Bank of Lithuania survey: an extra €400 would make life easier
The latest Survey of Households commissioned by the Bank of Lithuania revealed that, despite their improving financial health, a large number of families would still like to earn at least €400 more to be satisfied with their living conditions in Lithuania.
“The ongoing economic expansion drives an upturn in household income. It therefore comes as no surprise that the number of residents who manage to save at least a fraction of their income has been increasing for the past few years. Nevertheless, as our survey reveals, the majority of lower-income earners would only be satisfied with their living conditions in Lithuania if their income increased at least €400,” said Milda Šeškutė, Senior Economist at the Macroprudential Analysis Division of the Bank of Lithuania.
Four out of ten respondents claimed that they would be happy if their income amounted to €801-1,600 per month. A third of households would be satisfied with their living conditions in Lithuania if their income exceeded €1,600 per month. Even those with a higher income (€1,600 per month or more) would like to earn at least €2,000 per month.
Household income and desired income
Similarly to the previous survey conducted in the first half of 2018, the share of households claiming that in the last six months their income increased has risen (from 20% to 27%). Every second household believes that their basic expenses in the upcoming half-year will increase (62% during the last survey).
The potential rise in food prices continued to pose the greatest concern to households, although the share of such respondents has been gradually declining for the second consecutive year (from 49% to 36%). The potential rise in utility prices and job loss were a concern for slightly more than every tenth resident (12% and 11% respectively).
The latest Survey of Households is available here.