Regulatory data show that in August 2022 a notable share of Russians chose bank deposits for their savings, reaching 42 percent. This marked the highest level observed over the past six years, dating back to June 2017, according to the Central Bank and summarized in the inflation expectations and consumer sentiment review from the regulator (Regulator).
The tendency of residents to rely on bank deposits for saving had previously appeared mainly in May this year. In the preceding month, trust in banks rose by 3 percent, signaling a shift in public confidence.
Additionally, 2.3 percentage points more people redirected their discretionary funds toward buying high-value items, pushing that share up to 32 percent. Meanwhile, the share of savers remained robust at 51.7 percent, showing little change overall.
Experts attribute the uptick in public trust in the banking system to higher deposit rates and the perceived stability of large, well-capitalized institutions. This dynamic is seen as a viable, long-term way to safeguard and grow personal savings.
Overall, the consumer sentiment index rose by 2.9 points in August, while the consumer expectations index increased by 3.2 points, reflecting a more optimistic outlook across households (Regulator).
There is an ongoing discussion about how many Russians who previously held cash or other assets ended up entering the stock market, with indicators suggesting rising participation but without a definitive, uniform figure (Regulator).