Economy mode: almost half of Russians were not ready to spend savings
More than 40% of Russian residents are not psychologically ready to use their savings, even if urgent expenses arise. This is the conclusion reached by the authors of the <url> service study. Izvestia investigated the reasons for the reluctance to spend savings, what risks this refusal poses to the economy and the quality of life of citizens, as well as how such attitudes affect consumer behavior and demand in the long term.
Time slice
It is advisable to analyze the growth of the population's propensity to save in two planes — on a short and on a long time period, since the mechanisms and consequences in these horizons differ, says Olga Lebedinskaya, Associate Professor of Statistics at Plekhanov Russian University of Economics.
— In the short term, there are rapid effects. Part of the money is withdrawn from the sphere of current consumption, which reduces the effective demand for both everyday goods and expensive purchases," she explains.
At the same time, there is a relative stabilization of basic consumption: savings allow households to maintain regular spending on familiar goods and services, the expert clarifies.
The Central Bank's monetary policy has also led to a change in the structure of savings. Money is being redistributed within the banking system — the volume of term deposits is decreasing and the share of demand deposits is growing, adds Olga Lebedinskaya. The total funds of individuals in banks, including accrued interest, reached tens of trillions of rubles by the end of 2025. At the same time, term deposits decreased in annual terms.
In the long term, the demographic factor and the transformation of financial behavior against the background of an aging population play a key role, the Izvestia interlocutor notes.
"Society is conventionally divided into an economically dependent part that receives resources and an economically independent part that redistributes these resources," the economist explains. — At a young age, people are more likely to use borrowed funds, on average, with rising incomes, they pay off debts and accumulate savings, and in old age they switch to spending previously created financial reserves.
Olga Lebedinskaya is convinced that the desire to smooth out differences in consumption levels at different stages of the life cycle is the main motive for saving. At the same time, the expansion of the share of economically dependent groups increases inflationary pressure and at the same time supports a cautious behavior model. The long-term problem is that as the population ages, accumulated funds are increasingly not transformed into investments, which ultimately constrains economic growth.
The words of people in surveys, however, do not always coincide with their real actions, recalls the expert of the NIFI project of the Ministry of Finance of Russia "My Finances.Russian Federation" Igor Komarov. In a difficult situation, most people still use their savings, and this is normal.
According to the expert, many people have financial discipline, people consciously save money and do not mix savings with everyday expenses. I don't want to spend my savings for three reasons: they come from hard work, you can lose income if you withdraw them early, and the savings themselves are perceived as an "inviolable reserve" in case of emergency.
Therefore, people often look for alternatives — they borrow from loved ones or use a grace period on a credit card, adds the interlocutor of Izvestia. However, the expert does not recommend contacting microfinance organizations because of the risk of debt problems.
Correlation of profitability
The reluctance to spend savings is directly related to the configuration of the current financial and economic environment in the country, Alexander Abramov, head of the RANEPA Laboratory for the Analysis of Institutions and Financial Markets, told Izvestia.
— In the logic of economic theory, the propensity to save is largely determined by the fear of losing the usual level of consumption in the event of an unfavorable development of events. When incomes are stable, households prefer to save money, and when the situation worsens, they use their savings to mitigate the decline in living standards," he recalls.
Currently, judging by the combination of factors, the economy is going through a stage of active savings formation. Nominal incomes of the population have increased significantly, interest rates on deposits and money market instruments remain high, and the value of gold continues to rise. In such an environment, a significant proportion of incoming funds are naturally directed to savings that provide tangible financial returns, Alexander Abramov emphasizes. This enhances the attractiveness of the savings strategy itself.
Impact on the economy
The restrained attitude towards spending savings is largely explained by the past experience of living in unstable periods, says Maxim Chirkov, associate professor at the Department of Economic Policy and Economic Measurements at the State University of Management.
"For many Russians, the transitional stages, including the 1990s, have created increased caution, and some of the population still have behavioral attitudes dating back to Soviet times," he explains. — Even decades later, this experience continues to influence financial decisions.
At the same time, the high propensity to save itself should not be considered as a threat to the economy. Domestic demand is still supported by the government, businesses and individuals, and household restraint rather means slower but steady growth, the expert believes. The economy could develop faster with more active spending of part of the savings, but the absence of these expenses does not create systemic risks.
An additional factor is the high profitability of savings, Maxim Chirkov adds.
"Over the past year and a half, deposits and other financial instruments have generated significant income, often exceeding inflation," the source said. — In this context, the rejection of consumption in favor of savings does not look like a psychological problem, but a rational choice and a form of competent personal financial management.
The impact on the quality of life, in his opinion, is limited and affects only a small proportion of the population. Reducing consumption here is a conscious decision, not a forced measure related to the deterioration of economic conditions. People independently choose between current expenses and the creation of a financial reserve.
"As interest rates decrease and deposits become less attractive, behavior may change," the expert confirms. — Increased confidence in the future and weakening incentives to save can lead to increased demand, both for consumer goods and for alternative forms of investment, including securities and real estate.
This shift is possible already in the medium term, against the background of continued macroeconomic stability, admits Maxim Chirkov.
It is psychologically difficult for Russians to spend their savings due to the experience of crises and devaluations, confirms Sergey Grishunin, managing Director of the NRA. The "airbag" is perceived as an inviolable value and a symbol of stability, not as money to use.
When the key rate starts to decrease, savings, in his opinion, will be used primarily to buy housing, especially finished apartments. If this happens abruptly, inflation may increase, so it is important that the process is smooth.
Unwillingness to spend savings also carries risks, warns Petr Shcherbachenko, associate professor at the Financial University under the Government of the Russian Federation. On the one hand, it reduces consumer demand and business turnover. On the other hand, if savings are held in cash, inflation eventually devalues them.
At the same time, people who are focused on saving are less susceptible to advertising and prefer simple and proven tools, primarily bank deposits.
Izvestia sent a request to the Central Bank and the Ministry of Economic Development, but no response had been received at the time of publication.
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