Latvia survey: 13% of adults have never taken a loan

A survey conducted by Norstat and reported by the Credit Information Bureau (KIB) reveals that 13% of adults in Latvia have never taken out a loan, lease, or used a credit limit.

Among those who have never used credit, 63% stated they do not wish to take on financial obligations, while 45% reported that they have not needed loans because their income is sufficient. Other factors influencing this behavior include uncertainty about the future (24%), fear of borrowing (19%), and a lack of stable income (13%). Less than 2% of non-borrowers reported being denied credit after an attempt.

The data shows gender differences in motivations: women are more likely than men to avoid credit due to future uncertainty (29% vs 15%) or fear of borrowing (23% vs 14%). Conversely, men are more likely to report that their income is sufficient to avoid the need for loans (52% vs 40% for women). KIB Executive Director Intars Miķelsons noted that a portion of society remains highly cautious and does not view credit as a routine financial tool.