In recent years, precautionary savings – funds set aside as a financial cushion for unexpected circumstances – have accounted for a growing share of Russians’ overall savings, Forbes reported, citing a study by Bank of Russia economists Ksenia Kulkova and Alexander Vavilov.
According to the study, most Russians’ savings are still intended for specific goals such as major purchases, vacations, or education. However, after 2022, the share of precautionary savings rose sharply: in 2022, they accounted for 42.4% of total savings, compared with 36.7% allocated to targeted savings.
In 2022–2023, precautionary savings remained at 6.5% of Russians’ disposable income. In 2024, the figure stayed at the same level, while the share of targeted savings increased to 7.85% of income. The study’s authors noted that precautionary savings remained a substantial share of household savings in 2025.
According to Central Bank economists, a high share of precautionary savings could weigh on economic growth. Such funds are typically kept in highly liquid, low-risk forms – often even in cash – which limits their use for investment and reduces banks’ ability to channel them into business lending. At the same time, these savings strengthen households’ financial resilience during periods of economic uncertainty.