Desired Amount of Savings by Russians for Child's Future Age
Survey Findings Reveal Russian Parents' Saving Habits
A recent survey by Rambler&Co has unveiled the savings goals and behaviors of Russian parents. The findings demonstrate that the majority of parents are saving for their children's education (48%) and housing (18%), with startup capital (15%) also being a priority.
Moreover, the survey reveals that 26% of respondents aim to accumulate a savings goal of 1 million rubles, while 17% consider 500,000 rubles as a sufficient target. Various parents are willing to help with significant future expenses, such as a car, wedding, or rental expenses after graduation. Notably, 28% of respondents admit they haven't started saving yet but plan to, while 18% save occasionally, and 16% save a specific amount regularly. The remaining parents have not given saving much thought.
In terms of saving tools, bank deposits (48%) are the preferred choice, followed by keeping cash at home (38%). Investments and insurance are less popular, with only 14% expressing interest.
According to the survey, 43% of parents’ monthly expenses on their child, excluding significant purchases, range from 10,000 to 30,000 rubles. Approximately 27% spend less than 10,000 rubles per month, while 17% spend more than 50,000 rubles monthly. An additional 13% fall within the spending range of 30,000 to 50,000 rubles.
Previously, experts from the NIFID project of the Russian Ministry of Finance and Rambler&Co found that 73% of Russians save money, with 34% doing so regularly and 39% occasionally. The primary tool for saving is bank accounts (55%), followed by keeping cash at home (23%), currency and pension funds (8%), and IISC and brokerage accounts (6%).
Relevant to the survey findings, parents in Russia often prioritize savings for their children’s education and housing, as well as building emergency funds. With high central bank rates, bank deposits have become an attractive option for guaranteed returns compared to risky investments. Additionally, government-backed savings programs, concessional lending, and family support programs may influence the savings environment for Russian parents.
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Personal finance is a significant concern for Russian parents, with the majority saving for their children's education (48%) and housing (18%). They are also prioritizing startup capital (15%). Interestingly, 43% of parents' monthly expenses on their child, excluding significant purchases, range from 10,000 to 30,000 rubles.
