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The main savings purposes are named

Sber has analyzed what Russians save for. As it turns out during the survey, people most often invest to increase their income, this is the answer of 43% of respondents, reports the press service of Sber Insurance.
The main savings purposes are named

37% want to receive an additional source of income, and 31% of respondents want to form capital for the future. Every third (27%) has been investing to test their knowledge in practice. Every fifth person (21%) is saving for real estate, children's education or their own pension. 18% of Russians admitted that they started investing following the example of their friends. For 15%, investments are the only source of income.

Among existing investors, 39% have been investing for 2–3 years, 36% - less than a year. Every ninth person (11%) invests for 3 to 5 years. 5% of respondents have been investing from 5 to 10 years, 9% have been investing for more than 10 years.

“Lack of knowledge (44%) and lack of interest (23%) - this is how Russians answered the question of what prevents them from investing. A similar picture is typical for many countries. We recommend sticking to basic financial planning principles and creating a reserve of 3-6 monthly income. This is the basis of a financial portfolio. It is important that the formation of the reserve and the start of investment are preceded by two more stages: the creation of a funded insurance part in the amount of annual income and a pension reserve, which in retirement will provide an income of at least 40% of today’s,” commented Ruslan Vesterovsky, Senior Vice President, Head of Wealth Management of Sberbank.

The research was conducted in September 2023 in all Russian districts. Its participants included 2.9 thousand economically active people over 18 years of age living in Russian cities.

Photos are from open sources.

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