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Financial assets and liabilities of the households sector

Information on households savings helps to improve the consistency of data on households money income and spending, financial accounts, and sectoral balances of the System of National Accounts (SNA). It also provides updated and detailed data on households financial assets and liabilities, which enables comprehensive analysis of:

  • households consumption and saving behaviour;
  • households preferences regarding investing in financial instruments;
  • structure of households loans;
  • dynamics and composition of households financial wealth, which is an integral part of households wealth.

Savings in the SNA is a part of disposable income not used for final consumption of products and services.

The non-financial part is reflected in the capital account of the SNA, net acquisition of financial assets is recorded in the financial account.

In 2022, households financial investments exceeded its last year rate about half, while the growth of households financial liabilities dropped nearly two times compared to the previous year.

Financial assets and liabilities of the households sector (transactions, bln rubles)

In Q3 2023, the growth of household liabilities amounted to 2.8 trillion rubles (the highest quarterly growth since 2018). In contrast, investments in financial assets decreased and amounted to 3.7 trillion rubles.

Financial assets and liabilities of the households sector (balances, trillion rubles)

As of October 1, the value of financial assets reached 146.8 trillion rubles, still significantly exceeding their liabilities (37.9 trillion rubles).

Households preferences regarding the forms of savings (transactions, bln rubles)

In Q3 2023, household savings increased mainly in the form of currency and deposits (+1.9 trillion rubles), of which the growth of deposits accounted for 1.6 trillion rubles.

Household investment in securities and investment fund shares declined insignificantly and amounted to 698.6 billion rubles compared to 782.7 billion rubles in Q2 2023.

The growth of household funds in escrow accounts reached its highest level of 856.3 billion rubles.

*Other: Insurance, pension and standardized guarantee schemes, loans, other accounts reveivable (w/o escrow accounts)

Financial assets of the households sector (transactions, bln rubles)

2018 2019 2020 2021 2022 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023
Financial assets 5 617 5 950 9 138 8 778 10 998 117 2 529 2 794 5 558 1 691 4 465 3 694
Currency 1 452 527 3 685 860 3 182 1 812 -567 830 1 108 274 997 304
Deposits 2 223 3 144 1 674 2 583 4 645 -2 000 2 340 764 3 541 398 2 119 1 638
Broker accounts of households 60 156 498 92 -415 -380 41 -84 8 -36 38 -62
Debt securities 262 709 551 906 47 47 -155 -6 161 144 121 40
Loans 194 111 83 131 -231 -178 -54 -4 5 37 59 55
Equity and investment fund shares 752 612 1 097 1 767 2 159 60 682 799 618 747 662 659
Insurance, pension and standardized guarantee schemes 595 288 316 283 15 8 -146 54 98 -24 21 21
Other accounts receivable 78 267 195 298 603 151 192 223 37 114 108 184
Escrow accounts of households 2 136 1 039 1 858 992 599 196 217 -19 35 340 856

In 2022, the growth of households investments in cash in national and foreign currency exceeded its rate of 2021 significantly and amounted to 3.6 trillion rubles.

Households savings in currency (transactions, bln rubles)

In Q3 2023, household savings in cash in national currency were nearly three times lower than in Q2 and amounted to 369.6 billion rubles.

Household savings in cash in foreign currency continued to decline (by 65.7 billion in ruble equivalent).

Source:
Bank of Russia calculations.

In 2022, households investments in deposits increased by 4.8 trillion rubles (+2.6 trillion rubles in 2021), mostly due to other deposits with credit institutions in national currency (+3.1 trillion rubles).

Households investment in deposits (transactions, bln rubles)

Amid the rise of interest rates, the growth of household deposits in 2023 Q3, unlike the previous quarter, was mainly driven by an increase in other (term) deposits in rubles — by 2.1 trillion rubles. Transferable deposits decreased by 359.9 billion rubles.

Household deposits in foreign currency continued to decrease (-258.5 billion rubles). The growth of deposits with non-resident banks amounted to 186.6 billion rubles.

