Russians begin to make savings when their monthly family income reaches RUR 35K ($545) per person, according to a survey by the Rosgosstrakh Life insurer and Otkritie Bank.
On average, according to Rosstat, Russians make around RUR 33K ($514) per person, RBC reports. More than half of the people who make any savings at all save a very small portion of their income – for example, almost 40% save only 5% to 10%, and 28%, even less than 5%. One-third of respondents said they have accumulated the equivalent of two to five monthly salaries; another 13%, 6-12. Only 5% of respondents said they have saved more than 12 monthly salaries.
As many as 27% of respondents said they can start saving only with a monthly income of RUR 45K-55K ($700-$860) per family member; 21% said they need a higher per capita income to save. Interestingly, there is a small group that manages to put some money away even making RUR 10K-15K ($155-$235) per family member; however, only 2% of respondents chose that bracket.
Overall, these findings suggest that large families have almost no chance to make any kind of savings. On the other hand, people who live alone and have their entire salary to themselves can save much more. Generally, a family of three – two parents and one child – needs to make at least RUR 100K ($1,560) to be able to save, and not spend the entire income on food.