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Support for adopting the euro continues to grow solidly

Riga, December 2, 2013 - Since the announcement in July about adoption of the euro in Latvia the support for adopting the euro continues to grow solidly among inhabitants – in November, 2013 45% of the population in Latvia had a positive attitude towards the transition from the lat to euro which is for 8 percentage points (p.p.) more than in July and for 4 p.p. more than in October. The survey performed in November by the research company TNS among the inhabitants of Latvia between the ages of 15 and 74 reveals this.

In November 2013 45% of inhabitants were in general positively disposed towards the transition to the euro in Latvia, including 41% of inhabitants were „likely positive” and 4% - „very positive” attitude. The positive attitude towards the transition to the euro is more often characteristic of young people aged 15-24 years, inhabitants having a higher education, high income (more than 300 lats per person in the family), company managers, top-level employees and leading specialists.

At the same time 52% of inhabitants had a negative attitude towards adopting the euro, including 33% had a „likely negative” and 19% - „very negative” attitude. More often those negatively disposed towards the transition to the euro are people aged 65-74 years, inhabitants having a basic education, low income (up to 150 lats per person in the family), correspondingly more often they are retired persons and the unemployed, as well as inhabitants residing in Latgale region.

TNS Finance sector research expert Ilva Pudule indicates that the increase of support for adopting the euro for 8 percentage points since July can be regarded as a significant improvement of public opinion. Also the improvement of the opinion noted within the last month is significant, moreover the tendencies of improvement of the attitude can be noticed also in such groups critically disposed towards adopting the euro as elderly people aged 65-74 years and inhabitants having a basic education.

Along with the improvement of the attitude there increases also the inhabitants’ knowledge about the correct exchange rate of the lat vs the euro.  If in September 2013 on average a third of inhabitants (35%) were able to name themselves the correct exchange rate without prompting, then in November already more than a half of inhabitants (54%) could name this rate without suggestion. In general Riga residents, inhabitants having a higher education, high income, as well as company managers, top-level employees and specialists are better informed.

Ilva Pudule comments: „The tendency that the proportion of euro supporters and population of Latvia being well-informed about the euro exchange rate is increasing can be explained by the widely presented communication in mass media – people for whom it is topical has perceived it. However, there is still a significant part of inhabitants in Latvia who should have found these issues to be topical, but this information flow has either failed to reach them or they have not understood it. It is most likely that individual informative leaflets about adoption of the euro recently delivered to households would facilitate the involvement also of these inhabitants in the process of adopting the euro”.

About the study

The research company TNS performed the survey of inhabitants from 6th to 20th November, 2013 asking questions to 1012 inhabitants between the ages of 15 and 74 in the whole territory of Latvia. The sample of the survey is representative of the entire population in Latvia in this age group, and the results of the survey display opinions of about 1,7 million inhabitants of this country.

About TNS

TNS is the leading full service market, social and media research company in Latvia. We offer our clients a wide range of research types such as consumer opinion survey, company's reputation and staff satisfaction evaluation, brand recognition and brand image study, product tests, mystery shopping, as well as media (TV, radio, press, Internet) audience research performed to international standards, information on and analysis of media usage habits and advertising volumes.

TNS in Latvia together with TNS companies in Lithuania and Estonia form the largest market and social research centre in the Baltic States.
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Laura Vendele
Marketing Manager
Phone: +371 67 096 300

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