SEB survey: residents willing to give up hobbies and travel to afford housing

A survey conducted by SEB bank shows that most people planning to buy their own home are willing to change their spending habits in order to speed up saving for a down payment. According to the survey, the spending categories people are most willing to cut back on are hobbies, entertainment and travel.

Bank representatives, commenting on the results, noted that these types of expenses are often seen as the easiest to temporarily reduce without significantly affecting one's basic quality of life. This suggests that for many people, buying a home takes priority over additional comforts not tied to everyday necessities.

Why the down payment is a challenge

The down payment remains one of the main obstacles people face when planning to take out a home loan. Accumulating it typically requires sustained, deliberate saving and adjustments to established spending patterns. The survey results show that a share of Latvian residents are ready to adapt their budgets specifically for this purpose, cutting expenses that are not essential.

SEB bank representatives emphasized that the survey data offers insight into how financial goals influence people's daily choices and planning. Such information may also be useful for the bank itself in shaping offers for customers planning to purchase their first home.

The survey indicates that housing remains a high priority for Latvian residents, with many willing to limit consumption over the long term to reach this goal. Specific numerical results of the survey were not disclosed in the source report, but the overall trend — a willingness to forgo entertainment and travel spending — was highlighted as the main takeaway.