Russians' savings almost close to zero

Russians' savings almost close to zero

The average amount in deposit accounts stood at 200,000 rubles in Russia.

The highest rate was in Moscow: more than 822,000 rubles, the average amount in deposit accounts in Saint Petersburg is almost half that amount - 421,000 rubles. The next are Magadan Oblast (318,000 rubles), Kamchatka Krai (261,000 rubles), Sakhalin Oblast (248,000 rubles) and Chukotka Autonomous Okrug (229,000 rubles).

The lowest rates were in Chechnya (8,500 rubles), Ingushetia (9,000 rubles), Dagestan (22,000 rubles), Tuva (27,000 rubles) and Karachai Cherkessia (34,000 rubles).

Russian private deposit grew by 3.1% in nine months of 2019, and by 9% since October 2018.

Without Moscow's contribution, the average amount in deposit accounts stood at 142,000 rubles, RIA Novosti reports.

In total, Russians deposit 29.4 trillion rubles. According to the Russian Central Bank, this amount has tripled over the past nine years.

The vice-rector of the Academy of Labour and Social Relations Alexander Safonov, speaking to Vestnik Kavkaza, noted that, according to statistics, Russians keep money in banks "on a rainy day". "The average salary, according to Rosstat, is 45 thousand rubles, which means 142 thousand rubles is a little more than three average salaries. That is, Russians save up small amounts of money, which are mainly used to cover emergency expenses," he explained.

Deposits are still one of the most popular savings tools, but they are losing their functions. "When deposit rates were 10-11% per annum, this was significant, but now when the average rates of the top 10 banks have dropped to 6-7%, their profitability has fallen markedly," Alexander Safonov noted.

"As a result, citizens have started to use more often such traditional tools as buying currencies. In addition, a system of direct electronic investments through various aggregate platforms is being developed," the vice-rector of the Academy of Labour and Social Relations suggested.

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