A recent study commissioned by Luminor revealed that more than half of Estonians would be able to cover an unexpected expense of 1600 euros using their savings, while a significant portion would need to seek help elsewhere or are unsure where they would find the necessary funds. The survey, conducted among the population, highlighted that 51% of respondents could manage this type of sudden expense, 13% would borrow from friends or family, while 12% would rely on their current income to handle such a financial obligation. Alarmingly, another 12% admitted they do not know where they would obtain that amount if needed.

Marek-Meelis Puusti, head of Luminor's retail banking division, emphasized the importance of consistent saving to avoid financial crises caused by unexpected costs. With high energy bills in January and ongoing inflation pressures, many households are feeling financial uncertainty, making the ability to cover unforeseen expenses a critical concern for family budgets. The results indicate a broader issue of financial preparedness among the populace, which could lead to dire consequences if individuals are unprepared for sudden financial demands.

This study not only sheds light on the current concerns regarding financial literacy and planning among Estonians but also calls attention to the necessity for improved financial education and savings habits. With financial security becoming a more prominent issue, stakeholders including banks, policymakers, and community organizations might need to actively encourage better saving practices and address the barriers that prevent people from building a sufficient financial buffer.