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Most Russians do not save for retirement - EastRussia | Far East

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Most Russians do not save for retirement

Most Russians do not save for retirement
Photo: pixabay.com

More than 70% of Russians do not save money for retirement. This conclusion was made by experts of Raiffeisenbank, who conducted a survey among their customers aged 20 to 50 years. The reason is low income, which does not allow making savings.

As the RBC, the study took place in 14 cities of Russia. Only 8,3% of respondents said they regularly save money for their future retirement. Moreover, these funds are mainly directed either to deposits or invested in securities.

16,3% more of the respondents put off for old age periodically, only when free money appears. The rest, according to them, cannot be done at all. About 40% of the study participants said they would like to save for retirement, but given the low incomes, there is no such opportunity to do so.