The number of Russians with savings has decreased by one third

The number of Russians who have savings for the year fell by a third, from the data of the survey of the Ranepa. Citizens have ceased to expect positive dynamics in the economy, so I see no point in saving

The number of Russians who have savings in 2016 is 40% — almost a third less than the previous year when this figure stood at 55%. These data are presented in the study, which in the framework of the “Eurobarometer” conducted by the Centre for social research, Ranepa.

“In 2015, against the background of a sharp deterioration in the welfare of the population, falling savings occurred. The rejection of the accumulation of money in favor of their spending occurred in the beginning of 2016 and was not associated with deterioration in the material situation of the population,” the authors say. Such dynamics, they explain the change of economic expectations — now people are “less likely to plan their own economic future.”

So, in 2015, 64% of respondents were of the opinion that the problems in the economy are temporary and soon the situation will change. Now the number of supporters of this point of view was reduced to 51%. At the same time, almost two times increase in the number of those who believe that the economy is in a critical situation (22% vs. 12% a year earlier). Another 22% believe that the economy begins a protracted crisis, a year ago, thought so 19%. The number of supporters of the view that the serious problems the economy is not experiencing, remains extremely low — 5% compared to 6% last year. The study involved 6,000 people (600 people from 10 regions).

“Due to the fact that people do not expect economic improvement in the near future, the value of the savings decreases. People don’t see the point to save money based on the fact that the improvement of the economic situation (in particular, reductions in inflation), they will be able to make planned large purchases, starting a business etc. Therefore, those who had made savings, began to spend it,” the study says.

The savings rate (ratio of savings to income) in 2016 has decreased and approached the values 2012-2013, wrote analysts of the Department of studies and forecasting of the Central Bank in a recent survey “what do the trends” (.pdf). This “may indicate a gradual stabilization of the saving behavior of the population,” they said. According to analysts, the savings rate may continue to decline due to the growth of credit debt.

Most Russians have a amount of several monthly income, the study said Ranepa. 52% of people prefer to keep funds on term Deposit at the Bank (previous year was 64%). At the same time people began to prefer to save money on Bank cards or cash (36% and 23%, respectively, versus 29% and 18% a year earlier).

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