Why 13% of Latvians Have Never Taken a Loan

In Latvia, 13% of adult residents have never taken a loan, lease, or used a credit limit, according to survey data reported by the LETA agency.

The study, conducted in May 2026 by research company Norstat, surveyed 1,002 Latvian residents aged 18 to 74 to understand borrowing habits and consumer caution across the country. Among respondents who have never borrowed, 63% said they simply do not want to take on financial obligations. Meanwhile, 45% reported that a loan is unnecessary because their regular income is sufficient.

Financial Uncertainty and Fear Drive Non-Borrowing Habits

Beyond personal preference and income sufficiency, psychological and economic anxieties play a major role in keeping residents debt-free. Of the respondents who have never used credit products, 24% stated that the future seems too uncertain to them, while 19% expressed a direct fear of borrowing. Another 13% pointed to a lack of stable income as the primary barrier preventing them from taking on debt. A tiny fraction of this group—less than 2%—indicated that they had attempted to borrow in the past but faced denials from lenders.

Intars Miķelsons, executive director of Kredītinformācijas birojs, noted that a distinct segment of society approaches borrowing with extreme caution and does not view credit as a routine everyday financial tool. Miķelsons stressed that any loan creates future obligations, making it essential for individuals to evaluate both the actual necessity of the funds and their personal capacity to repay them before signing an agreement. He added that the high share of non-borrowers citing future uncertainty demonstrates how vital a sense of financial security remains when consumers make major monetary decisions.

Gender Differences in Attitudes Toward Debt

The survey data highlighted notable variations in how men and women perceive and approach debt. Women are significantly more likely than men to avoid borrowing due to uncertainty about the future, with 29% of female non-borrowers citing this reason compared to 15% of male non-borrowers. Fear of borrowing is also more prevalent among women, mentioned by 23% of female respondents versus 14% of men.

Conversely, men more frequently reported that loans are simply unnecessary because their current earnings cover their needs. This sentiment was shared by 52% of men who have never borrowed, compared to 40% of women in the same category.