More than a quarter of Russians keep their savings in cash

Russians prefer to keep their savings either in cash or invest them in the purchase of real estate and expensive equipment, according to the report of the Faculty of Social Sciences of the National Research University Higher School of Economics “How Russians Cope with the New Crisis: Social and Economic Practices of the Population”, TASS cites it. The most unpopular form of savings is stocks and securities.

26% of respondents prefer to keep their savings in cash or buy real estate and equipment, another 23% keep their savings in a bank deposit. 6% of respondents invest in stocks and securities, 8% of respondents use investing or starting a business as a form of savings.

As the authors of the report clarify, the majority of respondents chose only one answer option – this indirectly indicates that Russians are not used to diversifying assets. One option was chosen by 60% of respondents, 27% – none, and only 13% – two or more options.

As the authors of the report note, for the majority, the profitability of investments lies not so much in generating income as in the safety of savings. Wealthier Russians responded that in 2022 their money-saving behavior hasn’t changed — they haven’t spent much less.

The survey was conducted by the Zircon Research Group in October 2022 by order of the National Research University Higher School of Economics. Two thousand questionnaires were analyzed.

Anastasia Larina