21.01.2016, 21:43
Bank of Russia Study of Population Demand for Financial Services
OREANDA-NEWS. The Bank of Russia has developed financial inclusion indicators and the methodology for their calculation to conduct the study. The first stage was to measure the offer of financial services which was followed by their demand measurement.
The results of the study revealed that many respondents (44.4%) have at least one account opened with in a credit institution. A little bit more than 10% of them use bank deposits to save their savings, with 20.7% having outstanding loans with banks, microfinance organisations, credit consumer cooperatives or pawn shops.
A low interest rate prevented 17% of respondents from opening a deposit, while 33.3% of them gave up the idea of a bank loan because they cannot afford it. High cost of an insurance contract prevented every fifth respondent (22.9%) from signing it.
A considerable part of respondents (20.2%) receive domestic or international remittances which is by two times odd smaller than those sending money nationally or internationally (46.8%).
A share of adult population distrusted with all sorts of financial institutions accounts for 11.9%. One of the reasons can be the lack of basic financial knowledge and misunderstanding of operational principles of financial instruments. For example, only 7.4% of respondents understand the meaning of the term 'a prime goal of insurance' with slightly over one-third of respondents (37.3%) being aware of the interest rate. This may explain why the greater part of the population (64.1%) goes to relatives or friends when in need of money. It is noteworthy that the same percentage of respondents (61.3%) is quite happy with the quality of services provided by financial institutions, while 62.9% of them are positive in their assumption that the financial services provided improve their life's quality. Remote financial services and the Internet or mobile banking which is being used by 19.3% of respondents add to such conclusion. This percentage is much higher among representatives of small and medium businesses (65.9%).
The study was a joint effort of the National Agency for Financial Studies and the Gaidar Institute for Economic Policy by Bank of Russia order which also acted as a coordinator.
Some 1,600 people in 150 locations of the Russian Federation were questioned.
The selection of indicators and the calculation methodology were adjusted with due account for the earlier measurement as regards financial inclusion. The Bank of Russia is going to polish the methodology of such studies and measure indicators of financial inclusion on an annual basis.
The results of the study revealed that many respondents (44.4%) have at least one account opened with in a credit institution. A little bit more than 10% of them use bank deposits to save their savings, with 20.7% having outstanding loans with banks, microfinance organisations, credit consumer cooperatives or pawn shops.
A low interest rate prevented 17% of respondents from opening a deposit, while 33.3% of them gave up the idea of a bank loan because they cannot afford it. High cost of an insurance contract prevented every fifth respondent (22.9%) from signing it.
A considerable part of respondents (20.2%) receive domestic or international remittances which is by two times odd smaller than those sending money nationally or internationally (46.8%).
A share of adult population distrusted with all sorts of financial institutions accounts for 11.9%. One of the reasons can be the lack of basic financial knowledge and misunderstanding of operational principles of financial instruments. For example, only 7.4% of respondents understand the meaning of the term 'a prime goal of insurance' with slightly over one-third of respondents (37.3%) being aware of the interest rate. This may explain why the greater part of the population (64.1%) goes to relatives or friends when in need of money. It is noteworthy that the same percentage of respondents (61.3%) is quite happy with the quality of services provided by financial institutions, while 62.9% of them are positive in their assumption that the financial services provided improve their life's quality. Remote financial services and the Internet or mobile banking which is being used by 19.3% of respondents add to such conclusion. This percentage is much higher among representatives of small and medium businesses (65.9%).
The study was a joint effort of the National Agency for Financial Studies and the Gaidar Institute for Economic Policy by Bank of Russia order which also acted as a coordinator.
Some 1,600 people in 150 locations of the Russian Federation were questioned.
The selection of indicators and the calculation methodology were adjusted with due account for the earlier measurement as regards financial inclusion. The Bank of Russia is going to polish the methodology of such studies and measure indicators of financial inclusion on an annual basis.
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