Survey December 2010

Updated: 30.12.2010

Survey: Knowledge of the basic facts related to euro changeover is good

According to a survey conducted in December, 94% of the residents of Estonia consider their knowledge of practical issues related to the changeover to the euro as either good or sufficient. The majority of the respondents (56%) consider their knowledge to be good. Only 8% said that they would like to get or they need additional information.

At the same time, the knowledge of certain changeover-related basic facts has gradually improved. In December, 84% of those surveyed were able to state the exact or almost the exact exchange rate; 90% were aware that the amount of kroons to be exchanged for euros is unlimited, 93% that kroons in cash will still be used for two weeks after the changeover and 90% 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 has increased (64%) but it remains to be the least known fact.

The level of knowledge is similar among all population groups. Knowledge is slightly below average among non-Estonians and people with lower education.

Information about the changeover to the euro has mainly been obtained from the media – television (94%), print media (78%) and radio (68%). As a result of two direct mailing actions to all households carried out in December the information publications were mentioned as a source of information by 64%. The friends and acquaintances have been mentioned by 41%, internet search engines by 25% and commercial banks by 22%.

The website is known to 41% of the respondents – 6% of whom have already used it, while 35% know about it but have not used it. 19% 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 73% during its second month of performance.

Support for the adoption of the euro remained stable. In December, the changeover was supported by 52% and opposed by 39%. 9% of respondents did not have the opinion. 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 the respondents with the lowest income.

Support for the adoption of the euro is associated with travelling, simpler conducting of monetary affairs abroad (38%) equally represented by the perception that it is good for a member of the EU to have a common currency (37%). Direct or indirect benefits for the Estonian economy have been important for 24% of respondents.

Opposition to the changeover is predominantly associated with the emotional feeling sorry for the loss of the kroon as a symbol of identity (52%). The fear for the increase in prices and the cost of living has lost its strength. In December 35% (compared to 48% in November) mentioned the euro-related price increase, as the main reason for opposing the euro. External factors, the problems in the euro zone have been mentioned by 22%.

The survey was conducted on December 6-15 by the polling company Faktum&Ariko. 501 respondents were interviewed by phone. The survey was commissioned by the State Chancellery and Ministry of Finance.