The overwhelming majority of Russians (81%) help their elder relatives one way or another, NPF of Sberbank and Rambler.ru said in a joint study. More often (31%) the respondents pay for things like groceries, medications, home products, and major purchases. Over one-third (35%) of the respondents help regularly, once a week.
After polling 2,600 people across the country, NPF of Sberbank and the Rambler portal found that 31% of Russians pay for the purchases their retired relatives make. Every fifth (21%) helps them around the house with cleaning, minor repairs, food delivery, and so on. As much as 18% of the respondents simply give money to their retired relatives, 7% pay for their treatment, 4% pay their leisure travel expenses.
More than a third of Russians (35%) help their elderly relatives regularly, once a week. Another 17% do it at least once a month. The same number of respondents does that from time to time, once every six months or a year, or when necessary (for example, when you need to urgently pay for treatment). As much as 8% of the respondents help only when asked to do so.
Almost 60% of Russians estimated their material assistance at up to RUB10,000 a month. Others spend 10,000-20,000 rubles a month (15%), RUB20,000-30,000 a month (7%), and up to RUB50,000 a month (5%). Only 2% of the respondents are ready to provide more substantial assistance (up to RUB100,000 a month).
Russians are more actively engaged in supporting the older generation financially after they turn 35 years old. Among 20-30-year-olds the share of those who help pensioners financially is 4%, and among 35-40-year-olds it is five times as high. At the age of 40-50, every third respondent supports elderly relatives (32%). After 50, almost every second person does it (43%).
Alexander Zaretsky, CEO, NPF of Sberbank:
'Elderly people need special care, and it is great to see that most Russians are ready to help them as much as they can. But a person can take care of one's wealth after retiring on his or her own now with the help of a personal pension plan (PPP). For example, to keep income at the level of 80-100% of the salary after retirement, it is enough to deposit 2-4% of one's income a month in your PPP account since you're 25-30 years old. This is a convenient savings tool, which does not require large expenses and has an individual schedule of contributions. Using PPPs, you can maintain your usual standard of living after retiring.'
Sberbank of Russia published this content on 23 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2020 13:04:00 UTC