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38% of Russians began to save small amounts during the pandemic

Almost three quarters of Russians (73%) thought about the need to make savings during the coronavirus pandemic, and 38% already started saving small amounts, RBC reported citing a study by the Rambler portal.
38% of Russians began to save small amounts during the pandemic

Almost half (49%) of the survey participants reported that they began to invest or save money during the pandemic: 38% of Russians said that they started to save small amounts of money, 3% became starting investors, another 8% began both saving and investing.

21% of Russians admit they do not invest or save but are planning to do so. The remaining 30% of respondents are not planning to start saving in 2020.

During the survey, the respondents also answered the question which investment and savings tools were closer to them. 51% of Russians invest in real estate and the remaining 49% prefer to use banking financial instruments. 22% of respondents choose deposits, another 14% of Russian citizen are ready to use deposits and other alternative instruments, 13% - various investment instruments, both with the help of management companies and independently.

Under the pandemic, Russians have also begun to master endowment, a new way of investing. Vedomosti writes about it with reference to the head of the All-Russian Union of Insurers (ARIA) Igor Yurgens and other representatives of the industry.

Based on results of the first nine months of 2020, the volume of endowment premiums collected has increased by 29% to 94.3 billion rubles, which makes it the main driver of the entire insurance market. Life insurance in general increased by 4% to 320 billion rubles.

Until now, investment life insurance (ILI) has been the leader among all types of insurance in terms of growth with difference from endowment in a potentially higher income due to riskier investments. Thus, the market leader, a type of insurance that claims to be the driver of the entire industry, has changed.

Source: https://vo.plus.rbc.ru/news/5fc4a1a17a8aa968a0b06613

Photos are from open sources.

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