According to Aija Brikše, head of the Financial Literacy Division at the Bank of Latvia, one of the major weaknesses in the financial management of Latvian residents is their lack of long-term financial planning. She emphasizes that Latvians are predominantly living for today, not just those who objectively can only focus on their immediate needs, but also the larger population. Brikše critiques the lack of long-term savings and investments when compared to neighbors and other European countries' residents, suggesting that cultural differences contribute to this phenomenon.

Brikše notes that there have been improvements over recent years, with an increasing number of individuals beginning to think about long-term investments and finances. However, she insists that there is still much work to be done to further enhance financial habits in Latvia. The expert points out that neighboring countries demonstrate a more robust culture of saving and investment, which Latvians should aim to emulate. This cultural shift is essential for developing a sustainable financial future among the population, where people not only spend but also save.

In the context of financial literacy, Brikše advises that wealth is not merely defined by high earnings followed by high spending but instead by the capacity to save. She stresses the importance of forming a mentality among residents that encourages saving and investment for future stability rather than focusing solely on immediate consumption. This cultural change in approach to finances will be crucial in bridging the gap between Latvian residents and their neighbors who are more adept at long-term financial planning.