In Latvia, keeping cash at home is still one of the most popular ways of saving – 29% of people say it is the most convenient, according to the results of a survey carried out by Citadele bank's subsidiary CBL Asset Management. By comparison, in Estonia and Lithuania only about 17% of people keep cash at home.
“Compared with the other Baltic states, Latvia shows a stronger trust in cash savings. This is driven both by historical habits and by a sense of having greater control over one's own money. In the long run, however, cash savings lose value to inflation and are also exposed to practical risks. It should also be borne in mind that savings held in cash play no part in the economic cycle and do nothing to support overall economic development,” explains Kārlis Purgailis, Chairman of the Board of Citadele bank's subsidiary CBL Asset Management.
The survey data show that in Latvia cash at home is chosen more often by people aged between 40 and 59, as well as by those living in Latgale.
A comparison of the Baltic states shows that Lithuania stands out for its more active investment culture. While investments, for example in investment funds or shares, are named as the most convenient form of saving by 10% of respondents in Latvia and 14% in Estonia, in Lithuania 31% of people make this choice.
“The survey results confirm substantial differences in saving habits across the Baltics. In Latvia people more often opt for conservative solutions, whereas in Lithuania investing has become an everyday practice, which points to greater financial literacy, trust in the financial system and long-term thinking. Unfortunately, one has to conclude that the historical experience of people in Latvia during a number of events has eroded trust in the financial system and encouraged a lower willingness to take on risk,” notes K. Purgailis.
Age is the most significant factor influencing people's saving habits. In the youngest age groups – 18 to 29 and 30 to 39 – savings accounts are clearly dominant, named as the most convenient form of saving by 47% and 45% of respondents respectively.
At the same time, these groups also show comparatively greater interest in investments, for example in investment funds and shares, which points to more flexible thinking, higher digital literacy and a readiness to take on greater financial risk.
In the 40 to 49 age group the savings account still holds the leading position (37%), but keeping cash at home also rises significantly (36%), indicating an interest in a more conservative approach.
The population survey was carried out by Citadele bank's subsidiary CBL Asset Management together with the research agency Norstat at the end of 2025, surveying more than 3000 people in the Baltics aged between 18 and 74 online.
About CBL Asset Management
IPAS CBL Asset Management, a subsidiary of Citadele bank, is one of the leading and most experienced financial asset management companies in the Baltic states, employing globally recognised investment fund managers. It has been managing investment portfolios since 2002. In 2003 it became one of the first companies in Latvia to start managing second-pillar pension savings. CBL Asset Management has the largest team of managers in Latvia, which, drawing on the managers' experience and modern technology, regularly analyses the financial and capital markets and macroeconomic trends, and invests pension savings both in major international and local Latvian companies and in bonds from a range of countries.