Over 20 years, the willingness of Russians to borrow money has decreased, while requests have increased
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Over the past two decades, the attractiveness of loans in the eyes of Russians has decreased, showed survey VTsIOM. The share of respondents who take out debt at one time or another decreased from 62% to 44%. The most preferred “creditor” is still the close circle – relatives and friends (55%), with banks in second place (34%).
The maximum amount that Russians are willing to borrow if necessary has increased significantly. Currently, it averages just over half a million – 579,270 rubles, which approximately corresponds to eight average monthly salaries* in the country. In 2004, the upper limit for loans was 42,314 rubles, or six average monthly salaries*.
The survey also recorded growing understanding of the concept of borrowing money at interest. If in 2004 more than half of respondents (57%) planned to return the same amount they took, now only every fifth (19%) expects this.
*Calculations by VTsIOM based on Rosstat data.
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