In 2022, younger adults aged 18 to 34 and individuals with higher education showed a higher likelihood of obtaining a loan compared with other Russians. This finding comes from a study conducted by the Economic and Sociological Research Laboratory at the Higher School of Economics, led by HSE’s First Vice-Chancellor Vadim Radaev, and reported by the TASS news agency. The study highlights how age and educational attainment can influence access to credit, while other demographic factors such as gender, perceived financial well being, type of housing, or the federal district were not significant predictors in this context.
The report also notes that a substantial share of the population did not engage with credit for purchases in 2022. Specifically, 82 percent of respondents neither bought items on credit nor borrowed from banks to finance goods or services during that year. This statistic underscores a cautious approach to borrowing among many Russians, even as a subset with favorable characteristics pursued loans.
In March, coverage from Frank Media referred to open monitoring conducted by the research firm Frank RG. The reporting indicates that in February 2023, Russian credit institutions extended loans totaling approximately 995.1 billion rubles. This figure reflects continued activity in the credit market and the ongoing role of banks in shaping consumer and household financing decisions in the country.
Additional data released by the Central Bank of Russia shows a notable trend in credit load. As of July 1, 2022, about 5.2 million Russians were responsible for more than three loan obligations at the same time. By the start of 2023, the number of such multi-loan borrowers had increased by roughly 5.4 percent, signaling growing exposure to multiple credit commitments among a segment of the population.
Together, these observations from 2022 and early 2023 illustrate a credit landscape where age and education influence loan access, while overall borrowing remained split between cautious behavior and increased borrowing activity. Financial institutions, policymakers, and researchers continue to monitor these patterns to understand risk, consumer behavior, and the evolving credit environment in Russia.