Almost half of Russians (49%) begin to earn their first money at the age of 18-23, and by the age of 23-25 they are able to fully support themselves financially, without relying on the help of relatives. These are data from a joint survey of Rosgosstrakh and Otkritie Bank. socialbites.ca has a copy.
At the same time, generations are taking different trajectories of financial independence. Russians born in 1997-2012 (the so-called generation Z or cymbals – approx. “socialbites.ca”) more often than others declare income above 100 thousand rubles per month (17-22% compared to 63% among older generations). However, the researchers noted that this did not stop the majority (67%) from regularly asking relatives for money.
Young people also lead in the share of those who have taken out a loan at least once (84% compared to 56-78% for representatives of other generations). They often take out their first loan before the age of 23.
The Boomer generation (born 1946-1964) was the first generation to become completely financially independent: by ages 23-25, 55% of them were self-supporting. Among Generation Y (born 1981-1996) and Generation X (born 1965-1980), this figure is 47% and 43%, respectively.
But representatives of older generations are less likely to get a loan than young people. Thus, 44% of Gen Xers and 33% of Boomers have never owed money to a bank.
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