Over 60% of Russians Have No Savings

5 August 2019 (09:25)

UrBC, Moscow, August 5, 2019. The share of Russian nationals who have savings of any kind reached 37% of the country’s entire population in July 2019, news.ru refers to the Central Bank’s data as indicating.

This is the second highest percentage since August 2017, when 39% of respondents said they had a financial cushion.

Analysts say the increase in the overall amount of savings has to do with interest payments on existing deposits and not with the people’s growing incomes.

As for the percentage of Russians with savings in a bank, the figures started growing in March 2019, the Central Bank’s reports state. The share of Russians with a financial cushion to fall back on rose by 4% in the following five months.

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