OREANDA-NEWS. January 31, 2013. A saving and investment survey carried out in the Baltic States revealed that although the incomes and actual purchasing power of Estonians are higher than those of their southern neighbours, just 30% of Estonians claim that they manage their finances well or very well, reported the press-centre of SEB.

Latvian families have sought financial advice from banks the most (40% of the respondents). Estonian residents have used this opportunity almost half as much (only 22% of the respondents). At the same time, Estonians are more satisfied with results than their neighbours. The families that have taken counselling are those most surprised by the possibility of managing their finances even when their incomes are low so that besides repaying the home loan, there remains money to accumulate a financial buffer for emergencies, save for the sake of their children and for themselves to spend after retirement.

“Almost a half of the families who participated in the poll believe that it does not make sense for them to take counselling at a bank as they have no means to save money. At the same time, the tighter the budget of the family is, the more important it is to plan finances: identify the actual financial needs of the family, the amount of expenditure and things on which to save money. After the economic crisis, well thought out management of incomes and costs and setting long-term financial goals is regarded more important. Thus, the incidence of counselling has notably increased,” says Triin Messimas, Development Manager of Private Loans at SEB.

Residents of the three Baltic countries who participated in the survey expect the information and advice given by financial institutions to be in a simple language and understandable. Estonian families are practical and 48% of the respondents expect that during counselling advice is given that is especially useful for their family and recommendations on bank services that are the best suited for their family.

“According to the survey, 44% of Estonian people wish to regularly meet with a competent representative of their bank. This is indicative of the obligation of the banks to offer high quality counselling to their clients and not just to the more prosperous ones but to each and every client,” adds Messimas.