The majority of Lithuania’s population regularly monitors their finances. In a survey by “Creditinfo Lietuva,” 62.8% of respondents stated that they review their income, expenses, debts, and other financial obligations at least once a month.
Another 14.3% assess their financial situation once every few months, and 10.1% do so once or several times a year.
However, there are also those who only look at their finances when they need to make a major decision. 7.5% of respondents said they consciously review their financial situation only before a significant financial decision.
2.8% of residents evaluate their finances more carefully only when difficulties arise, and 2.5% stated that they never consciously review their overall financial situation.
Less than half know their credit history well
Many more questions arise when looking at residents’ knowledge about their credit history.
43.3% of respondents consider themselves to know it very well – they claim to know what information is presented in the credit history.
Another 34.9% say they know their credit history quite well but admit they do not know all the data contained in it.
13.4% know only roughly about their credit history, and 5.1% admitted to knowing almost nothing about it. Another 3.3% of respondents did not even know that their credit history can be checked.
So, although almost two-thirds of residents review their financial situation at least once every few months, this does not necessarily mean that they also understand their credit history well.
Not everyone checks their credit history
“Creditinfo Lietuva” also asked whether Lithuanians have ever checked their personal credit history. The survey shows that 57% of respondents have checked their credit history at least once.
17.6% said they check it at least once a year, 27.3% have checked it several times, and 12.1% have checked it once.
Meanwhile, 16.9% of respondents have never checked their credit history but know where it can be done. Another 26.1% have not checked it and do not know where it can be done.
“What does this mean? Knowing is one thing, and checking is quite another. We do not want to conclude that people completely misunderstand what they are talking about. We believe they simply guess some things. After all, every person probably understands: if I have a loan, it means I pay certain installments.
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A person knows what loan they have and how much they pay for it, and also knows how much they pay monthly for mobile services from “Telia,” “Tele2,” or “Bitė.” So people have some picture of their financial obligations, but this does not necessarily mean they have checked everything precisely or know all the details,” said Giedrė Tallat-Kelpšaitė, Head of Marketing and Communications at “Creditinfo Lietuva.”
Almost a quarter found out about a debt only after receiving a reminder
One of the clearest signals from the survey is residents’ payment habits.
9.6% of respondents stated that they have found out about an unpaid bill or debt only after a reminder or creditor’s notification several times. Another 13.7% said such a situation happened once.
Thus, a total of 23.3% of respondents have been in a situation at least once where they found out about an unpaid bill or debt only after receiving a reminder.
However, the majority – 65.6% – said this has not happened to them. 10% did not recall such a situation, and 1.1% did not want to answer.
When is it hardest for residents to manage their money?
The survey also revealed when it is hardest for residents to manage their money.
Most often (35%), respondents indicated that they generally do not experience financial difficulties. 24.2% of respondents find it similarly difficult to manage finances throughout the year.
13.2% said the hardest time is after Christmas and New Year, 12.2% during summer holidays.
10.1% of residents find it similarly difficult to manage finances when the heating season starts.
4.1% of respondents named late August and September, when many families start preparing for the new school year, as the most difficult period, and 1.2% said spring.
More than half limit expenses after holidays
Summer expenses also become a challenge for some residents.
10% of respondents said they have to limit expenses more almost every year after holidays.
17.5% do so when they spend more than planned, and 27.6% limit expenses after holidays sometimes.
So, in total, 55.1% of respondents have to control their expenses more after holidays at least in some cases.
On the other hand, 32.7% said they do not have to limit expenses after holidays. Another 12.2% stated that they do not go on holidays or that holidays do not affect their finances.
