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Coronavirus pandemic

About 15% of Russians plan to live off savings in old age, poll reveals

According to the study, the share of Moscow residents who do not think about income in old age is lower than in the country as a whole and amounts to 37%

© Vladimir Gerdo/TASS

MOSCOW, December 11. / TASS /. More than 40% of Russians expect to receive a state pension, while 14% plan to provide for themselves in old age with personal savings, according to the results of a sociological survey by the Higher School of Economics "Social well-being of Russians" made available to TASS on Friday.

"In Russia, there has been a steady increase in the number of respondents who expect to provide themselves for retirement based on their own savings and income from property. In 2020, 14% of citizens said that they plan to provide for themselves in old age on their own. Yet 40% of respondents have not thought about what they will live on when they will reach retirement age. The share of respondents who counted on a state pension fell from 56% in 2018 to 43% in 2020," according to the survey.

According to the study, the share of Moscow residents who do not think about income in old age is lower than in the country as a whole and amounts to 37%. Muscovites share the same basic expectations about retirement benefits as other Russian citizens. They also count on their own savings and the help of their relatives. But the share of those Muscovites is much higher than in the country as a whole. The survey was conducted through personal interviews at the place of residence of the respondents between September 11, 2020 and October 5, 2020. It consisted of over 6000 Russians in 173 settlements, ages 15 to 72. The previous research was conducted in December 2016 and September 2018.

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