Statistics

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.

As of January 1, 2024, household financial assets amounted 151.4 trn rubles, financial liabilities rose to 39.7 trn rubles.

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

In 2023, household financial assets increased by 15.8 trn rubles (+11.0 trn rubles in 2022). Over the year, liabilities increased by 7.3 trn rubles (+2.9 trn rubles in 2022).

In Q4 2023, household increased financial assets by 5.9 trn rubles (the highest quarterly growth since 2018). The growth of financial liabilities was less than in Q3 (+2.0 trn rubles).

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

In 2023, as in previous years, deposits formed the bulk of household investment in financial assets (+9.1 trn rubles).

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

Household investment in securities significantly increased in 2023 (+3.2 against +2.2 trn rubles in 2022).

In Q4 2023, household savings in deposits traditionally increased (+4.9 trn rubles).

The growth of household escrow accounts in Q4 amounted to 314.7 bln rubles, and annual growth in 2023 rose to 1 546.1 bln rubles (992.1 bln rubles in 2022).

*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	2023	Q1-2023	Q2-2023	Q3-2023	Q4-2023
Financial assets	5 617	5 952	9 134	8 786	11 014	15 766	1 697	4 489	3 664	5 917
Currency	1 452	529	3 681	867	3 198	1 427	297	998	279	-146
Deposits	2 223	3 144	1 674	2 583	4 645	9 075	376	2 115	1 649	4 935
Broker accounts of households	60	156	498	92	-415	-99	-36	38	-62	-40
Debt securities	262	709	551	906	47	368	144	121	40	63
Loans	194	111	83	131	-231	166	37	59	55	14
Equity and investment fund shares	752	612	1 097	1 767	2 159	2 800	758	672	643	726
Insurance, pension and standardized guarantee schemes	595	288	316	283	15	87	-24	21	21	69
Other accounts receivable	78	267	195	299	603	396	109	124	182	-19
Escrow accounts of households	2	136	1 039	1 858	992	1 546	35	340	856	315

The growth of household savings in cash in 2023 was lower almost twice compared to 2022.

Household savings in currency (transactions, bln rubles)

In Q4 2023, household savings in cash in national currency decreased by 245.8 bln rubles due to the inflow of household funds on bank savings deposits.

Source:
Bank of Russia calculations.

Household investment in deposits (transactions, bln rubles)

Amid the rise of interest rates, the growth of household deposits in Q4 2023, as in the previous quarter, was driven by increase of other (term) ruble deposits by 3.9 trn rubles. Transferable deposits also traditionally rose by 799.1 bln rubles.

Household deposits in foreign currency continued to decrease (-66.4 bln rubles). The growth of deposits with non-resident banks amounted to 323.7 blns 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).

Broker accounts of households (transactions, bln rubles)

The transaction balance of broker accounts remained negative for the last two quarters of 2023. In Q4 the decrease of household broker accounts (-39.7 billion rubles) was due to declining of funds in national currency (-30.0 bln rubles).

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

In 2023, household investments in debt securities significantly increased (+367.7 bln rubles).

Household investment in debt securities (transactions, bln rubles)

In Q4 2023, household investments in debt securities increased by 62.8 bln rubles due to the growth of resident debt securities (+154.3 bln rubles). Household investment in non-residents debt securities continued to decrease (-91.4 bln rubles).

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

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

The quarterly growth of household funds in equity and investment fund shares in Q4 2023 amounted to 726.2 bln rubles. At the same time, investments in resident instruments increased by 418.1 bln rubles (in Q3, by 274.1 bln rubles). Overall, households invested 2.8 trn rubles in equity and investment fund shares in 2023.

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

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

In Q4 2023, household investment in resident instruments was the largest in the last three years ( +5.3 trn rubles).

Household investment in non-residents financial assets was considerably lower (+647.1 bln rubles).

Structure of household financial assets (balances, %)

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

deposits (54.4 trn rubles or 35.9%);
equity and investment fund shares (50.3 trn rubles or 33.2%);
currency (25 trn rubles or 16.5%).

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

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

In 2023, household loans raised by 7.4 trn rubles, which is more than twice higher than in 2022 (+2.8 trn rubles)

Household loans (transactions, bln rubles)

In Q4 2023, household banking financing slightly decreased compared to Q3, but remained high at 1.9 trn rubles. As before, mortgage loans (+1.5 trn rubles) provided main growth.

Loans received from other legal entities increased by 85.3 bln rubles.

Source:
Credit institutions reporting forms 0409101, 0406006, 0409115.
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 household financial liabilities (balances, bln rubles)

As of January 1, 2024, household liabilities traditionally consisted mainly of bank loans (35.5 trn rubles), of which mortgage loans accounted for 18.2 trn rubles (or 51.3%).

Loans received from the other entities and non-resident loans amounted to 1.6 trn rubles or 3.9% of total liabilities.

Main sources

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Department responsible for publication: Statistics Department

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Last updated on: 01.04.2024