OREANDA-NEWS. May 03, 2012. SEB’s recent all-Baltic study on the financial security of children reveals that Lithuanians save the most or plan to begin saving for their children (57%), followed by Estonians (43%) and Latvians (28%). In all three countries, the mother is primarily responsible for saving for the future of their child, reported the press-centre of SEB. 

“In today’s difficult economic situation it is difficult to change people’s attitudes concerning their financial security, but it is very important to ensure that a child is provided with a secure foundation when he or she is starting life as an adult,” noted Indrek Holst, the Chairman of the Management Board of SEB Life and Pension Insurance. “Almost half of the Estonian, Latvian and Lithuanian participants in the study would be willing to save around EUR 15 to EUR 30 a month in the form of child insurance.

This is really not such a small amount to save. At the same time, half of the population of the Baltic States noted that they could only start saving money for their child when their financial possibilities permitted. In the Baltic States, Lithuanians differentiate themselves in terms of caring for the future. 47% of Lithuanians, 38% of Estonians and a mere 9% of Latvians would start saving immediately after the birth of their child, so that the saving period would be longer and the amount saved thereby greater.’’

In all three countries, the mother is primarily responsible for saving for the future of their child. ‘’Estonian grandparents are the most active savers for the future of their grandchild. Estonian grandmothers-grandfathers have understood that instead of presenting a toy, it is practical to transfer the given amount to the grandchild’s insurance account,’’ said Indrek Holst.

The study also clearly showed that people are saving for rather specific purposes. Parents in the Baltic States are mostly saving for financing their child’s education costs. 10% of Estonians and Latvians are saving for acquiring a new home for their child. In Lithuania, the percentage of such savers is somewhat lower.