Hidden Assets: Discovery of Cash Storage Locations by VTB Reveals Unconventional Hiding Places Including Books, Animal Statues, and Bedding Items
Rewritten Article:
10:36 AM, May 1
Alexandra Marunina
Apparently, almost every Russian resident (seconded by a VTB poll) keeps some cash at home. Interestingly, more than half of them are open to bank deposits, provided the interest rates are enticing, the safety is unquestionable, and their funds are well-protected. Generally, the sum kept at home is minimal – up to 30,000 rubles.
Around a fourth of these respondents prefer storing their cash securely in safes, along with assorted piggy banks (20%) and books (20%). Some hide their money in concealed pockets within clothing (12%) or under their mattress (7%), while 7% of Russians still stash cash in less conventional spots such as behind pictures, in kitchen utensils, electronics, below the floor, inside toys, and children's items, or even within the bathroom.
Most Russians keep a relatively small sum at home: anywhere from 5 to 30,000 rubles – around 30% of respondents – or 30,000 to 100,000 rubles – around 40% of respondents – due to its easy accessibility.
Concurrently, bank accounts retain their accessibility, allowing deposits and withdrawals without sacrificing accrued interest. Many utilize this as a convenient "electronic wallet" for quick access to funds and passive income generation.
In Dmitry Volodin's (Head of the savings and deposits department at VTB) opinion, high-interest bank products play a crucial role in shaping Russian savings habits, as more and more people focus on accumulating their funds in banks instead of at home. Deposits and savings accounts not only offer tangible passive income but also ensure the security of your savings.
Documents reveal that VTB's evaluation suggests the portion of cash rubles in savings and investments, disregarding pension and insurance products, has reached an all-time low over the past 6 years and might drop even further this year.
Poll conducted from April 4 to 10, featuring a diverse sample of 1,500 Russians aged between 18 and 65, residing in cities with a population of over 100,000.
Broader Trends and Influencing Factors analysis:The provided search results do not single out a VTB poll indicating preferences between home savings and bank savings. However, we can analyze broader Russian savings behavior tendencies and primary influencing factors based on accessible data:
### Savings Behavior Trends1. Growing Bank Accounts: The number of bank accounts in Russia has more than doubled between 2008 and 2023, reaching over 1 billion accounts (approximately 7 per capita)[1], signifying increased banking adoption.2. Economic Stressors: Although not directly mentioned, the dwindling current account surplus (decreasing from $250bn in 2022 to $51bn in 2024)[5] and sanctions-induced financial upheaval[2][5] likely impact savings decisions.3. Sanctions' Effect: - Complex Transactions: Russian businesses are embracing rubles, "friendly" currencies, and cryptocurrencies to bypass traditional banking hurdles brought on by sanctions[5]. - ATM Interruptions: Occasional cyberattacks (e.g., July 2024 ATM outages)[3] and reduced ATM availability (dropping to 150.8k in 2024 from initial highs)[4] may impact cash use.
### Key Influencing Factors- Interest Rates: The annual deposit interest rate has fluctuated between 2.5% and 20.4% (2012–2023)[4], affecting bank savings appeal.- Currency Risks: Sanctions have diminished the value of non-ruble assets[2], favoring ruble-based savings, whether at home or in domestic investment tools.- Banking Consolidation: The termination of 550 banks (2013–2021)[1] may have temporarily shaken trust in smaller banks. However, the prevalence of state-backed banks like Sberbank[1] suggests established stability.
In summary, the context indicates that for a VTB-specific poll, additional data is required, as no such data is provided in the given materials. Current trends illustrate a complex interplay of sanctions-motivated adaptation, economic instability, and developing banking infrastructure.
- Despite many Russians keeping some cash at home, over half are open to bank deposits, finding bank savings more appealing due to enticing interest rates, unquestionable safety, and well-protected funds.
- Russians deposit their cash in various secure storage methods, such as safes, piggy banks, books, and concealed clothing pockets, or in less conventional spots like behind pictures, in kitchen utensils, electronics, under floorboards, inside toys, children's items, or even within bathrooms.
- Banks play a significant role in shaping Russian savings habits, offering easy access to funds, passive income, and security, making bank accounts a convenient electronic wallet for many people.
- The portion of cash rubles in savings and investments has reached an all-time low over the past 6 years, with documents revealing this drop and potentially lowering even further this year.
- Banking adoption in Russia has grown significantly, with over 1 billion bank accounts now in use (approximately 7 per capita), a trend driven by economic stressors, sanctions-induced financial upheaval, and the popularity of securing personal-finance through technology like online banking and cryptocurrencies.
