The recent economic challenges have prompted the residents of the Baltic countries to rethink their financial habits. How do they save today - using smart tools or still choosing traditional methods? The latest survey conducted at the initiative of Citadele Bank reveals not only the different choices of residents, but also shows which country is closest to the modern savings model.
The study showed that Lithuanians most often save with a specific goal or by setting aside cash – both of these methods were named the most effective by more than a fifth (21%) of those surveyed. Periodic money transfers to a savings account were not far behind, chosen by 19% of respondents.
Similar trends have been recorded and in Latvia and Estonia, but here certain differences also emerged. In Latvia, residents named cash savings as the most popular way of saving – this is how 21 percent of residents save, while 16 percent indicated periodic transfers to a savings account, and 13 percent indicated setting savings goals. In Estonia, residents most often save using periodic transfers to a savings account (22 percent), and the other most popular methods are setting savings goals (15 percent) and cash savings (14 percent).
"These results show that in all Baltic countries, residents still rely quite heavily on traditional methods - especially cash savings. However, the Estonian example stands out for its greater trust in automated solutions - this is a direction that is also worth following for Lithuanians," says Sandra Gimžauskienė, customer experience improvement specialist at Citadele Bank.
In Lithuania, savings choices differed by gender. Men identified saving with a clear goal as the most effective way to save (24 percent), while other most commonly chosen solutions were setting aside cash (19 percent) and regular automatic transfers to a savings account (17 percent). Meanwhile, women more often chose practical everyday solutions: setting aside cash (23 percent) and automatic transfers (22 percent), and saving with a specific goal was identified as the most effective by 19 percent of those surveyed.
"Today, we are increasingly talking about conscious financial management, and the results of the study show that people actually want to save not "for the sake of everything bad", but with clear goals. However, it is still common to choose to set aside cash - and this method, although it helps to visualize savings, is not always the safest or most effective," notes S. Gimžauskienė.
Younger residents are more likely to trust digital tools
The survey also revealed interesting differences between different age groups. The youngest respondents (18-29) most often cited regular automatic transfers to a savings account (24%), setting savings goals (20%), and the “rounding up” feature (12%) as effective ways to save money. The latter option was more than twice as popular among this age group as among residents over 50.
"This shows that digital tools are becoming increasingly popular among the younger generation. Young people are looking for convenient, automated solutions that help save easily and do not require daily involvement. That is why banks today offer functions such as periodic savings - when expenses are rounded to the nearest euro, and the difference is directed to savings. This method allows you to save imperceptibly - even small amounts become significant over time," says S. Gimžauskienė.
Financial discipline is important for all age groups
Although the popularity of smart tools is growing, the study showed that some people still have not started saving. As many as 13 percent of respondents in Lithuania indicated that they have no savings or do not save at all. In Latvia, this indicator reaches 19 percent, and in Estonia - as much as 21 percent. In Lithuania, people over 50 years old are most likely not saving, and the smallest share of them - only 9 percent - is recorded among people aged 18-29.
“Financial literacy education should include all age groups. It is neither too early nor too late to start saving. Even small but regular steps lead to significant results. Saving requires not only knowledge, but also a certain discipline – the ability to maintain constancy and consistency. The most important thing is to find a way of saving that suits a specific person and meets their capabilities and goals,” emphasizes S. Gimžauskienė.
At the request of Citadele Bank, a representative survey of the population of the Baltic States was conducted by the research agency Norstat in April 2025. At least 1000 residents aged 18 to 74 were surveyed in Lithuania, Latvia and Estonia via an online survey.
