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As income levels increase and travel opportunities become more available, the number of people planning to travel abroad during this holiday period has increased in Latvia. According to a survey conducted by the Swedbank Financial Institution foreigners have already chosen 44% of holidaymakers this year, of which 20% have made such a decision despite the outstanding financial obligations. the results, to spend their holidays, making a short or long trip, this year were provided by most or 60% of the population of Latvia. Compared to last year, the number of travelers remained largely or unchanged, but the increase in activity and the optimism of residents are reflected in the choice of the destination recreational travel. This year, the share of the population traveling abroad has increased by 4%, while the share of Latvian travelers has decreased by 5% and is only 16%.
The increase in the number of travelers does not necessarily reflect the financial possibilities of vacationers. A trip abroad, although there are late payments, clearly indicates a frivolous attitude toward meeting payment deadlines, as well as a lack of accountability to a lender. money or a service provider. Often this kind of behavior can turn into serious financial problems and leave deep consequences, which at first are not at all encouraged by the inhabitants. Historical delays can make it more difficult, if not impossible, to service and loan in the future in the most critical situations of life, such as lack of discipline or difficulty in meeting the expenses already incurred.
. It's no secret that, with a different routine, during the holidays, changes in the dynamics of spending should be widely expected. This is also confirmed by a survey conducted – 71% of respondents said that their travel costs are generally up, but 42% had a bitter financial regret for a good holiday. And if not, returning to everyday life after enjoying restless restlessness can be much more serious if there is a headache that will be funded by a deep moat.
The fact that most of the extra expenses incurred by people on vacation are usually supported the accrued expenses (77%) and less likely to burden the next month's salary or expected additional income (16%). However, more troubling trends are observed among latecomers (30%) than among residents who have no corresponding difficulty (12%), expect a salary for the following month and a fifth of Payers (20%) plan to borrow it because there is simply no accumulation of savings. As a result, repentance of spending between existing payment delayers is much more inevitable (55%) than that of people with high financial discipline (39%).
Loading current income to cover additional costs in a situation where difficulties exist The commitment is a path to ever greater problems. Due to current payment delays and new monthly requirements, the debt may become more important, before or after, for example, from wages will no longer be possible. On the other hand, receiving a loan in this situation is unlikely because the money lenders closely monitor the credit history of a potential client. Although it may sometimes seem like traveling is a necessary therapy to reduce stress in the fight against daily worries, in the long run this only increases the financial and emotional stress. Instead, it would be wise to consider first how to deal with temporary problems and to leave the trip as a lucrative reward for the day-to-day management of finances.
Travel mainly for tourists and various entertainment activities (56%), as well as for eating in cafes and restaurants (54%). For occasional purchases (sweets, drinks, children's toys, etc.), 30% of vacationers spend less money on the purchase of clothes, shoes and sundries (22%), as well as SPA and beauty products (11%).
The author is an expert of the Swedish Institute of Finance
[1] Swedbank Survey of financial institutions on the financial discipline of the inhabitants Latvia planning cooperative trips with Snapshots May 2018. In this survey, 700 Latvian residents aged 18 to 74 years were interviewed using the Internet survey.
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