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What do people save up for?

Half of Russians are currently saving for a financial cushion. They also often save for travel (38%); every third person saves for renovation, and every fourth person saves for real estate. Among the most important financial goals that require savings, Russians highlight buying a car (23%), medical care (19%), and education (14%). Another 9% of respondents are saving for retirement. These results were shown by a survey conducted by analysts from VTB and Rosgosstrakh Life Insurance Company.
What do people save up for?

The majority of respondents (60%) note that they plan to save more in the second half of 2024. The main reason for increasing savings was the emergence of new goals (60%), more than a quarter mentioned high interest rates on deposits, and another 19% reported an increase in income.

The respondents consider deposits (55%) and savings accounts (53%) to be the most preferred methods of saving in the second half of the year. In addition to classic deposits and savings accounts, this year another way to save money, a long-term savings program for any financial goal for yourself or third parties became available to Russians. It allows raise capital not only through personal contributions and investment return but also through financial support from the state.

Photo is from open sources.

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