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What savings tools do people in Russia prefer?

Most of the Russians (59%) do not have personal savings; only 41% save, Interfax reports citing a joint study by Rosgosstrakh Life and Otkritiye Bank.
What savings tools do people in Russia prefer?

The average saving rate is currently 140-219 thousand rubles. People mainly save up for short-term purposes; they prefer to store these funds either in cash (58.9%) or banks (30.3%), while 14.1% of the depositors surveyed do not know the interest rate of their deposits. 8.8% of respondents are not afraid to invest in financial instruments such as currency, securities and investment life insurance.

About 65% of respondents save money for leisure, household appliances or other short-term goals, and only a small proportion of citizens have long-term plans for their savings, such as buying a house, education or own business.

In conditions of real income drop, Russians save money regularly from salaries, pensions and bonuses, as was reported by 58% of respondents. The remaining 30.7% do it occasionally, from the sale of property, inheritance, gifts and other major financial events. Whereas, 67.8% save up to 10% of income, while 2.9% can save up to 50% or more.

The study showed that more than half of Russian citizen are not protected from financial problems in the event of job loss. 27.9% people saved an amount not exceeding their monthly salary on a rainy day, and 32.6% of the country's population managed to accumulate from 2 to 5 monthly salaries. Only 18.4% of Russians have savings of 6-month salaries or more.

The study was conducted in July 2019 by telephone survey. At least 1.5 thousand people participated in the series, 51.4% of which were women and 48.6% - men in eight federal districts.

Source: https://www.interfax.ru/business/676620

Photos are from open sources.

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