More Russians with money savings: ROMIR and Yakov & Partners study
Every third respondent has money savings, which would be enough for the whole family to live for more than 6 months. Compared to last year, the share of such citizens increased from 21% to 32%, with the most of them among residents of Moscow, St. Petersburg and other cities with millions of inhabitants. Such data were obtained by the experts of Yakov & Partners and ROMIR research holding during the next joint study "New Russian Society: Dynamics of Citizens' Attitudes".
The study was conducted in May 2024 on the basis of the ROMIR Longitudinal System - a social measurement system that allows analyzing "moods" in society in dynamic development, taking into account all the features and segmentation by socio-demographic characteristics, lifestyle, values and other criteria.
In general, compared to the previous year, the share of respondents with savings increased by 3 percentage points, reaching 55%. It should be taken into account that back in 2010 the corresponding indicator was only 30%, i.e. it has grown 1.8 times in recent years. Nevertheless, Russia still lags behind many developed and developing countries, including Japan (83%), Australia (76%), Germany (70%), India (69%) and the United States (68%). According to the authors of the study, such a lag indicates a significant potential for stimulating savings and attracting capital from the population to the economy.
According to the survey, the most respondents with any savings live in the Far Eastern (71%), Ural (54%) and Siberian (52%) federal districts. The least of all - in the Volga (49%), Northwestern (48%) and North Caucasus (45%) federal districts.
The most thrifty were the representatives of the older generation (59-78 years old) - 64% of respondents from this age group have savings. In comparison, Generation X (38-58 years old) has 54% of this indicator, and the generation of 20-37 years old has only 49%. According to the study, marriage stimulates the propensity to save: 57% of married/married respondents have savings, compared to 49% of single respondents. At the same time, the volume of savings gradually decreases as the number of children in the family increases. More than half of respondents (63%) with three or more children have no savings at all.
According to Elena Kuznetsova, director of the institute "Yakov and Partners" and co-author of the study, unlike last year, now the most popular way of saving among Russians are deposits and savings accounts in Russian banks (56%), and cash in rubles are used to store savings by less than half of respondents (48%). "More than half of respondents aged 18 to 37 prefer to use cash in rubles as the main means of savings. The older the respondents are, the more among them there are those who keep their savings not in cash rubles, but in deposits in Russian banks. At the same time, representatives of all generations do not consider foreign currency cash as a significant way of saving money," she specified.
According to Inna Karaeva, Executive Director of ROMIR, against the background of rising credit rates in Russia, the number of respondents who have not yet decided whether they will use various credit instruments in the coming year has increased significantly. "The most active use of credit instruments is intended by the Zoomers - respondents aged 18-19 years old. Answering the question "What are your or your family's plans for using credit instruments in the coming year?", 25% of Zoomers chose the answer option "Same amount as now", while 6% answered "Use more". Expectedly, the highest propensity to use credit instruments is demonstrated by high-income respondents. However, it is noteworthy that one third (29%) of Moscow and St. Petersburg residents have not yet decided whether to use credit instruments or not," Inna Karaeva explained. More than a third of respondents (36%) are not going to use loans in the near future in any case.
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