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Finance and Credit
 

The impact of internal and external environment factors on savings behavior of households in Russia

Vol. 25, Iss. 1, JANUARY 2019

PDF  Article PDF Version

Received: 13 November 2018

Received in revised form: 27 November 2018

Accepted: 11 December 2018

Available online: 29 January 2019

Subject Heading: INVESTING

JEL Classification: D14, D31, E21, H31

Pages: 159–176

https://doi.org/10.24891/fc.25.1.159

Маratkanova I.V. Polzunov Altai State Technical University, Barnaul, Altai Krai, Russian Federation
maratkanova@inbox.ru

ORCID id: not available

Subject The article investigates factors impacting the savings behavior of Russian households.
Objectives The study aims to create a unique classification of factors influencing the savings behavior of Russian households.
Methods I performed a comparative analysis of theoretical and empirical studies published in the Russian economic literature over the past twenty years on the problem of determining the factors impacting the savings decisions of Russian household members.
Results I present an original classification of factors impacting the savings decisions of households based on the systems approach. The classification includes internal and external factors. The former impact on income and property, consumer, social status, entrepreneurial, cultural and educational, and psychological factors that depend on internal potential of households. The latter include financial, economic, institutional, socio-political, legal, demographic, environmental, and natural resource factors, i.e. those that are not dependent on the will of households, but have a significant impact on savings decisions of household members.
Conclusions The unique classification may help further studies on assessing the savings potential of households. Legislative and executive authorities may use it to model effective mechanisms to boost household savings decisions and use savings as the most significant source of national investment.

Keywords: household, savings, investment, savings behavior

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