Young Russians’ savings

In the fall of 2019 a survey on saving issues was carried out in 37 Russian cities with 500K+ residents. In each of the cities at least 400 respondents aged 18 to 30 were polled, all from a representative sample reflecting the sociodemographic profile of the city.

Only 30% of working young people spend everything they make; 36% said they put some money aside from time to time, while 34% stated they try to save up regularly. This means that the proportion of working young people who save stands at 70%. According to the respondents, their savings could keep them afloat for seven months, should they lose their jobs. It’s worth mentioning though that young people usually have rather modest needs.

Top 10 cities with the largest proportion of savers, top to bottom, include St. Petersburg, Rostov-on-Don, Yaroslavl, Orenburg, Vladivostok, Penza, Lipetsk, Moscow, Tyumen, and Ryazan.

Nearly a quarter of the young people who put money aside save up for emergencies that might ruin their health, like accidents, including road ones, and diseases. Others save up for their own place (17%), travel and vacation (16%), apartment remodeling or a new car (12%), build an additional source of income by investing (7%), or save up for retirement (4%).

According to the results of the survey, ruble savings accounts are popular among 60% of respondents, making them the top savings pattern for young people. As much as 50% of the respondents save cash at home; 12% of young people invest in real estate; 8% inject funds in their own companies; 6% use foreign currency savings accounts; another 6% prefer investment savings products like securities, mutual funds, endowment policies.

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