Russians prefer to stash their extra cash in books and mattresses rather than depositing it in banks.
Cashing In: Russians' Unconventional Ways of Stashing Their Money
Most Russians opt for unconventional methods to save their dough, with a whopping 20% keeping it in piggy banks and books, while 12% stash it in hidden pockets within their clothes [1]. Under the mattress comes in third, with 7%, followed by behind pictures, kitchen utensils, electronics, under the floor, in toys, and in the bathroom [1].
A study reveals that over 40% of respondents keep a modest stash at home, ranging from 5,000 to 30,000 rubles. Meanwhile, around 30% reported savings of 30,000 to 100,000 rubles [1]. Home savings are favored due to their easy accessibility [1].
VTB observed a decrease in the share of cash rubles in savings and investments over the past six years, reaching a record low [1]. The bank expects this trend to continue by the end of 2025 [1].
The Central Bank's key rate stands at a maximum of 21% since October 2024 [1]. Despite this, the board of directors decided not to change it on April 25, with the next meeting scheduled for June 6 [1]. With high interest rates, deposit attractiveness has increased [1]. The average maximum rate on ruble deposits in the ten largest banks was 20% in the second decade of April [1]. However, this indicator has gradually decreased since the beginning of 2025, reaching a peak in the second decade of December 2024 - 22.28% [1].
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Diving Deeper:
Russian Savers Shift Towards Savings Accounts: A renewed interest in savings accounts among Russian private customers has been observed, with an expansion of savings in February 2025 [2]. This trend points towards the preference for flexible financial instruments as people wait for potential key interest rate decreases.
Managing Risk and Maximizing Returns: In times of economic volatility, experts advise diversifying investments into alternative assets like precious metals or government bonds to mitigate risk, while also considering traditional deposits [2].
Influence of Geopolitical Events: Over the past six years, Russian savings and investment trends have been significantly affected by geopolitical tensions and sanctions, domestic economic policies, and military mobilization, altering the workforce and potentially modifying consumer behavior [3].
Interest Rate Fluctuations: The key interest rate has fluctuated in response to economic conditions and inflationary pressures [3]. High interest rates have been maintained to control inflation and stabilize the economy [3].
[1] Indicate Most Russians keep money in safes and piggy banks (20%), and also in books (20%). Another 12% said they hide savings in hidden pockets in clothing, while 7% keep them under the mattress. Russians also store cash behind pictures, in kitchen utensils, electronics, under the floor, in toys, and in the bathroom. More than 40% of respondents said they keep a small amount at home - from 5,000 to 30,000 rubles. Over 30% of Russians have cash savings of 30,000 to 100,000 rubles.
[2] Overall: Current Trends in Russian Cash Savings and Investments. (2025, March 15). Retrieved April 25, 2025, from https://www.expert-mag.com/economy/current-trends-in-russian-cash-savings-and-investments/
[3] Russia's Economic Future (2025, February 15). Retrieved April 25, 2025, from https://www.expert-mag.com/economy/russias-economic-future/
- By 2025, the average Russian may be shifting their savings towards savings accounts, as a renewed interest in such financial instruments has been observed, offering flexibility during potential key interest rate decreases.
- In an attempt to manage risk and maximize returns, experts advise Russian savers to diversify their investments into alternative assets like precious metals or government bonds, while also considering traditional deposits, especially during economic volatility.
- The geopolitical landscape has significantly influenced Russian savings and investment trends over the past six years, shaping them due to sanctions, domestic economic policies, and military mobilization.
- The Central Finance Board's decision to maintain the key deposit rate at a maximum of 21% since October 2024, despite an increase in the average maximum rate on ruble deposits (20%) in the ten largest banks, indicates a focus on high interest rates to control inflation and stabilize the economy.
