Russians began to save more as inflation rose to 7.5 percent by the end of 2023 and the key interest rate increased to 16 percent. This is evidenced by research data “Vyberu.ru”, a copy of which is available on “socialbites.ca”.
According to the results, almost one in five respondents (19%) have started reducing their daily expenses to add money to their bank deposits. Additionally, 13% of the participants use an interest-free credit card for current needs. This allows you not to withdraw money from deposits and save on accrued interest.
At the same time, 22% of survey respondents admitted to living paycheck to paycheck by applying for loans. 23 percent used loans for treatment and other urgent needs in the last three months. At the same time, 17% have no savings and do not borrow from banks. 6% of respondents do not plan their finances at all and spontaneously apply for loans for purchases.
“Now people are more conscious about borrowed funds. The departure from the principle of “we take it one day at a time” and balanced financial decision-making reflects increased financial literacy among Russians, says Yaroslav Bajurak, general director of Vyberu.ru.
According to him, the interest in deposits and credit cards confirms that Russians are looking for profitable financial solutions. This has a positive impact on the market because Responsible borrowers are less likely to encounter difficulties. Survey data shows Russians’ desire for financial stability through savings and loans.
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