Financial assets and liabilities of the households sector
Q1 2025
In Q1 2025, household financial assets increased by 1.7 trn rubles, financial liabilities decreased by 0.2 trn rubles. Financial savings* were traditionally lower than a quarter earlier.
Rolling
Financial savings (rolling 4Q-period, bln rubles)
Fig. 1
Financial assets of the households sector (bln rubles)
| Annual transactions | Quarterly transactions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.04.2025 |
2021 | 2022 | 2023 | 2024 | Q1-2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | |||
| Financial assets, total | 174 493 | 9 070 | 10 947 | 14 727 | 17 229 | 1 985 | 5 085 | 3 700 | 6 460 | 1 694 | ||
| Currency | 23 275 | 867 | 3 198 | 1 401 | -290 | -518 | 9 | -12 | 231 | -777 | ||
| Deposits | 68 424 | 2 583 | 4 645 | 8 923 | 13 459 | 2 042 | 3 598 | 2 116 | 5 703 | 1 301 | ||
| Broker accounts of households | 406 | 92 | -415 | -99 | -139 | -50 | -73 | 10 | -25 | -4 | ||
| Debt securities | 4 786 | 906 | 47 | 400 | 362 | -20 | 171 | 92 | 118 | 409 | ||
| Loans | 1 078 | 131 | -232 | 167 | 113 | 11 | 61 | -9 | 50 | -99 | ||
| Equity and investment fund shares | 57 830 | 1 832 | 2 167 | 1 914 | 1 446 | 256 | 100 | 548 | 541 | 238 | ||
| Insurance, pension and standardized guarantee schemes | 8 097 | 283 | 15 | 72 | 844 | 51 | 126 | 451 | 216 | 364 | ||
| Other accounts receivable | 4 324 | 519 | 530 | 402 | 878 | 194 | 173 | 305 | 206 | 116 | ||
| Escrow accounts of households | 6 273 | 1 858 | 992 | 1 546 | 554 | 18 | 919 | 196 | -579 | 145 | ||
As of 01.04.2025 deposits (39.2%), equity and investment fund shares (33.1%) and currency (13.3%) still accounted for the largest share in the structure of resident household financial assets.
In Q1, household savings traditionally increased mainly due to the growth of deposits (+1.3 trn rubles).
Savings in cash in national currency decreased by 727 bln rubles, in foreign currency – by 50 bln rubles.
Household funds in escrow accounts in Q1 increased by 145 bln rubles after a decrease quarter earlier.
These data are also available in the monthly publication.
Households spent 648 bln rubles to buy securities in Q1, of which 409 bln rubles were invested into debt securities – the highest level since Q4 2021.
Transactions by the type of financial instruments (rolling 4Q-period, bln rubles)
Fig. 2
* Insurance, pension and standardized guarantee schemes, loans, other accounts reveivable (w/o escrow accounts).
Household investments in securities and equity and investment fund shares
In Q1 2025, households invested in long-term debt securities of residents (+418 bln rubles) and growth of long-term debt securities of residents in rubles hit the maximum since the beginning of observations (+238 bln rubles). Investments in non-resident bonds decreased (−22 bln rubles).
The growth of household funds in equity and investment fund shares in the Q1 was lower than in Q4 2024 and amounted to 238 bln rubles. The main increase was provided by investments in resident investment fund unit and shares (+211 bln rubles).
Household investments in securities and equity and investment fund shares (rolling 4Q-period, transactions in bln rubles)
Fig. 3
Structure of household financial assets by countries as of 01.01.2025 (balances, %)
Fig. 4
Source:
Bank of Russia (Financial accounts of the system of national accounts of the Russian Federation); OECD Data.
Financial liabilities of the households sector, bln rubles
| Annual transactions | Quarterly transactions | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.04.2025 |
2021 | 2022 | 2023 | 2024 | Q1-2024 | Q2-2024 | Q3-2024 | Q4-2024 | Q1-2025 | |||
| Financial liabilities, total | 46 931 | 5 097 | 2 941 | 7 288 | 4 911 | 1 325 | 2 121 | 1 352 | 113 | -250 | ||
| Loans | 43 382 | 5 062 | 2 820 | 7 348 | 4 923 | 1 295 | 2 197 | 1 354 | 76 | -269 | ||
| Bank loans | 38 676 | 5 203 | 2 875 | 7 323 | 4 972 | 1 178 | 2 343 | 1 378 | 72 | -152 | ||
| Residential mortgages | 20 107 | 2 956 | 2 444 | 4 828 | 2 429 | 476 | 1 178 | 482 | 293 | 73 | ||
| Consumer loans | 14 200 | 1 934 | 358 | 1 631 | 1 457 | 506 | 828 | 492 | -369 | -162 | ||
| Car loans | 2 571 | 228 | -47 | 504 | 887 | 196 | 262 | 338 | 91 | -31 | ||
| Other bank loans | 1 137 | 105 | 83 | 324 | 82 | -30 | 47 | 40 | 26 | -73 | ||
| Accrued interest claims | 661 | -20 | 37 | 37 | 117 | 30 | 29 | 25 | 32 | 41 | ||
| Mortgage loans sold to mortgage agents and accounted for repayment | 1 728 | -264 | -189 | -278 | -279 | -67 | -62 | -72 | -77 | -63 | ||
| Consumer loans sold to specialised financial institutions | 835 | -61 | -108 | |||||||||
| Loans received from MFO | 917 | 112 | 75 | 104 | 198 | 36 | 36 | 55 | 72 | 94 | ||
| Loans received from other entities | 894 | -3 | 3 | 182 | 105 | 150 | -114 | -3 | 72 | -35 | ||
| Non-resident loans | 333 | 13 | 56 | 16 | -12 | -2 | -6 | -3 | -1 | -5 | ||
| Other accounts payable (including debt securities) | 3 549 | 35 | 121 | -60 | -12 | 30 | -76 | -2 | 36 | 19 | ||
As of April 1, 2025, bank loans traditionally dominated in the structure of household financial liabilities (38.7 trn rubles), of which mortgage loans accounted for 20.1 trn rubles. Loans from microfinance organisations amounted to 0.9 trn rubles (1.95% of total household liabilities).
Structure of household financial liabilities (balances, %)
Fig. 5
* Other liabilities include debt securities, non-resident loans and other accounts payable.
In 2025 Q1, loans decreased by 269 bln rubles, including consumer loans (-162 bln rubles) and car loans (-31 bln rubles) reduction. Growth of mortgages was the lowest in the last three years (+73 bln rubles).
Financial liabilities (rolling 4Q-period, transactions in bln rubles)
Fig. 6
* Other liabilities include debt securities, non-resident loans and other accounts payable.
Information on household savings helps to improve the consistency of data on household money income and spending, financial accounts, and sectoral balances of the System of National Accounts (SNA). It also provides updated and detailed data on household financial assets and liabilities, which enables comprehensive analysis of:
- household consumption and saving behaviour;
- household preferences regarding investing in financial instruments;
- structure of household loans;
- dynamics and composition of household financial wealth, which is an integral part of household wealth.
The non-financial part is reflected in the capital account of the SNA, net acquisition of financial assets is recorded in the financial account.
Information on the compiling process of “Financial assets and liabilities of the households sector” is depicted in the methodological notes.
* Financial assets less liabilities (net lending/borrowing).