Personal finances and accession of them into Lithuanian market

Abstract

This paper discusses issues (if increasing intercsl in tlic pcisonal finance planning worldwide and in Lithuania. As a result ol'economic growth in Lithuania, especially during some recent years, a new group of clients has emerged who started to take care ol' their finance planning anil management. The quality ol tlie services lias lo be improved according to tlic market recuirements. The major banks tire already able to meet such customers' needs and help them willi the advice on personal capital planning and management; assessiiiuit of potential risks; planning their taxes, patrimony, and insurance; preparing for retirement age. The chapter analyses the problems of personal nioiicy management, the risks involved lor individuals and the possibility of Lithuanian cili/.eiis to plan their finances, to invest into capital market and accumulative life insurance. It also analyses individual liiiance managemeni and personal banking position in Lithuanian financial market. Moreover, this chapter overviews theoretical lileialure, individual finance planning regalia, the services as well as statistics ol the Bank ol Lithuania, insurance companies and otiiers. Data are analysed and compared in older to overview all available instruments for personal finance planning in Lithuania.