According to Forbes Russia’s report, Russian students are becoming more financially savvy and active; They are more likely to open savings and brokerage accounts than average Russians, and they learn about investments faster.
Despite their modest incomes, young people demonstrate high levels of financial awareness. According to the study, at the end of the academic year, 74 percent of students had a savings account, compared to 56 percent of all Russians. At the same time, traditional deposits are not so popular among young people; Only 13% prefer this tool, which experts attribute to its high entry threshold.
The average balance of student savings accounts is 2,400 rubles, which is 71% higher than in the country. Those who regularly add money to their accounts increase their savings almost fivefold during their university education. Depositors are also becoming more active: the average deposit size is increasing by 2.5 times.
Young people are actively exploring investments. 78% of students have brokerage accounts, and many start with minimum amounts – an average of 100 rubles. But when they graduate, their investment portfolio reaches 23,400 rubles, which is only slightly less than that of adult investors.
As students grow and gain experience, they become more disciplined in managing funds. By the time they graduate, one in three people have more than six savings accounts and are committed to diversification. 88 percent of those who have been cooperating with banks for more than four years own investment instruments.
Meanwhile, earlier psychologists uncovered the dark side of wealth and the “Scrooge effect.” Read more here.
Source: People Talk
Mary Crossley is an author at “The Fashion Vibes”. She is a seasoned journalist who is dedicated to delivering the latest news to her readers. With a keen sense of what’s important, Mary covers a wide range of topics, from politics to lifestyle and everything in between.