Source:
Other depository corporations: reporting forms 0409101, 0409110.
Deposits with non-resident banks: reporting forms 0409405, 0409407, Export/Import of goods (Federal custom service).

Reduction of household funds in broker accounts in 2022 was mainly due to foreign currency component.

Broker accounts of households (transactions, bln rubles)

The decrease of funds in broker accounts in Q3 2023 (-61.9 billion rubles) was due to the foreign currency funds (-55.3 billion in ruble equivalent).

Source:
Reporting forms: 0409101, 0409110, 0420418, 0420410, 0420431.
The inspection of credit institution on broker accounts.

Households investments in debt securities amounted to 35.5 bln rubles in 2022, which was substantially less than in 2021 (+900.7 bln rubles).

Households investment in debt securities (transactions, bln rubles)

In 2023 Q3, household investments in debt securities decreased by 39.6 billion rubles due to a decrease in investments in non-residents debt securities (-88.3 billion rubles). Household investment in resident debt securities continued to grow (+ 127.9 billion rubles).

Source:
Reporting forms: 0409711 and 0420415, 0409404, 0420416, 0409405.
Moscow Exchange Data.

In 2022, there was the largest inflow of households funds in equity and investment fund shares since the beginning of 2018 (+2.9 trillion rubles) mostly due to investments in listed resident shares, which was twice as much as in 2021.

Households investing in equity and investment fund shares (transactions, bln rubles)

The total growth of household funds in equity and investment fund shares amounted to 659.0 billion rubles in Q3 2023, which is comparable to Q2. At the same time, investments in resident instruments increased by 270.3 billion rubles (+156.2 billion rubles in Q2), of which:
  • investment fund units and shares — +194.4 billion rubles, the maximum value since 2018;
  • unlisted shares and other equity and investment fund shares — +75.7 billion rubles;
  • listed shares — +0.2 billion rubles.

The rest came from non-residents instruments, mostly from reinvestment of income generated from foreign assets.

Source:
Reporting forms: 0409711 and 0420415, 0409404, 0409407, 0420416, 0409405, 0420502, 0420504.
Moscow Exchange Data.
USRLE.

Households activity in the domestic and external financial markets (transactions, bln rubles)

Growth in household investments in resident instruments remained at a high level in 2023 Q3 (+3.3 trillion rubles).

The downward trend in household investments in non-residents financial assets lasting since the end of 2022 continued in Q3 2023. Growth amounted to 422.2 billion rubles in comparison with 552.7 billion rubles in Q2.

Structure of the households financial assets (balances, %)

The main instruments of households investments as of October 1 are:

  • deposits (50 trillion rubles or 34.1%);
  • equity and investment fund shares (49.5 trillion rubles or 33.7%);
  • currency (25.7 trillion rubles or 17.5%).

Structure of households financial assets (by countries), as of April, 1, 2023 (balances, %)

Source: Bank of Russia (Financial accounts of the system of national accounts of the Russian Federation), OECD Data.

In 2022, the raise of households loans amounted to 2.8 trillion rubles, which was almost half as much as in 2021 (+5.1 trillion rubles).

Households loans (transactions, bln rubles)

In Q3 2023, household banking financing continued to grow and renewed its maximum: 2.5 trillion rubles (1.8 trillion rubles in Q2). As before, mortgage loans (+1.4 trillion rubles) provided main growth.

Loans received from other entities increased by 83.6 billion rubles.

Source:
Credit institutions reporting forms 0409101, 0406006.
Reporting forms: MFO, pawnshops, CCCs, ACCCs, professional participants in the securities market, DIA, Federal statistical report form «Information on the financial investments and liabilities» (P-6).
Mortgage agents' financial statements.

Structure of the households financial liabilities (balances, bln rubles)

As of October, 1, 2023, traditionally, household liabilities consisted mainly of bank loans (34.1 trillion rubles), of which mortgage loans accounted for more than a half — 17.1 trillion rubles (or 50.2%, 49.7% as of July, 1).

Loans received from the other entities and non-resident loans amounted to 1.5 trillion rubles or 4.1% of total liabilities.

Main sources

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Department responsible for publication: Statistics Department
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Last updated on: 29.12.2023