Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Russians Don't Borrow Money From Friends

Personal_Finance / Russia Nov 09, 2010 - 06:28 AM GMT

By: Pravda


Russians prefer to borrow from relatives, but are always willing to lend money to their friends. However, friends do not rush to ask for financial support, unwilling to ruin the friendly relations with money matters. However, respondents of the research center do not always favor the requests of their relatives who want to borrow significant amounts of money.

The survey revealed that most of Russians go to their relatives for financial favors (27%). Less frequently they go with such requests to their friends (17%). In turn, 8% of Russians prefer not to complicate personal relationships and take bank loans. Russians of ages 35-44 are most likely to take bank loans (16%).

Another 2% of the respondents are borrowing from coworkers and only 1% borrows from their employer. A significant number of respondents (43%) do not take loans at all, assuming that in any situation they must rely only on their own funds. The number of those who prefer to avoid debt is higher among the respondents over age 45 (59%).

As for lending money, Russians are willing to lend money primarily to friends (48%) and only then - to relatives (24%). In this case, younger respondents more likely to lend to friends, while older Russians prefer to lend to their relatives. Every tenth respondent is willing to lend money to a coworker (10%).

How much money are Russians willing to lend? As it turned out, it depends on their relationship with people asking for help. For example, relatives often borrow large sums (over 30 thousand rubles ($1,000)) - 23%, friends - from 1 to 5,000 rubles ($30 to $170) - 22%, colleagues - 1 to 5,000 rubles or less than 1 thousand -28%, analysts of the Intelligence Center report.

However, many respondents specify that they can lend a substantial amount of money to a coworker only against a receipt. The respondents indicated in the comments that they are willing to help close friends and relatives, even to the detriment of themselves: "I am ready to give my last penny to a true friend," "Whatever they ask for, within reason, of course."

The majority of respondents (70%) provided a negative answer to the question of whether in the past year they borrowed money more frequently: "I try to live within my means," "I borrow even less than I used to." A similar situation is with lending money to others - 77% of respondents reported that last year they did not lend money to others frequently: "No one is asking," "I never lend money. I tell them to go to the bank!"

Russians did go to the bank frequently within the past year, mostly bringing money in, not borrowing.

Throughout the year banks recorded an increase in the number and volume of deposits. In September of this year, the growth of deposits in Russian banks in annual terms amounted to 30.8%, with most of the deposits opened in rubles.

According to a study conducted by, 13% of respondents have deposits in rubles, dollars, euros or other currencies. The second most popular saving method is Forex games (4%), followed by buying gold and precious metals, as well as investments in real estate (3% each). Gold has broken all records long time ago and has grown to be $1,300 per ounce. Interestingly enough, employed Russians prefer investments in gold twice as often as those who currently do not have a full time permanent job (4% vs. 2%).

Only 2% of Russians prefer investing in mutual funds. It seems that mutual funds are not trusted by Russians, and this distrust was aggravated after the loss of mutual funds in 2008.

Every tenth respondent (10%) choses other ways to multiply personal savings. Among them are foreign exchange operations, investments in business projects, and lending money at interest.

More than half of respondents (54%) admitted that in the past 12 months they have not taken any action for the enhancement of their own savings, analysts of reported. Some of them said that they simply do not have anything to increase, while others do not know which ways they can increase their capital: "Investment is risky," "At the moment I am considering the best way to do it."

Anastasia Romasheva

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Pravda Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in