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Russian youth prefer savings accounts to loans — bank

Deputy CEO of the PSB bank Olga Myamlina said that this indicates an early stage of developing the culture of financial planning

ST. PETERSBURG, June 7. /TASS/. Young people in Russia more often use savings accounts than loans, and PSB recorded this trend among clients aged 18-22, Deputy CEO of the bank Olga Myamlina said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Many young people, however, prefer to keep their funds in easily accessible forms rather than invest in long-term instruments, which indicates an early stage of developing the culture of financial planning," Myamlina said.

It is exactly the younger generation that is currently playing a key role in raising the overall level of financial literacy in the country, demonstrating a high speed of mastering new digital technologies and adapting to new behavior models, the deputy CEO stressed.

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