Financial assets and liabilities of the households sector
Q4 2025
Last update: 01.04.2026
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Financial assets and liabilities of the households sector (balances) |
| Financial assets and liabilities of the households sector (transactions) |
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Over 2025, household financial assets increased by 15.2 trn rubles, which is 1.5 trn less than in the previous year. The slowdown in the growth of financial liabilities, observed since 2023, was more significant than that of financial assets (2.2 trn rubles in 2025, compared to 5.2 trn rubles in 2024). In Q4, 2025, households’ investment in financial assets traditionally increased if compared to Q3 and totaled 6.5 trn rubles; financial liabilities also increased yet to a lesser extent – by 1.2 trn rubles.
In 2025, households’ saving activity sustained, and a decrease of the key rate led to an investment expansion into alternative saving instruments, including bonds and real estate. In Q4, households’ saving rate rose to 15.8% (seasonally adjusted) due to a larger increase in savings relative to final consumption expenditure.
Financial savings (rolling 4Q-period, bln rubles)
Fig. 1
Financial assets of the households sector (bln rubles)
Tab. 1
| Annual transactions | Quarterly transactions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2022 | 2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial assets, total | 187 703 | 10 048 | 15 188 | 16 698 | 15 155 | 6 249 | 1 234 | 4 316 | 3 061 | 6 544 | ||
| Currency | 24 487 | 3 199 | 1 409 | -286 | 761 | 230 | -857 | 184 | 497 | 937 | ||
| Deposits | 75 823 | 4 645 | 8 923 | 13 333 | 9 206 | 5 658 | 1 265 | 2 506 | 921 | 4 513 | ||
| Broker accounts of households | 410 | -415 | -99 | -139 | 8 | -25 | -4 | -23 | -2 | 36 | ||
| Debt securities | 5 579 | 48 | 829 | 273 | 1 331 | 92 | 467 | 263 | 540 | 61 | ||
| Loans | 1 074 | -232 | 168 | 113 | -96 | 50 | -99 | 46 | -10 | -33 | ||
| Equity and investment fund shares | 62 323 | 2 167 | 2 073 | 1 436 | 1 882 | 507 | 352 | 728 | 323 | 479 | ||
| Listed shares | 7 262 | 1 444 | 325 | 15 | -63 | -121 | -83 | 33 | -36 | 24 | ||
| Unlisted shares and other equity and investment fund shares | 43 368 | 432 | -240 | 205 | 548 | -78 | 224 | 161 | 50 | 113 | ||
| Investment fund units and shares | 11 693 | 290 | 1 989 | 1 216 | 1 397 | 706 | 211 | 534 | 309 | 342 | ||
| Insurance, pension and standardized guarantee schemes | 9 119 | 15 | 72 | 844 | 532 | 216 | -119 | 128 | 215 | 308 | ||
| Other accounts receivable | 1 737 | -371 | 267 | 571 | 508 | 101 | 83 | 162 | 158 | 105 | ||
| Escrow accounts of households | 7 152 | 992 | 1 546 | 554 | 1 024 | -579 | 145 | 322 | 419 | 137 | ||
| Non-financial assets, estimate | 3 290 | 3 975 | 4 683 | 4 944 | 1 918 | 985 | 918 | 1 077 | 1 965 | |||
As of January 1, 2026, the structure of households’ financial assets comprises deposits (40.3%), equity and investment fund shares (33.2%) and currency (13.0%).
In 2025, the increase in household savings traditionally came primarily from deposits (+9.2 trn rubles), while household demand for this financial instrument declined amid the decrease in the key interest rate and increase in investment in debt securities and investment fund shares. In Q4 the seasonal pattern sustained, and the amount deposited outweighed investments into other financial instruments.
In 2025, households’ demand for national currency increased and totalled to 760.7 bln rubles, while the demand for foreign currency continued to go down (-70.1 bln rubles). In Q4, such a tendency sustained.
Increased household demand for real estate in 2025 was reflected in significant growth of funds in escrow accounts, with an increase of 1 trn rubles in 2025, which is twice as much as that in 2024.
These data are also available in the monthly publication.
Transactions by the type of financial instruments (rolling 4Q-period, bln rubles)
Fig. 2
* Insurance, pension and standardized guarantee schemes, loans, other accounts reveivable (w/o escrow accounts).
Household investments in securities and equity and investment fund shares
In 2025, the volume of households’ investments in debt securities reached an all-time high of 1.3 trn rubles amid changing conditions in the banking services market. In Q4, demand slowed to 61.2 bln rubles.
