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Russians reluctant to spend money

Credit: RIAN

Most Russians are not spending their savings. On the contrary, they continue to set money aside for future needs. Only 24% Russians are making big purchases, according to the Russian Public Opinion Research Center (VCIOM).

VCIOM sociologists found out that 68% Russians are not spending their savings, TASS reports. Russians prefer to spend as little as possible and instead make savings. At the same time, only 24% interviewees believe that now is the time for big purchases while 23% think that they should spend their salaries as soon as possible and invest their savings in valuable assets. Only 14% Russians are willing to take out loans and three quarters of survey takers are not ready to borrow large sums of money.

VCIOM experts claim that Russians’ confidence in banks has remained unchanged in the past years. Forty-six percent respondents are ready to deposit their money. However, 32% recommend withdrawing their savings from banks.

The survey was conducted on July 27 and involved 1,600 interviewees.

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