Economic and Statistical Analysis of Factors Affecting the Savings Behavior of Russians

The financial behavior of Russians over the past 30 years has been actively transformed under the influence of sharp external shocks (depreciation of the ruble, bankruptcy of banks, economic instability) during the period of “perestroika” and the crises of 2008–2009 and 2014. In connection with this, there was a rapid change in the financial behavior of Russians. Modern data on the savings behavior of Russians can be useful both to the government for the formation of a strategy for accumulating savings, and for the banking sector to effectively raise funds. The aim of the study is to identify and evaluate the main socio-economic factors affecting the presence of savings behavior among Russians, based on an analysis of the literature and empirical data from the “Monitoring of financial behavior of the population” for 2018. As part of the study, hypotheses were tested related to the influence on the saving behavior of the individual of the basic socio-economic parameters of the individual and his household, the goals of saving, financial literacy, the presence of a debt burden and behavioral aspects of the individual. In the study, when testing general hypotheses, it was found that different accumulation goals have different effects on the likelihood of savings, and the individual's financial literacy and experience in using financial services, as well as the absence of a debt load, have a positive effect on the probability of savings. It was also found that various behavioral and psychological factors have different effects on the likelihood of savings.