A recent study has revealed that a significant portion of Russians, 38%, do not have any savings. This lack of financial cushion raises concerns, especially considering the current economic climate. The research highlights key factors contributing to this situation, including low incomes, a culture of immediate consumption, and limited financial literacy.

The job search service Superjob conducted the study, finding that the average Russian’s savings would only last a little over four months if they lost all income sources. Furthermore, 13% of Russians could only sustain themselves for one month, while 24% could manage for one to two months. Only a small percentage, 6%, have savings to last more than a year.

Experts point to several reasons for the lack of savings. Sergey Vasilkovsky from the P.A. Stolypin Institute of Economic Growth emphasizes low incomes and modest social security as fundamental issues. He also notes that persistent inflation disproportionately affects the poor, as they spend a larger portion of their income on daily necessities.

A culture of immediate consumption, stemming from past economic crises, also plays a role. The older generation, in particular, tends to spend money now rather than save for the future, driven by uncertainty and the fear of rising prices.

Financial literacy is another critical factor. Many Russians lack the knowledge and trust in the modern financial system to effectively manage their money and build savings.

Economist Vasily Koltashov highlights two main reasons for the lack of savings: low incomes and a reliance on credit consumption. Many Russians live paycheck to paycheck, accustomed to using current income for expenses. Additionally, a long-standing ideology of credit consumption encourages borrowing to compensate for a lack of funds rather than saving.

However, the study also indicates that 62% of Russians do have savings. Koltashov suggests that a Protestant accumulative ethic is emerging, with people consciously striving to save as a safety net. The development of monetary relations could further encourage saving, especially with high interest rates on loans and deposits. This could lead to increased economic activity as savings are used for major purchases like housing.