41% of Latvian residents confirm that their income has grown this year, according to a survey conducted by Luminor Bank in cooperation with the research agency Norstat.Â
In most cases (27%), the increase is relatively small, up to 10%, while 7% report a more significant increase of over 15%, and another 10% report an increase of 10-15%.
This year’s income growth has most often affected younger residents aged 18 to 29, as well as residents of Vidzeme, closely followed by RÄ«ga. This could also be explained by the rapid development of the economic core of the Vidzeme region – the Valmiera, Smiltene and CÄ“sis triangle, according to Luminor Bank.
Income has grown most significantly in households with higher income levels – above €1,501, while a slight increase is most often observed in households with monthly incomes between €1,001 and €1,500.
“Although the incomes of some residents have increased this year, inflationary pressure is still being felt, and certain goods and services remain expensive, as a result of which the real increase in income may seem smaller to some. This means that financial security continues to depend on how consciously and thoughtfully spending is planned, including the creation of savings. Small everyday choices can have a significant impact on the overall budget and help maintain balance during times of rising costs. Even a small amount of money that we deposit regularly can build a stable safety cushion in the long term,” said the Luminor Bank economist.
53% of residents indicated that their income has not changed or has even decreased this year. This includes slightly more than a third of residents (35%) whose income level has remained unchanged this year, while 18% have seen a decrease.
Of these, 8% reported a significant decline of more than 15%. Income has most often decreased among residents aged 30 to 39, and this trend is particularly characteristic of residents of the Latgale and Zemgale regions.
The Luminor Bank survey was conducted in November 2025 in collaboration with the research agency Norstat, surveying a total of 1,004 respondents in Latvia aged 18 to 74.
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