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NEWS - 14. September 2016 10:05

SEB survey: young people expect their monthly salary to be between 800 and 1500 euros

Two thirds of young people in Estonia cover their everyday expenses from their own salary and 18–25-year-olds are paying greater attention to planning their finances, the SEB survey revealed.

According to the survey results, 44 per cent of young people are working, 27 per cent are studying, and just one fifth of them are doing both at the same time. Forty-two per cent of the young people working today earn more than 800 euros per month after taxes; among those who are working while studying, this number is 19 per cent. Almost every second 18–25-year-old expects their monthly net income to be 800–1500 euros in five years.

Compared to last year, the number of young people who always plan their monthly expenses has increased noticeably. When in 2015, only one young person in five kept track of their expenses, today it is almost one in every three, and just 12 per cent of 18–25-year-olds do not plan their monthly expenses at all.

A generation of savers is arising

Seventy-four per cent of young people save from their monthly income and two thirds of them do so with a specific goal in mind. The most popular reasons for saving money are down payment for a home loan, travelling, and bigger purchases.

“It is positive that in addition to tracking and planning spending, many young people find it important to save money for a specific purpose, because having a goal makes saving easier. For example, it was revealed that 42 per cent of the respondents saving for a specific purpose put aside more than 100 euros per month. Even if there are currently no plans for which to save, it would be reasonable to put aside at least 10 per cent of your income to protect yourself from unexpected expenses,” commented Ainar Leppänen, Head of SEB Retail Banking and Technology Area.

In case of unexpected expenses, more than half of those between 18–25 years of age first turn to their parents or relatives. At the same time, 10 per cent assert that they are able to handle unexpected expenses on their own because they have sufficient savings for such instances.

*The data used is based on a survey carried out by SEB in 2016, among 681 young people between the ages of 18–25.

For more information:

Maarja Gavronski
Project Manager for Communication
Marketing and Communications Division
SEB Pank

Phone +372 665 5270
Mobile +372 5656 5785
Address Tornimäe 2, 15010 Tallinn

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