In the stock market, a resurgence in demand for equity and investment fund shares was also observed in 2025 amid the decline in the key rate. The annual increase in investments in this financial instrument amounted to 1.9 trn rubles. In Q4, household demand for this asset increased by 479 bln rubles, with resident investment fund units and shares making the primary contribution to this growth (333.1 bln rubles).
Household investments in securities and equity and investment fund shares (rolling 4Q-period, transactions in bln rubles)
Fig. 3
Structure of household financial assets by countries as of 01.10.2025 (balances, %)
Fig. 4
Source: Bank of Russia (Financial accounts of the system of national accounts of the Russian Federation); OECD Data.
Financial liabilities of the households sector, bln rubles
Tab. 2
| Annual transactions | Quarterly transactions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2026 |
2022 | 2023 | 2024 | 2025 | Q4-2024 | Q1-2025 | Q2-2025 | Q3-2025 | Q4-2025 | |||
| Financial liabilities, total | 48 555 | 2 944 | 7 288 | 5 158 | 2 213 | 366 | -185 | 249 | 921 | 1 228 | ||
| Loans | 45 028 | 2 818 | 7 356 | 5 094 | 1 717 | 252 | -227 | 207 | 740 | 997 | ||
| Bank loans | 40 010 | 2 875 | 7 317 | 4 971 | 2 199 | 72 | -135 | 338 | 810 | 1 186 | ||
| Residential mortgages | 21 672 | 2 444 | 4 822 | 2 429 | 2 239 | 293 | 73 | 371 | 610 | 1 184 | ||
| Consumer loans | 13 384 | 358 | 1 631 | 1 457 | -540 | -369 | -153 | -104 | -71 | -212 | ||
| Car loans | 3 043 | -47 | 504 | 887 | 413 | 91 | -31 | 60 | 221 | 164 | ||
| Other bank loans | 1 138 | 83 | 324 | 82 | -70 | 26 | -73 | -27 | 5 | 25 | ||
| Accrued interest claims | 772 | 37 | 37 | 116 | 157 | 32 | 48 | 37 | 46 | 26 | ||
| Mortgage loans sold to mortgage agents and accounted for repayment | 2 116 | -189 | -272 | -279 | -277 | -77 | -38 | -102 | -84 | -54 | ||
| Consumer loans sold to specialised financial institutions | 853 | -499 | -61 | -118 | -126 | -120 | -135 | |||||
| Loans received from MFO | 1 072 | 75 | 104 | 198 | 250 | 72 | 104 | 72 | 68 | 6 | ||
| Loans received from other entities | 651 | 1 | 190 | 276 | 65 | 247 | -34 | 30 | 71 | -1 | ||
| Non-resident loans | 326 | 56 | 17 | -12 | -21 | -1 | -5 | -4 | -6 | -5 | ||
| Other accounts payable (including debt securities) | 3 527 | 126 | -68 | 65 | 496 | 114 | 41 | 42 | 182 | 231 | ||
In the structure of household financial liabilities as of January 1, 2026, the largest share was occupied by bank loans (40.0 trn rubles), of which debt on housing mortgage loans amounted to 21.7 trn rubles. Amid tight monetary conditions, in 2025, consumer loans decreased by 0.5 trn rubles after an increase in 2024. Meanwhile, household demand for mortgage loans remained stable, supported largely by government subsidy programs.
Structure of household financial liabilities (balances, %)
Fig. 5
* Other liabilities include debt securities, non-resident loans and other accounts payable.
In Q4 of 2025, the growth of loans and borrowings mainly was due to an increase in housing mortgage loans (+1,183.6 bln rubles) and car loans (+163.6 bln rubles). Consumer loans debt continued to decrease (-212.2 bln rubles).
Financial liabilities (rolling 4Q-period, transactions in bln rubles)
Fig. 6
* Other liabilities include debt securities, non-resident loans and other accounts payable.
Information on household savings helps to improve the consistency of data on household money income and spending, financial accounts, and sectoral balances of the System of National Accounts (SNA). It also provides updated and detailed data on household financial assets and liabilities, which enables comprehensive analysis of:
- household consumption and saving behaviour;
- household preferences regarding investing in financial instruments;
- structure of household loans;
- dynamics and composition of household financial wealth, which is an integral part of household wealth.
The non-financial part is reflected in the capital account of the SNA, net acquisition of financial assets is recorded in the financial account.
Saving rate – the ratio of the household’s savings to disposable income over a given period.
Information on the compiling process of “Financial assets and liabilities of the households sector” is depicted in the methodological notes.
* Financial assets less liabilities (net lending/borrowing).