Effective transformation of household savings in the context of a systemic economic crisis

¹ Plekhanov Russian University of Economics, Moscow, Russia
² Southern Federal University, Rostov-on-Don, Russia

^* Corresponding author: Rogova.TM@rea.ru

Abstract

The modern world is characterized by a high degree of digitalization, so citizens have access to an increasing variety of savings options. In just a few clicks, people can purchase shares of the largest companies, invest in real estate rental funds, open deposits in almost any bank, and purchase digital assets. However, financial literacy has not yet reached the level needed to use all financial instruments consciously. Since confidence in the banking and financial system is low, people save in cash, which slows economic growth. The study of various forms of savings and their reliability and availability can increase cashflow from individuals, triggering growth, especially in the current crisis conditions of 2020–2022, with unprecedented sanctions. The purpose of the study is to develop recommendations for the development of modern forms of effective savings for the population under the conditions of a systemic economic crisis. The study uses publicly available data on personal savings rates and relevant scholarly literature and uses the methods of analysis and synthesis, comparison, deduction, and statistical generalizations. In the course of the study, key savings trends and urgent income issues were identified, allowing for the formulation of several recommendations to improve the efficiency of modern savings methods.