People in Latvia would need EUR 452 monthly to cover their daily costs
In 2014 the minimum amount needed for covering daily costs grew by EUR 21 or 5%, reaching EUR 452 per household member1 monthly. Opinion on household disposable income and sufficiency was obtained in Income and Living Conditions Survey 2014 carried out by the Central Statistical Bureau (CSB).
Despite the fact that household disposable income2 has increased rapidly over the past years, it still does not exceed the minimum amount that would be needed for households to cover their daily costs. In 2013 households specified that they would need at least EUR 431 monthly per household member for covering their daily costs. However, their disposable income reached only EUR 354 per household member monthly, which is 18% less than the required minimum amount for covering daily costs.
In 2014 the amount needed for the households to cover the daily costs grew by 5%, reaching EUR 452 per household member monthly. Data on income in 2014 will be compiled in a similar survey that has been launched in March and will take place until the end of June.
Household evaluation of their ability to cover daily costs improved in 2014. The share of households experiencing great difficulty in covering their daily costs decreased over the past year. In turn, the share of households that were able to cover their daily expenses with some difficulty or fairly easy increased.
Answers to the question3 on difficulty to cover daily costs in 2013 and 2014
|With great difficulty||27.0||20.1|
|With some difficulty||28.6||32.2|
The greatest difficulty in covering daily costs was experienced by single elderly people (over 65), by households consisting of one adult with children, as well as by households consisting of a couple with three and more children under 18.
Answers to the question3 on difficulty to cover daily costs in 2014 by type of household (in percent)
Data source: Central Statistical Bureau of Latvia
Answers to the question on difficulty to cover daily costs in 2013 and 2014 by quintile group4
(in per cent)
Data source: Central Statistical Bureau of Latvia
In 2014 the poorest households (1st quintile group) answered that they would need EUR 318 per household member monthly to cover their daily costs. 73.1% of these households faced great difficulty or difficulty in covering their daily costs, and 1.4% covered their daily costs easy or very easy. The richest households (5th quintile group) said that they would need a considerably larger amount - EUR 658 per household member monthly to cover their daily costs. 20.9% of the richest households faced difficulty or great difficulty in covering their daily costs. Besides, compared to 2013 the most rapid drop in the share of households experiencing difficulty or great difficulty in covering their daily costs was recorded particularly among the richest households - from 27.4% in 2013 to 20.9% in 2014.
Data source for the data on household disposable income and sufficiency is the CSB Income and Living Conditions survey 2014 (EU-SILC – EU Statistics on Income and Living Conditions). The survey covered 6.1 thousand households, and 12 thousand respondents aged 16 years and over were interviewed.
Social Statistics Department
Income and Living Conditions Statistics Section
Tel. +371 67366727
1 Household is formed by several persons living in one dwelling and sharing expenditure or by a single person living separately. According to the CSB data in 2014 a household consisted on average of 2.4 persons.
2 Disposable incomeis cash income from labour, employee income in kind received by using company car for private needs estimated in cash, income or losses received from self-employment, received pensions and benefits, regular material assistance from other households, profit from interests of deposits, dividends, shares, income received by children under the age of 16, income from property rental, receipts from tax adjustments from the State Revenue Service (for business activities, eligible costs – education, medical treatment etc.).
3 Given your household's total net (after taxes) income, how do you succeed in "making ends meet", i.e., covering your daily expenditure?
4 Quintile group is one fifth (20%) of the number of the surveyed households, which are grouped in a growing sequence by disposable income per one household member. The lowest (first) quintile includes one fifth of the households with the lowest income, while the highest (fifth) – one fifth of the households with the highest income level.
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