Russians Cut Savings, Level Drops to 47.9%

In July 2023, the savings activity of the population in Russia decreased amid rising inflation and a fuel crisis. The share of respondents preferring savings fell by 6.5 percentage points to 47.9%. According to the Central Bank of Russia, this level is the lowest since March 2015. 34% of those surveyed consider the conditions for saving to be poor, while only 26% view them as good. 56% of respondents do not have a financial cushion in case of income loss. Real savings of Russians decreased by 32.1% in the first quarter of 2023, while the median income was about 27,500 rubles. The share of citizens preferring to spend money increased by 4.1 percentage points to 32.7%. The consumer sentiment index fell by 8.3 points to 89.5%, and the expectations index decreased by 11.4 points to 92.2%, which is also the lowest level since March 2022. The head of the Central Bank of Russia, Elvira Nabiullina, confirmed the slowdown in deposit growth and changes in their structure, with an increase in funds in savings accounts and real estate.

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