You are here
30% of Belarusians make no savings
Every third resident of Belarus does not make savings, but spends all available resources on current expenses. This is evidenced by a study conducted by Belarusian sociologists in January-February 2016. It is called the "Evaluation and Analysis of Financial Literacy of the Population of the Republic of Belarus."
According to the department head at the Innovation Institute of Sociology of the National Academy of Sciences of Belarus Svyatlana Kroytar who spoke to BELTA, a third of the Belarusians who have the ability and desire to save money, do it to improve their lives in the future. About 17% of respondents save money to give it to children for them to enjoy financial independence. Less than 8% of Belarusians who took part in the study, use the interest on deposits to obtain additional income, and only 0.3% set aside the money to play on the stock market.
Sociologists have found that about 82% of those Belarusians who cannot save money, called small income to be the main reason for this.
Interestingly, only one in five of the interviewed families saves money and then spends what is left. Majority does the opposite - first spend their money, and if anything is left, put them into savings.