The Russians postponed a record low savings

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Photo: Mikhail Voskresensky / RIA Novosti

For the first nine months of 2018, the Russians postponed four percent of their income. This index reached the lowest level since 2004, reports TASS with reference to the study of the Institute for social analysis and forecasting, Russian presidential Academy of national economy and public administration under the President of Russia (Ranepa).

Over the same period in 2017, the Russians delayed 6.8 percent of income as savings, in 2016 — 9.9 percent. Compared to 2015, the share of savings dropped by three times then, it was 13.4 percent. At the same time, scientists noted that payment for goods and services the residents spent 78.2 per cent of their income. This figure, in contrast, peaked in 2004.

According to the authors of the study, the Russians lay less savings because of the growth of credit debt. In January-September 2018 loans to individuals increased by 16.7 percent due to the mortgage and unsecured consumer loans. “According to data monitoring, more than a fifth of the population experiencing difficulties with repayment of received loans or fear the emergence of such difficulties in the near future”, — concluded scientists.

20 November it was reported that 34 percent of Russians do not postpone savings. However, over the last year the level of financial literacy and the welfare of the population increased.

Video, photo All from Russia.

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