Russians to save money for higher education

As much as 39% of the families that are ready to pay for college on their own, including their children’s tuition fees, are going to use their savings for this purpose. After polling residents in 37 cities of Russia, Sberbank Life Insurance found out that Russians are ready to save an average aggregate of about RUR 470K ($6.250) for their higher education.


People aged 30 to 40 (with college degrees, post-graduate training, and above-average income) are inclined to set money aside for tuition most often, as compared to other survey respondents.

Young people between 18 and 30 years old are ready to save up some RUR 400K ($5.43)  for education, while with the 30–40 age group the metric stands at RUR 632K ($8.4K). Respondents with college degrees and post-graduate training are set to save almost RUR 512K ($6.8K). Respondents who can afford home appliances are going to save approximately RUR 500K ($6.6K). Russians who can afford a new car are set to save about RUR 550K ($7.3), while those who can afford an apartment or a new house said they’d save nearly RUR 700K ($9.3K).

Women target RUR 526.5K ($7K), whereas men target RUR 423K ($5.6K). Residents of Tyumen, St Petersburg, Kazan, Chelyabinsk, and Moscow are ready to save up more than people from other cities of Russia. According to the survey, those who are ready to pay for the tuition agree to spend an average of RUR 100.2K ($1.3K) a year. The biggest annual tuition budgets were registered in Moscow, St Petersburg, Tyumen, Perm, Yaroslavl, Krasnoyarsk, and Irkutsk.

Eighty percent of the respondents believe that education is a key to success in life. About three quarters of Russians either fully or mostly agree that a solid and modern education lets you have bigger or much bigger paychecks. Moreover, 84% of Russians believe it helps speed up a career, sometimes significantly, while 91% of the respondents said that good education is paramount for your personal growth. Survey participants believe that the shortest way to success lies through degrees in technology, engineering, IT and computers, economics, finance, and management.

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