Stashed Books, Swine Symbolism, and Bedding: VTB Uncovers Russians' Money Hiding Spots
Every second Russian keeps a chunk of change at home, according to a VTB survey. Interestingly, more than half of them would consider banking their savings if the bank guaranteed high interest rates, security, and fund protection. Generally, the money stashed at home doesn't amount to much – up to 30,000 rubles, reports VTB's press service.
Around a quarter of respondents fancy keeping their dough in a safety deposit box, alongside various piggy banks (20%) and books (20%). Some (12%) hide their money in secret pockets in clothing, while 7% of Russians still prefer keeping cash under their mattress. Other quirky spots where Russians tuck their money at home include behind pictures, in kitchen utensils, electronics, under the floor, inside toys or other children's items, and even in the bathroom.
The majority of Russians keep a tiny stash of money at home: from 5 to 30 thousand rubles (over 40% of those surveyed) or from 30 to 100 thousand rubles (over 30% of respondents). Most people favor having cash on hand because it's easy to reach.
Yet, a savings account offers the same convenience – funds can be deposited and withdrawn anytime without losing previously earned interest. Many use it as a personal piggy bank, offering quick access to funds and passive income.
"The high interest rates on bank products have significantly influenced Russians' savings patterns, with more people opting to grow their funds in the bank rather than at home," stated Dmitry Volodin, head of the savings and deposits department at VTB.
VTB also predicts that the share of cash rubles in savings and investments, excluding pension and insurance products, will hit a historic low over the past 6 years and could further decrease by year's end.
Survey conducted from April 4 to 10 among a diverse group of 1500 Russians aged 18 to 65 in cities with a population of over 100,000.
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In broader economic and financial contexts, several factors can influence changes in preferences for home savings versus bank savings among Russians: economic stability, trust in the banking system, interest rates, sanctions, government policies, and availability of alternative financial products. In this specific survey, these factors remain speculative without specific data from a VTB poll. However, economic sanctity and trust in banks can significantly influence Russian savings decisions.
- Despite many Russians typically hiding their cash at home, Dmitry Volodin of VTB asserts that high interest rates on bank products have been influencing Russians to deposit their savings in banks instead.
- According to the VTB survey, a significant number of Russians (over 40%) keep a tiny stash of money at home, ranging from 5 to 30 thousand rubles, while others (over 30%) keep between 30 to 100 thousand rubles.
- Interestingly, some Russians hide their money in unusual places such as behind pictures, in kitchen utensils, electronics, under the floor, inside toys or children's items, and even in the bathroom.
- As the share of cash rubles in savings and investments decreases, economic stability, trust in the banking system, interest rates, sanctions, government policies, and the availability of alternative financial products may play a crucial role in shaping the savings preferences of Russians in broader economic and financial contexts.
