Financial assets and liabilities of the households sector
Q4 2024
In Q4 2024, household financial assets increased by 6.3 trn rubles and financial liabilities – by 0.2 trn rubles.
Financial savings* over 2024 rose to 12.1 trn rubles, same number for 2023 was equal 7.4 trn rubles.
Financial assets and liabilities of the households sector (rolling 4Q-period, bln rubles)
Financial assets of the households sector (bln rubles)
| Annual transactions | Quarterly transactions | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
As of 01.01.2025 |
2022 | 2023 | 2024 | Q4-2023 | Q1-2024 | Q2-2024 | Q3-2024 | Q4-2024 | |||
| Financial assets, total | 175 803 | 10 947 | 14 727 | 17 102 | 5 652 | 1 985 | 5 085 | 3 700 | 6 333 | ||
| Currency | 25 735 | 3 199 | 1 401 | -255 | -161 | -518 | 9 | -11 | 266 | ||
| Deposits | 69 115 | 4 645 | 8 923 | 13 453 | 4 819 | 2 042 | 3 598 | 2 117 | 5 696 | ||
| Broker accounts of households | 429 | -415 | -99 | -139 | -40 | -50 | -73 | 10 | -25 | ||
| Debt securities | 4 779 | 47 | 400 | 335 | 97 | -20 | 171 | 93 | 91 | ||
| Loans | 1 217 | -232 | 167 | 112 | 14 | 11 | 61 | -9 | 49 | ||
| Equity and investment fund shares | 56 444 | 2 167 | 1 914 | 1 469 | 559 | 256 | 100 | 549 | 564 | ||
| Insurance, pension and standardized guarantee schemes | 7 816 | 15 | 72 | 717 | 53 | 51 | 126 | 451 | 88 | ||
| Other accounts receivable | 4 140 | 529 | 402 | 856 | -3 | 194 | 173 | 305 | 184 | ||
| Escrow accounts of households | 6 128 | 992 | 1 546 | 554 | 315 | 18 | 919 | 196 | -579 | ||
As of 01.01.2025 deposits (39.3%), equity and investment fund shares (32.1%) and currency (14.6%) accounted for the largest share in the structure of resident household financial assets.
In Q4, household savings traditionally increased mainly due to the growth of deposits (+5.7 trn rubles). The annual growth of deposits exceeded the same indicator of the previous year by one and a half times (+13.4 trn rubles in 2024 against +8.9 trn rubles in 2023) under conditions of maintaining the attractiveness of savings of bank deposits.
The growth of insurance, pension and standardized guarantee schemes and pension savings in 2024 reached its maximum level (+717 bln rubles) and was associated with an increase of life insurance premiums and the introduction of a long-term savings program.
Household funds in escrow accounts in Q4 decreased by 579 bln rubles due to a slowdown of mortgage lending. In total, in 2024 they increased by 554 bln rubles compared to 1 546 bln rubles in 2023.
These data are also available in the monthly publication.
Households allocated 655 bln rubles to securities in Q4. Over 2024, investments in securities declined compared to the previous year both in equities (+1.5 trn in 2024 against +1.9 trn in 2023) and bonds (+335 bln against +400 bln).
Transactions by the type of financial instruments (rolling 4Q-period, bln rubles)
* 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 Q4 2024, households invested in debt securities (+91 bln rubles) mostly in the form of long-term bonds of residents (+133 bln rubles). Investments in non-resident bonds decreased (−28 bln rubles). In total, in 2024, households net investments in resident bonds amounted to 650 bln rubles, while non-resident bonds net sales were 315 bln rubles.
The growth of household funds in equity and investment fund shares in the Q4 remained at a high level (+564 bln rubles). The main increase was provided by investments in resident investment fund unit and shares (+689 bln rubles). Households invested 1.2 trn in investment fund unit and shares in 2024 (against 1.9 trn in 2023).
Household investments in securities and equity and investment fund shares (rolling 4Q-period, transactions in bln rubles)
Source: reporting forms: 0409711, 0420415, 0420459; Moscow Exchange data on repos.
Structure of household financial assets by countries as of 01.10.2024 (balances, %)
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 01.01.2025 |
2022 | 2023 | 2024 | Q4-2023 | Q1-2024 | Q2-2024 | Q3-2024 | Q4-2024 | |||
| Financial liabilities, total | 44 772 | 2 941 | 7 288 | 5 010 | 1 945 | 1 325 | 2 121 | 1 352 | 213 | ||
| Loans | 43 529 | 2 820 | 7 348 | 4 966 | 1 812 | 1 295 | 2 197 | 1 354 | 119 | ||
| Bank loans | 38 916 | 2 875 | 7 323 | 5 016 | 1 803 | 1 178 | 2 343 | 1 378 | 116 | ||
| Residential mortgages | 20 100 | 2 444 | 4 828 | 2 429 | 1 519 | 476 | 1 178 | 482 | 293 | ||
| Consumer loans | 14 386 | 358 | 1 631 | 1 499 | 6 | 506 | 828 | 492 | -327 | ||
| Car loans | 2 602 | -47 | 504 | 887 | 173 | 196 | 262 | 338 | 91 | ||
| Other bank loans | 1 215 | 83 | 324 | 82 | 94 | -30 | 47 | 40 | 26 | ||
| Accrued interest claims | 613 | 37 | 37 | 118 | 10 | 30 | 29 | 25 | 34 | ||
| Mortgage loans sold to mortgage agents and accounted for repayment | 1 718 | -189 | -278 | -288 | -105 | -67 | -62 | -72 | -86 | ||
| Consumer loans sold to specialised financial institutions | 1 022 | ||||||||||
| Loans received from MFO | 822 | 75 | 104 | 198 | 17 | 36 | 36 | 55 | 72 | ||
| Loans received from other entities | 657 | 3 | 182 | 52 | 69 | 150 | -114 | -3 | 19 | ||
| Non-resident loans | 394 | 56 | 17 | -12 | 29 | -2 | -6 | -3 | -1 | ||
| Other accounts payable (including debt securities) | 1 243 | 121 | -60 | 45 | 133 | 30 | -76 | -2 | 93 | ||
As of January 1, 2025, bank loans traditionally dominated in the structure of household financial liabilities (38.9 trn rubles), of which mortgage loans accounted for 20.1 trn rubles. Loans received by households from microfinance organisations amounted to 0.8 trn rubles (1.8% of total household liabilities).
Structure of household financial liabilities (balances, %)
* Other liabilities include debt securities, non-resident loans and other accounts payable.
In 2024 Q4, the growth of lending continued to decline mainly due to the repayment of consumer loans (−327 bln rubles), as well as a decrease of the growth of mortgages (down to 293 bln rubles) and car loans (down to 91 bln rubles).
In 2024, increase of annual lending was observed only for car loans (+887 bln rubles against + 504 bln rubles in 2023) and loans from MFOs (+198 and +104 bln rubles respectively), while the net issuance of mortgages decreased by a half.
Financial liabilities (rolling 4Q-period, transactions in bln rubles)
* Other liabilities include debt securities, non-resident loans and other accounts payable.
Source:
credit institutions reporting forms 0409101, 0406006, 0409115; reporting forms: MFO, pawnshops, CCCs, ACCCs, professional participants in the securities market, DIA, Federal statistical report form “Information on the financial investments and liabilities” (P-6); mortgage agents financial statements.
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.
Savings in the SNA is a part of disposable income not used for final consumption of products and services.
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).