"The survey has revealed that two-thirds of the population do not have the so-called financial cushion, that is, savings they would use in case of an emergency, such as losing a job or falling ill. The situation is a cause of concern, because it may force people to make irrational decisions, such as borrowing at high inertest rates," Vilius Šapoka, director of the Financial Services and Markets Supervision Department at the central bank's Supervision Service, said in a press release on Monday.
According to the survey, only 15 percent of respondents said they would be able to survive for three to six months if they lost their main source of income and another 15 percent would be able to live for more than six months. A tenth of those polled would be able to cope for less than a week, 26 percent, between a week and a month, and 28 percent, for one to three months.
People with higher education and those living in the country's largest cities and towns were more likely than other respondents to say that they would be able to cope for longer periods of time.
Most people manage to meet their day-to-day expenses, with 71 percent of those polled saying that they are paying their bills on time. A third of respondents said that in the past 12 months, they had found themselves in a situation when their income failed to keep up with their living expenses. Forty-six percent of those affected by "the end-of-the-month syndrome" borrowed money from their friends or family members, 44 percent cut back on their day-to-day expenses, and 31 percent did not pay their bills on time.
Spinter Tyrimai surveyed 1,207 people aged 18 to 79 on July 20 to August 10.
