Share of Russians with savings falls to lowest level since early 2022

The share of Russians reporting any financial savings has dropped to its lowest point since January 2022, according to an August survey by the Public Opinion Foundation conducted for the Central Bank. The findings, reported by The Moscow Times, highlight a growing disconnect between official statistics on income growth and the lived reality of households across the country.

Income growth contrasts with shrinking reserves

Official data show that real disposable incomes in the first half of 2025 were 7.8% higher than a year earlier, and average monthly wages in June surpassed 100,000 rubles for the first time. Bank deposits also expanded to 61.1 trillion rubles by August. Yet the proportion of households with savings has steadily declined, suggesting that higher wages are offset by inflation, rising costs of living, and depleted reserves built up earlier in the decade.

Russians saving for survival, not for investment

Survey responses indicate that almost 40% of citizens have no savings at all, while those who keep money in cash could cover on average just four months without income. More than half of respondents reported putting aside money instead of making major purchases — a rise of 1.2 percentage points from July. Analysts note that this reflects not growing prosperity but a need to tighten household budgets in response to the ruble’s devaluation and rising consumer prices. Many families are now prioritizing food purchases over long-term goals, with basic items such as potatoes, onions, and carrots showing sharp price increases this year.

Mounting debts and rising utility costs

The strain is evident in household borrowing patterns. Many Russians are taking out loans not to invest in businesses or durable goods, but simply to make ends meet until the next paycheck. For some, repayment difficulties arise after the very first installment, pushing them into cycles of debt. At the same time, utility tariffs rose by an average of 11.9% in July, with some regions seeing increases of nearly 25%. As a result, families are forced to cut back on essentials like food, medicine, and clothing to cover housing costs.

Preference for cash grows amid uncertainty

Central Bank data show that 32% of Russians now prefer to keep their savings in cash, up from 29% in July and 29% in August 2024. By contrast, the share of those who see bank accounts as the safer option has slipped to 43%. The reduced demand for foreign currency also signals households’ caution: purchases of dollars and euros this summer were 1.7 times lower than in the same period last year, underlining a shift toward basic survival strategies rather than financial planning.