Savings Activity of Russians: Dynamics and Factors

Based on the data of a number of all-Russian studies of the Institute of Sociology of FCTАS RAS, the article characterizes saving behavior factors of Russians and the dynamics of its change in 2003-2023. Some classical concepts explaining the savings behavior of the population are tested in relation to Russian conditions. It is demonstrated that their conclusions are only partially justified in the Russian society. It is shown, in particular, that representatives of mass strata of the population reacted to successive external shocks of different nature in recent years depending on the nature of these shocks, and not only on their severity or expected duration: to crises of purely economic nature, in accordance with the classical postulates, Russians responded by striving to maintain their usual level of consumption at the expense of savings, while in case of adding geopolitical risks and increasing uncertainty of the future, the prevalence of savings was increased. If for small savings no micro-level factors have been identified to have significant impact on their availability, then in the formation of savings that allow you to live on them for at least two months, subjective factors play a key role, in particular, readiness for long-term planning of one’s life, as well as a sense of respective economic and social success. At the same time, economic factors, though important, play a noticeably lesser role, affecting mainly amounts of savings.

Keywords

savings behavior of the population, savings activity, savings strategies, financial behavior, financial strategies, income of the population, financial situation of Russians

Acknowledgment

The article was prepared within the framework of the RNF project № 20-18-00505

Received

10.01.2024

Publication date

11.01.2024

Number of characters

33969

Cite

GOST	Savings Activity of Russians: Dynamics and Factors // Sotsiologicheskie issledovaniya – 2023. – Issue 11 C. 67-79 [Electronic resource]. URL: http://ras.jes.su/socis/s013216250028533-9-1-en (circulation date: 18.05.2024). DOI: 10.31857/S013216250028533-9
MLA	, "Savings Activity of Russians: Dynamics and Factors." Sotsiologicheskie issledovaniya 11 (2023):67-79. DOI: 10.31857/S013216250028533-9
APA	(2023). Savings Activity of Russians: Dynamics and Factors. Sotsiologicheskie issledovaniya (11), pp.67-79 DOI: 10.31857/S013216250028533-9

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