More than half of Russians have long-term financial goals: study

According to the think tank survey, 76% of respondents understand the relationship between risk and return, 64% of respondents know the meaning of the term “inflation” and another 58% know the benefits of risk diversification. At the same time, only about half (48%) of the respondents were able to correctly assess the degree of influence of inflation.

Financial skills and behavior

• 73% of Russians are engaged in this or that type of savings. Of these, 37% keep cash savings at home, another quarter prefer a bank account (27%) or a savings/deposit account at a bank (25%). Savings behavior is more characteristic of residents of large cities, as well as people with higher education and employed Russians.
• 65% of Russians maintain a family budget. 37% keep track of their finances in their mind, 16% record income and expenses, 12% monitor savings and expenses through digital services. Just over a third (33%) do not maintain a family budget.
• The vast majority of the country’s residents pay their bills on time and think about their purchases in advance (78% and 80%, respectively), and also closely follow the state of finances in general (78%). Just over half of Russians (55%) have long-term financial goals.

Loan

• When applying for a loan over the past year, 47% of Russians considered offers from various financial institutions, which indicates a competent approach to the choice of financial products.
• 42% of borrowers went to independent sources to obtain information on the subject before applying for a loan, 30% of them searched for data on the Internet, 28% consulted with bank employees, 22% went to branches of credit organizations .

The survey was conducted between December 2022 and January 2023.