Rich far away: the government will propose a new system of long-term savings
The authorities are betting on "long" money. The Ministry of Finance and the Bank of Russia want 40% of Russians' savings to become long-term by 2030. To this end, the agencies are developing a federal project for the development of the financial market, which provides for a set of benefits and support measures. Special emphasis will be placed on families. The long-term savings program will allow them to reduce the financial burden associated with providing for the vital needs of children, experts say. With its help, you can save money for a child's education and improve his living conditions. Who will benefit from the PDS — in the Izvestia article.
Incentive benefits
The authorities want 40% of Russians' savings to become long-term by 2030. The importance of this goal, speaking at the Expert RA forum, was noted by Deputy Finance Minister Ivan Chebeskov.
"We are trying to create such conditions and tools so that citizens are interested in investing and saving in the long term," the deputy minister said.
To do this, the Ministry of Finance and the Central Bank are working on a concept for the development of family savings. We are talking about a range of tools that focus on savings for the benefit of children. In the course of their work, the departments collect offers from brokers, insurance companies and non-governmental pension funds.
Special attention is paid to state support measures. It is assumed that the accumulation of "long" money will be voluntary. And the government's task is to provide citizens with benefits that will make long—term savings more attractive.
One of the measures aimed at this is to increase the tax deduction under the long—term savings program to 1 million rubles. Special guarantees will also be provided for the safety of accumulated funds.
The editorial board of Izvestia sent requests to the Ministry of Finance and the Central Bank of the Russian Federation. No responses had been received at the time of publication.
Important support
To date, more than 2.5 million Russians have already appreciated the benefits of PDS, recalls Vadim Kovrigin, associate professor at the Institute of Economics, Management and Law at Moscow State Pedagogical University.
— In the very first year, the program showed returns above inflation. And with additional payments from the state and a tax deduction, it has demonstrated a clear advantage in comparison with other investment and savings programs," the expert clarifies.
Transferring 40% of Russians' savings to long-term ones will attract "long-term" money into the economy, he believes. Investments for a period of more than 10-15 years are predictable and stable — funds cannot be spent on short-term goals, which is guaranteed to save up for something more global.
The long-term savings program will primarily affect families with children, says Sergey Belyakov, President of the National Association of Non-Governmental Pension Funds (NAPF). The basis of the family SDS is individual savings accounts for each child, which will be replenished separately, regardless of the parents' account.
— The children's account will be stimulated by the state until the child reaches the age of 18, regardless of the moment of opening. For each such account, separate co—financing will be provided for 10 years," the expert notes.
The funds in the minor's account will immediately become his personal savings and will not be taken into account in the overall financial situation of the family, which will protect them from the financial problems of their parents (non-repayment of loans, bankruptcy, etc.).
— All these options will allow families to effectively plan their budget. This is a great opportunity to prepare for the transition of children into adulthood and provide them with financial support at important moments," Belyakov is convinced.
A reserve for the future
The practice of accumulating funds for children by their coming of age also existed in the USSR, recalls Alexander Safonov, Doctor of Economics, professor at the Financial University under the Government of the Russian Federation. Today, this issue is becoming even more relevant, because the parents of graduates face many financial difficulties. Among other things, we are talking about finding funds to improve the living conditions of children.
The family will also be able to spend the funds accumulated under the long-term savings program on the child's education, adds Sergey Belyakov.
— Thanks to the social security program implemented by non-governmental pension funds, by the time he enters the university, he will already have significant capital, which will allow him to cover tuition costs without additional financial burden on the family. This will not only significantly ease the financial burden of parents (which is especially important for large families), but also give the child the opportunity to focus on their own development," the Izvestia interlocutor is convinced. Reducing the financial burden associated with ensuring the vital needs of children will reduce anxiety and improve the psychological atmosphere within the family.
In addition, the creation of savings, according to Belyakov, will contribute to improving the financial literacy of the population — the long-term savings program will help to form a child's understanding of the value of money and develop skills in its rational use.
— He will be ready almost from birth for the fact that at the age of 18 he will have to dispose of an impressive amount, while his entire childhood will see how his parents scrupulously save money for him, taking care of his future. Such a situation will inevitably force the child to approach the development of this money as responsibly as possible and avoid spontaneous spending, the expert believes.
At the same time, even a young family with a small income can form a substantial financial cushion designed for global tasks, Vadim Kovrigin is sure.
— I am sure that with the growth of financial literacy, parents will begin to issue children's PDS bills right at the hospital so that the child can approach adulthood prepared, — the expert emphasizes.
After reaching the age of majority, a person will be able to independently open a personal income tax account and consciously continue saving for "adult needs." Such an approach, according to Belyakov, can lead to a reduction in the level of debt dependence among young people and contribute to improving the overall financial stability of society.
"This will have a positive impact on the economy as a whole — the level of trust in financial institutions will grow, and the long—term savings market will receive a new development," the head of the NAPF believes.
The family's long-term savings program has another important economic effect, says Alexander Safonov.
— It is "long" money that can stimulate the new industrialization of Russia, which is extremely important for creating jobs of a new quality — highly skilled and highly paid, with healthy working conditions, — the economist is convinced.
Logical development
However, it is important to understand that long-term savings are possible only if the family has free money, Safonov warns. The desire to save should not interfere with covering current expenses for children.
— The current level of median income is in the range of 60-65 thousand rubles, which in a family of three people (and two working adults) means 40 thousand per month. This means that for many citizens this option will be unavailable," the expert draws attention.
At the same time, the state will need to implement a whole range of measures to improve the effectiveness of the program, Safonov believes. First of all, it is necessary to reduce the inflation rate to the target of 4%.
It is also necessary to establish guarantees for obtaining a net investment income above the current inflation rate and the return of accumulated funds in the event of the operator's bankruptcy.
In addition, the right to withdraw a long-term deposit without loss in case of force majeure should be provided. The economist refers to such circumstances as the cost of treating children and parents, paying off debts and spending on restoring housing lost as a result of an emergency, and so on.
— The long-term savings tool is important for both the economy and the family. But its implementation will require a lot of effort to ensure that it is accessible, does not cause disappointment among citizens and is a real help to children," Safonov emphasizes.
It is also important to understand that Russians have historically been accustomed to little reliance on long-term government investment programs. To increase confidence in the program, it is important to increase the level of financial literacy of the population, recommends Vadim Kovrigin.
However, the long—term savings program is a "living" project that is constantly evolving, recalls Sergey Belyakov. Its goal is to provide any Russian with the opportunity to accumulate savings. And the extension of PDS to families with children is a logical stage of this development.
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