that is, from their ‘financial safety reserve’ to cover expenses.
Survey data shows that a small portion — 3% of residents — plan to use a consumer loan or a credit card with a credit line for holiday expenses.
Bank financial expert Ekaterina Zinich notes that the bank’s data and observations indicate that at the end of the year, the use of credit limits on cards increases — both for purchasing necessary products for the holiday table and for making larger purchases.
The bank’s survey was conducted in November 2025 in collaboration with the research agency Norstat; a total of 1004 respondents in Latvia aged 18 to 74 were surveyed.