Baltic States' Pensioners Face Edge of Poverty: ECB Report

A report from the European Central Bank (ECB) has highlighted significant socio-economic disparities within the Eurozone, with Baltic States ranking lowest in median net wealth of pension-age households.

According to the ECB's study on household finances, Latvia, Lithuania, and Estonia have some of the lowest median net wealth in the EU. The report defines 'net wealth' as the total value of a household's assets minus any debts at retirement.

The study found that Latvia had the worst result in the Eurozone, with pensioners holding capital five times less than the European average. Experts point out that increasing energy and utility expenses significantly affect the current incomes of pensioners in the Baltic States.

The cost of living in these countries is high, with prices ranging from 650-750 Euros per person, excluding housing rent. The average pensions barely meet this minimum, leaving elderly people struggling to save for financial security.