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More Russians prefer to save than spend

      RBC, 26.03.2008, Moscow 09:56:00.Almost half of Russians (47 percent) put money aside for savings, a poll carried out by the Russian Opinion Research Center (VCIOM) together with the national financial research agency NAFI showed. As stated in the study, Russians' possibilities to make savings rose over the past two years. The share of those that spend all their pay on everyday needs and cannot put money aside shrank from 60 percent in 2005 to 50 percent in 2007, with the share of those that do save money increasing from 37 to 47 percent. Meanwhile, 32 percent of respondents first spend money on their current needs and then lay away what is left; 15 percent set aside a certain amount of money first and then spend the rest on consumption. Fifty two percent of those polled that said they saved money were aged between 25 and 34, and 35 percent 60 and above.

      Around 26 percent keep their uncommitted funds in cash rubles at home, 11 percent deposit the money on a current account in a bank, 5 percent put it on a savings account, 2 percent invest in the development of their own business, 1 percent keep the money in foreign cash, 1 percent buy articles made of precious metals, and less than 1 percent of respondents buy securities and make contributions to non-state pension funds.

      The poll was conducted among 1,600 respondents in 153 locations in 46 regions and republics of Russia on December 8-9, 2007, with the margin of error of no more than 3.4 percent.

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