Bashkirova & Partners » Blog » Opinion Polls » Have Russians trust in national banks

Have Russians trust in national banks

Bashkirova and partners is publishing another press-release, this time about Russians’ confidence in the Russian banking system. Last spring when the international sanctions in relation of a number of Russian banks came into effect, our company conducted the all-Russia representative survey, on the above mentioned subject (please see our publication dated May 22, 2014). One year later as the international sanctions have now been extended targeting entire sectors of the Russian economy, how has the level of confidence in the homeland financial system changed?

Ordinary citizens’ trust in the national banking system is dramatically important for keeping financial system stable in any country, particularly under conditions of volatile economy. Since many Russian companies and banks over sanctions have appeared limited in terms of crediting opportunities with the European Union states and the USA, predictability of Russian depositors’ behavior comes to be of great significance for the national financial system.

 Percentage of our people, thinking having a bank account in a Russian bank is a good way of securing their savings, has reduced just by 1% over one year time (less than sampling error). Despite the turbulence in the Russian economy and ruble devaluation, Russian citizens still place confidence in the homeland banking system, which is an indicator of effective and well-coordinated work, done by the Central Bank of Russia and the Deposit Insurance Agency.

 Again we should also note that the percentage of Russians, having answered negatively the question, is 5% down, the number of don’t knows being however 6% up.

 The greatest confidence (53%) in Russian banks is placed by the young (respondents under 30 of age), which can be reasoned by their life experience specificities. Young Russians are not aware of economic crises of the 90-s, and witnessed, instead, the Russian banking system withstood in troubled times of 2008-2009, despite severe aftermath of the global economic crisis.  The least trust in the national banking system (41%) has been detected amongst respondents from the age group of 40 - 50 year old. These are typically the people with families and kids, having buyer credits and mortgage loans. These remember the crises of 1998 pretty well and therefore are more careful in this respect, than their younger domestic audience.

Surprising is, that we see growth of trust in home banks (up by 10%) in the category of the retired respondents. It’s the more especially that according to statistics, these less often than the others keep their deposits in banks.  One may assume that the trust growth within this category of citizens is somehow linked to the general increase in patriotic feelings in 2014 in Russia.

 

According to the survey findings, trust in the banking system correlates directly with how a respondent rates the state of country’s economy. Those who define the state of the Russian economy as «good», show more often than the others their trust in banks (61%). Respondents, expressing absolutely apposite point of view, are normally found unwilling to open a bank account in a Russian bank, showing concerns about security of their economies. 

The given correlation becomes even more evident though answers to questions about near-term prospects for the home economy. Russians convinced of the national economy’s sustainable growth, place their confidence and their money in Russian banks (66%) while those, expecting plummeting in economy, - do not (20% in total).  

 

This study was conducted in May 2015 based on all-Russia random route sample (18+) by means of face-to-face interviews in place of residence. Altogether 1500 respondents in 8 federal districts, 150 settlements, 200 sample points have been surveyed. The sample error makes up ± 2,5%, C.I. is 95%.  

 





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