The All-Russian Survey of Consumer Finance for 2024 has been presented by Alexey Zabotkin. The survey, which has been conducted biennially in Russia since 2013, provides valuable insights into the financial conditions and behaviors of households.
The survey data is critical for various economic analyses, particularly in understanding consumption patterns and credit demand at the household level. These surveys help identify financial behaviors during economic shocks, risks to financial stability at the micro-level, and other important factors affecting the Russian financial market. As Alexey Zabotkin noted, "Household finance surveys provide central banks with information that makes it possible to make a judgement on loan demand and saving factors; financial behaviour during economic shocks; microlevel financial stability risks; monetary policy transmission; opportunities and constraints in Russia’s financial market."
2024 marked the sixth round of the survey, now conducted by the Bank of Russia with the fieldwork carried out by Demoskop. It primarily took place from March to October of 2024, with most responses collected between May and July. The survey aims to maintain longitudinal consistency by re-interviewing the same households.
The 2024 survey divided households based on various criteria, such as nominal income per member, real income growth, and spending behavior. According to the findings, "65% of households recorded growth in real per capita income," with significant increases in median nominal incomes across surveyed households.
The survey also touched upon households' views on their financial standing, revealing an increase in the proportion of households perceiving their finances as stable. However, Zabotkin pointed out, "This may be a risk factor considering that respondents may unreasonably extrapolate their assessment of current financial standing to future periods."
Household spending patterns showed growth, particularly in the poorest households. Across income groups, median real spending was up, although it grew at a slower pace than income. Additionally, “the number of indebted households was largely unchanged” from 2022 to 2024, with an increase noted in median debt amounts.
The survey highlighted the correlation between inflation expectations and economic conditions, affirming that "the more positive is respondents’ assessment of the economic outlook and their own wealth, the lower their inflation expectations are."
A notable aspect of the 2024 survey was the inclusion of an experiment to understand what information influences inflation expectations. It demonstrated that the "growth of money supply had a significant impact on inflation expectations."
In conclusion, the survey indicates a general growth in real incomes among Russian households, coupled with an increase in savings and financial stability perceptions. However, it suggests caution in projecting future financial stability based on recent income growth trends. Researchers and analysts are encouraged to utilize the data for further examination and insights.