A survey reveals that nearly a quarter of young people in Latvia refrain from investing in financial markets due to financial constraints and lack of knowledge.
A recent survey by Swedbank has indicated that 23% of Latvian youths aged 18 to 30 are currently investing in financial markets. However, a significant portion, specifically 23%, cites their financial situation as a barrier to investment, while 22% indicate a lack of knowledge as a hindrance. Despite these challenges, interest in investing appears to be on the rise, with more young individuals actively building and maintaining their investment portfolios in hopes of growing their capital in financial markets.
The survey also highlighted some alarming statistics, as approximately 19% of the respondents acknowledged they don't know how to start investing, and 17% are afraid of losing money, reflecting potential gaps in financial literacy among this demographic. Additionally, 11% stated that they are simply not interested in investing, further emphasizing the need for enhanced financial education. These insights suggest that there are significant barriers keeping young Latvians from participating in investment activities.
Rolands Zauls, the head of Swedbank's investment product line, noted the importance of improving young people's understanding of the significance of long-term investment strategies. This could potentially address the existing gaps in knowledge and comfort levels related to financial investments, which is crucial for encouraging broader participation from this age group in the financial markets.
