Young individuals in Makhachkala aim to accumulate approximately 3 million for ventures in housing, studies, healthcare, and entrepreneurship, as per Sber analysts' findings.
Fresh Take:
Krasnodar, June 27 - Yug Times. In the lead-up to Youth Day, analysts from Sber have delved into the aspirations and financial patterns of Russians under 35, as reported by Sberbank's Southwestern Bank press service.
Top 3 Dreams: Family, Freedom, Love
By 2025, establishing a family and having kids topped the list of life aspirations for young Russians, with 62% of respondents opting for this choice. Coming in at a close second was the desire for a comfortable lifestyle with limitless spending power (57%), followed by finding true love (50%).
Young women more frequently longed for financial prosperity (54% vs. 49% men), love (59% vs. 51% men), and starting a family (66% vs. 57% men). Among the cities leading the prosperity chase, Astrakhan, Novokuznetsk, Orenburg, and Makhachkala take the lead. The highest percentage of youth yearning for a family can be found in Volgograd, Naberezhnye Chelny, and Ulyanovsk (all at 68%).
Financial Routines: Savings on the Rise
Just under half (52%) of young Russians are already intentionally saving, with regular savers accounting for 11% and occasional savers for 22%. The average monthly income that young people set aside for savings is 13%, which is an increase from last year's 10%.
According to the survey, Russian youth aim to save 3.4 million rubles on average, marking a considerable jump from the 2.3 million targeted last year. In Makhachkala, the goal is set at 3 million rubles, reflecting an increase of 1.9 million compared to last year.
Makhachkala Goals: Homes, Jobs, Health
Approximately one-third (33%) of young people in Makhachkala aspire to own a home, 15% are seeking a good job, 8% are focusing on maintaining their health, and 4% are aiming for a quality education. An additional 4% plan to start their own business.
Saving Strategies: Banks and Beyond
Young Russians predominantly favored bank deposits (82.5%) for their savings, with savings insurance utilized by 5.2% and investments in real estate accounting for 5%. As for starting their own business or purchasing securities, 8.6% and 4.8% of respondents respectively expressed interest.
Rusan Westerowski, Senior Vice President and Head of the "Wealth Management" division at Sberbank, shared his insights:
This study reveals that half of young Russians are currently saving intentionally - 21% do so regularly, while an additional 31% save sporadically. This shift demonstrates young people not only setting ambitious goals but also striving for financial stability. Over the past year, the desired capital amount for Russian youth has risen from 2.3 to 3.4 million rubles, signaling a change in mindset towards the future. In Makhachkala, the target is set at 3 million rubles. In the coming year, we anticipate launching the family savings program, which has the potential to offer young Russians incentives for investment, such as tax deductions, employer participation, and the use of maternity capital. I believe that this tool will be popular among Makhachkala's young residents aged between 18 and 35, as they are actively preparing for their financial future.
Survey Insights: A Closer Look
- Economic Optimism: Despite some financial concerns, young people in Makhachkala demonstrate a cautiously optimistic outlook regarding their future economic prospects.
- Spending Priorities: Expenditures focus on necessities, along with investments in education, technology, and leisure activities.
- Cultural Influence: Local cultural values and economic conditions play a significant role in shaping their financial choices.
Would you like me to dig deeper into the survey findings and provide more specific statistics from the Sberbank study?
Young Russians under 35 have expressed a strong desire for financial stability, as 52% of them are intentionally saving, with the average monthly income set aside for savings increasing to 13%. The Senior Vice President of Sberbank's "Wealth Management" division, Rusan Westerowski, believes this shift indicates that young Russians are not only setting ambitious goals but are also actively striving for financial stability. In the upcoming year, a family savings program is anticipated to launch in Makhachkala, potentially offering incentives such as tax deductions, employer participation, and the use of maternity capital to young residents aged between 18 and 35, who are actively preparing for their financial future.
