Survey October 2010

Updated: 03.11.2010

According to a survey conducted in October, 84% of the residents of Estonia consider their knowledge of practical issues related to the changeover to the euro as either good or sufficient. 21% of the respondents said that they would like to get or they need additional information.

In comparison to the previous survey, conducted in September, the change is marginal. The level of self-determination of knowledge has decreased by 1 percentage points, compared to July, the decrease is 5%.

At the same time, the knowledge of certain changeover-related basic facts has slightly improved. In October, 77% of those surveyed were able to state the exact or almost the exact exchange rate; 87% were aware that the amount of kroons to be exchanged for euros is unlimited, 87% that kroons in cash will still be used for two weeks after the changeover and 85% that banks will not charge fees for exchanging the currencies one month before and six months after the changeover. The knowledge of the fact that the Bank of Estonia will continue to exchange kroons for euros for an unlimited period remains unchanged (54%) and it is the least known fact.

The level of knowledge is similar among all population groups. Knowledge is below average among non-Estonians and younger population groups.

Information about the changeover to the euro has mainly been obtained from the media – television (88%), print media (73%) and radio (69%) – followed by friends and relatives (41%) and the Internet (20%).

The website is known to 38% of the respondents – 8% of whom have already used it, while 30% know about it but have not used it. 15% of the respondents claim that they do not use the Internet.

The information campaign „The €-News“, commissioned by the Ministry of Finance, has been visible to 55% during its second week of performance. The main channel has overwhelmingly been TV (93%).

Support for the adoption of the euro remains stable. Slight decrease among those who support euro changeover as well as among those who are against it can be noted. However, there is an increase of respondents who do not have an opinion. In October, the changeover was supported by 49% and opposed by 40%. (compared to 51% and 43% in September and 52% and 44% in July). The support was above average among Estonians, as well as among residents with higher education and higher income.

The decrease in support was noticed among women, elderly people and non-Estonians. At the same time, support increased among the respondents with the lowest education level and income.

Support for the adoption of the euro is primarily associated with travelling, simpler conducting of monetary affairs abroad and direct or indirect benefits for the Estonian economy. Increasingly, it is perceived that it is good for a member of the EU to have a common currency.

Opposition to the changeover is mainly associated with the fear for the increase in prices and the cost of living, and the loss of the kroon as a symbol of identity. In October, the euro-related general price increase was of concern for 68% of the respondents. This fear is above average among people with low incomes (78%), non-Estonian population and age group of 30-44 (73%).

The survey was conducted on October 11-18 by the polling company Faktum&Ariko. 501 respondents were interviewed by phone. The survey was commissioned by the State Chancellery and Ministry of Finance.