Only One-Third Of Russians Regularly Save Money - Survey

Only about a third of Russians regularly save money and 63 percent of the population keep a ruble savings account in the bank, a survey conducted by the Ipsos research organization for the Visa company showed on Tuesday.

MOSCOW (UrduPoint News / Sputnik - 20th November, 2018) Only about a third of Russians regularly save money and 63 percent of the population keep a ruble savings account in the bank, a survey conducted by the Ipsos research organization for the visa company showed on Tuesday.

"The share of people who have a savings amounted to 66 percent of respondents, a third of them regularly save money; 63 percent of respondents keep a savings [account] in rubles in a bank account, 45 percent keep their savings in rubles in cash," a poll showed.

According to the survey results, the majority of respondents have basic financial literacy. The overwhelming majority use simple financial products debit cards, bank accounts and deposits make loan payments on time and maintain a budget.

At the same time, the authors of the study explained that only 35 percent of Russian citizens maintained their budget regularly and 44 percent did so on occasion.

The poll also showed that the percentage of Russians who were well-versed in financial products was rather low 24 percent of respondents knew at least one of those products, while only 8 percent used them.

The survey was conducted between October 2017 and September 2018 across 15 Russian cities with a population of over one million. A total of 2,412 people aged between 18 and 60 were interviewed.