Despite numerous statements of public officials regarding the fact that Russians started to trust the country's banking system and that the overall number of deposits has risen by 47%, majority of Russian people prefer to abide by the following rule: “hold on to everything that is mine at all times.”
Based on a recent study conducted by the American Express, 92% of the American families keep their money at home.
Even in Russia's two major cities St. Petersburg and Moscow more than a half of residents prefer to keep their money at home. In general, 92% of the total population of Russia does not trust today's financial institutions.
It is virtually impossible to calculate total sum of such “home-kept” savings. It is estimated however that the sum could be close to $40-60 billion USD, reports “GAZETA.”
At the same time, as it turned out, people who store their money at home are well-educated and are absolutely up-to-date individuals. Their average age is 35. On average, they earn about 18 000 rubles (~$600 USD). Among the most common reasons for storing money at home the following prevail: instability, uncertainty whether they possess enough savings to deposit in a credit establishment as well as simple convenience of storing the money at home.
At the same time, 74% of those who store their money at home worry for the safety of their possessions. That is why some Russians choose rather unusual places to keep their money safe.
Stepping out of his shiny BMW a man shared his story. According to him, he never trusted banks and preferred to store his money in his safe at home. Recently however he simply ran out of space and had nothing else to do but to deposit all his money in a financial institution.