2014-12-15
Public survey: euro adoption positively assessed by more than half of Lithuania’s population
A representative survey of the public, performed in mid-November, revealed that more than half of the country’s residents positively assess the adoption of the euro. The fact that as of 1 January 2015 Lithuania’s currency will be the euro was positively or very positively assessed by 53 per cent of the population, while 39 per cent were sceptical on the issue of the future currency and 8 per cent had no opinion.
“The experience of other countries that adopted the euro shows that support for the common European currency grows significantly after the currency’s adoption. A shift occurred in Lithuania before entering the euro area. This was driven by the significantly increased awareness of the public, as ignorance is often the cause for all sorts of fears,” said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
The public most often names the eliminated currency exchange costs, future association with Europe, the country’s stability and economic growth as the reasons for positive assessment of the euro. Fearsof growing prices, loss of national currency and anxiety about the ability to reorient during the changeover were most often named by those who assess the future currency sceptically.
The euro was positively assessed by people both in the cities and villages. Among people living in villages the euro adoption was positively or very positively assessed by 52 per cent; negatively or very negatively — 36 per cent; among people in the cities — 54 and 40 per cent, respectively.
The public survey also indicated that nine out of ten people feel very well or well enough informed on the euro. 94 per cent of those surveyed know the irrevocable litas and euro exchange rate.
According to the survey data, 84 per cent of respondents have seen cash euro, while every other person could name at least one of the euro security futures. According to the survey data, 68 per cent of the population have used euro in settlements. In addition, most of the population know that euro banknotes are the same in all countries, while coins have different national sides.
73 per cent of respondents know what the Lithuanian euro coins will look like, while the Vytis on the national side of the euro coins was positively or very positively assessed by 90 per cent of respondents.
The survey of the public opinion on the euro was performed on 3–26 November 2014, via the Omnibus method. 1,002 residents of Lithuania, over the age of 18, were surveyed. The survey was performed by the sociological research company BERENT Research Baltic. The more detailed survey results can be found at the Bank of Lithuania website.