Russians have chosen monikers for their nest eggs aimed at securing a comfortable retirement
Russian Savings Trends Unveiled: Analysis of 2025's Shifts and Challenges
In a recent survey, more than a third of Russians (35.7%) plan to save over 1 million rubles, while only 2.4% aim to amass over 10 million. This substantial change in savings ambition is a reflection of the nation's economic pressures and evolving financial strategies.
The survey also discovered that just 34.3% of Russians have begun saving for their pension. Traditional methods such as bank deposits (26.8%) and cash savings (7.8%) are popular choices, with an increasing interest in long-term savings programs (LSS). According to the Central Bank, as of January 2025, approximately 3.3 million contracts have been signed under LSS, attracting a total of 245 billion rubles.
Financial Preparations for Retirement: A Closer Look
The overwhelming majority (89%) of Russians do not make financial preparations to secure their desired pension. Instead, 43% expect to rely on the state pension, while 27% anticipate their own future savings, including those stored in non-state pension funds (NPFs). Moreover, more than half of the respondents anticipate assistance from their relatives and children in old age.
According to calculations, a comfortable retirement pension of 110,000 rubles would require a salary of 230,000 rubles for nearly 64 years.
Macroeconomic Factors Influencing Savings Behavior
Russia's current economic climate, characterized by a high key interest rate of 21% and inflation reaching 10.3%, is instigating changes in savings behavior. Savers are choosing to invest in medium-term deposits, with Postbank reporting a 44% increase in deposit openings and an average deposit size hike of 485k RUB in early 2025.
Savers are shifting away from cash holdings and opting for bank deposits and diversified portfolios to preserve purchasing power.
The Decline of Cash Holdings and Shift Toward Non-Cash Instruments
High inflation and interest rates have accelerated the decline of cash holdings, as savers seek to maintain their purchasing power by investing in bank deposits, stocks, and bonds. Although specific details about long-term savings programs (LSS) aren’t provided, the trend indicates growing interest in structured financial products to hedge against currency risks and inflation.
The absence of explicit LSS details suggests a focus on existing deposit mechanisms rather than new pension-specific products.
Comparative Challenges
Russia's economic strain, marked by debt accumulation and trade pressures, complicates long-term retirement planning, contrasting with EU efforts to channel savings into pension-linked business investments.
For a typical retiree targeting a pension equivalent to 70–80% of pre-retirement income, salaries would need to account for higher contribution rates or supplemental investments due to current inflationary pressures and interest rate volatility.
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[1] Postbank reports record deposit growth in early 2025[2] CENBANK keeps interest rate at 21% in April 2025[3] Diversification strategies for retirement savings: a global perspective[4] EU plans for pension-linked business investments[5] Russia’s struggle with debt accumulation and trade pressures
- The survey revealed that more than a third of Russians aim to save over 1 million rubles by 2025, while only a tiny fraction plans to save over 10 million.
- Sbernpf long-term savings programs have gained popularity, with around 3.3 million contracts signed and a total of 245 billion rubles attracted as of January 2025.
- The majority of Russians do not make financial preparations for their retirement, with nearly 89% relying on either the state pension or their personal savings for income in their golden years.
- The high key interest rate of 21% and inflation reaching 10.3% have led savers in Russia to invest in medium-term deposits and diversified portfolios, steering clear of cash holdings to maintain purchasing power.
- While specific details about long-term savings programs (LSS) are not readily available, the trend points towards growing interest in structured financial products to counter currency risks and inflation.
