20:21 GMT +3 hours26 November 2014
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Russia

Russians With Savings at 20-Year High

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The share of Russians with savings has hit a 20-year high of 70 percent, according to data published by the Romir research center.

The share of Russians with savings has hit a 20-year high of 70 percent, according to data published by the Romir research center.

The share of Russians whose families say they have no savings has dropped below 30 percent, the poll found.

The results can be attributed to the improved economic situation in the country and changes in psychological behavior by the respondents, as individuals are less likely to complain about their difficult position now than two to six years ago, Romir said.

“Another positive indicator is the mass transition to savings in Russian rubles," Romir said. "The ruble has indeed become a Russian national currency in the past 10-12 years. As many as 60 percent of respondents said they keep their savings only in rubles. Excluding those who say they have no savings, it follows that 82 percent of Russian savers keep savings in rubles.”

The second-most popular saving instrument is a portfolio of rubles and U.S. dollars, favored by 6 percent of respondents.

Only 35 percent of Russians favor the purchase of real estate as a means of saving compared with 50-60 percent some four to ten years ago, Romir said.

“However, real estate still remains the most popular instrument for saving wealth, which is especially popular among citizens below 35 years of age with high incomes and residing in cities with a population of over 1 million.”

The attractiveness of bank deposits has risen significantly in the past two to four years and has almost come to match the popularity of real estate, with 34 percent of respondents keeping cash in accounts.

Interest in investing in one’s own business has risen by 50 percent after a decline in the past few years.

Investing in stocks has declined and returned to the level of 5 percent registered eight-ten years ago.

The poll was conducted in March 2012 and covered 1,500 urban and rural dwellers aged 18-60 across Russia.