SberBank has conducted a study titled Savings Practices on the behavioral patterns of people from various social and age groups. The study showed that savings practices are determined by the planning horizon, individual characteristics, financial literacy, and historical memory, which is unrelated to age.

SberBank clients in particular can be characterized according to the following profiles: Savers (cautious conservatives with a modest arsenal of financial products), Strategists (advanced investors with well-diversified assets), Businesspeople (empiricists with an entrepreneurial streak and a preference for speculative one-off trading), Controllers (preoccupied pragmatists with a strong need to be in control of life), Survivalists (radical skeptics who envisage pessimistic scenarios), Hedonists (emotional and impulsive people who enjoy the good things in life), and Players (optimists, innovators, and experimenters, including when it comes to financial products).

The study results show that the coronavirus pandemic strengthened demand for stability and reliability, SberBank's competitive advantage. Today, the public generally prefers traditional banking products when it comes to savings - deposits and accounts that are independent of other instruments (metals, coins, securities). People are usually motivated to consider their savings by overt and latent triggers (e.g., people experienced a greater desire to live in a house in the country during the pandemic).

The main savings models are as follows: Concrete Goal (travel, property, vehicles, weddings, children's education), Safety Net (saving without a goal in case of negative life changes), Stability Net (saving without a goal for shock absorption in case of instability), Lucky Chance (saving 'until needed,' in case a lucky chance or purchase happens), and Bright Future (for a person in old age or a child in adulthood).

SberBank's savings products, which you can apply for today in a matter of seconds through the SberBank Online mobile app, are in high demand among our clients. Between January and May 2021, 6.3 million more deposits and accounts were opened with the bank than in January-May 2020. The total portfolio has increased by RUB 1.7 tn since the beginning of the year. Our flagship product, Additional Interest, is particularly popular. It ensures special conditions for clients growing their savings with SberBank. Studies like this one help us better understand our clients and offer them new savings products aimed at changing life situations and needs.

Sergei Shirokov

Director of Borrow and Save, Sberbank

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Sberbank of Russia published this content on 22 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2021 13:30:07 UTC.