Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Russians Don't Borrow Money From Friends

Personal_Finance / Russia Nov 09, 2010 - 06:28 AM GMT

By: Pravda

Personal_Finance

Russians prefer to borrow from relatives, but are always willing to lend money to their friends. However, friends do not rush to ask for financial support, unwilling to ruin the friendly relations with money matters. However, respondents of the research center Superjob.ru do not always favor the requests of their relatives who want to borrow significant amounts of money.


The survey revealed that most of Russians go to their relatives for financial favors (27%). Less frequently they go with such requests to their friends (17%). In turn, 8% of Russians prefer not to complicate personal relationships and take bank loans. Russians of ages 35-44 are most likely to take bank loans (16%).

Another 2% of the respondents are borrowing from coworkers and only 1% borrows from their employer. A significant number of respondents (43%) do not take loans at all, assuming that in any situation they must rely only on their own funds. The number of those who prefer to avoid debt is higher among the respondents over age 45 (59%).

As for lending money, Russians are willing to lend money primarily to friends (48%) and only then - to relatives (24%). In this case, younger respondents more likely to lend to friends, while older Russians prefer to lend to their relatives. Every tenth respondent is willing to lend money to a coworker (10%).

How much money are Russians willing to lend? As it turned out, it depends on their relationship with people asking for help. For example, relatives often borrow large sums (over 30 thousand rubles ($1,000)) - 23%, friends - from 1 to 5,000 rubles ($30 to $170) - 22%, colleagues - 1 to 5,000 rubles or less than 1 thousand -28%, analysts of the Intelligence Center Superjob.ru report.

However, many respondents specify that they can lend a substantial amount of money to a coworker only against a receipt. The respondents indicated in the comments that they are willing to help close friends and relatives, even to the detriment of themselves: "I am ready to give my last penny to a true friend," "Whatever they ask for, within reason, of course."

The majority of respondents (70%) provided a negative answer to the question of whether in the past year they borrowed money more frequently: "I try to live within my means," "I borrow even less than I used to." A similar situation is with lending money to others - 77% of respondents reported that last year they did not lend money to others frequently: "No one is asking," "I never lend money. I tell them to go to the bank!"

Russians did go to the bank frequently within the past year, mostly bringing money in, not borrowing.

Throughout the year banks recorded an increase in the number and volume of deposits. In September of this year, the growth of deposits in Russian banks in annual terms amounted to 30.8%, with most of the deposits opened in rubles.

According to a study conducted by Superjob.ru, 13% of respondents have deposits in rubles, dollars, euros or other currencies. The second most popular saving method is Forex games (4%), followed by buying gold and precious metals, as well as investments in real estate (3% each). Gold has broken all records long time ago and has grown to be $1,300 per ounce. Interestingly enough, employed Russians prefer investments in gold twice as often as those who currently do not have a full time permanent job (4% vs. 2%).

Only 2% of Russians prefer investing in mutual funds. It seems that mutual funds are not trusted by Russians, and this distrust was aggravated after the loss of mutual funds in 2008.

Every tenth respondent (10%) choses other ways to multiply personal savings. Among them are foreign exchange operations, investments in business projects, and lending money at interest.

More than half of respondents (54%) admitted that in the past 12 months they have not taken any action for the enhancement of their own savings, analysts of Suprejob.ru reported. Some of them said that they simply do not have anything to increase, while others do not know which ways they can increase their capital: "Investment is risky," "At the moment I am considering the best way to do it."

Anastasia Romasheva

Pravda.ru

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Pravda Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in