What can spending and savings tell about us? Marketers from Belarusbank found out
How do Belarusians manage their money, make purchases, and view loans? What are their thoughts on retirement planning, unexpected expenses, and the use of cash? The marketing department of Belarusbank conducted a large-scale study of customer financial behavior. 17.8 thousand respondents participated in it. We will discuss the obvious trends and hidden contradictions in the monetary habits of our compatriots.The largest group of survey participants consists of married women aged 46-57 living in Minsk, with higher education and an income of 1.2 to 2.5 thousand rubles.
The main source of income for a typical respondent is salary (72.9%), and the key category of mandatory monthly expenses is utility payments. It is quite expected that mobile communication and the internet (85.3%) have become as important as utility payments (81.8%), becoming a basic necessity. A significant share of mandatory expenses for city residents is public transport fares (58.9%).
Debt burden has become the norm: 55.2% of respondents have active credit obligations, with the share of borrowers in the regions exceeding the figure for the capital - 56.7% versus 50%. Insurance premiums are not a priority for respondents: only 15% make them. In addition to mandatory monthly expenses, the top three planned expenses for respondents include personal care (51%), medicine (47.2%), and personal savings (41.7%). By the way, 41.3% of respondents plan expenses for pets, which clearly indicates a socio-cultural shift: pets are perceived as full family members, and funds are allocated in advance considering their needs. More than a third of respondents also budget for refueling or charging a car, as well as entertainment.
Thus, emotionally charged expense items, rather than basic ones, have a predominant significance in the consumption structure of the respondents. Furthermore, a certain contradiction is observed in the respondents' answers: despite a high willingness to plan expenses for medical services (47%), only 15% of respondents make regular insurance payments. It turns out that paying for the problem when it occurs (for treatment) seems preferable to investing funds in its prevention (insurance). The survey showed that respondents want to control expenses, but they do not do so systematically: 43% do not track expenses at all, 28.4% use specialized applications or spreadsheets, 19.6% keep everything in mind, and 9% keep receipts. At the same time, 56% monitor their balance through mobile banking applications. Traditional channels - SMS notifications (11.4%) and internet banking (31.2%) - are gradually giving way to more convenient mobile services.
Respondents do not forget about savings: 65.5% regularly set aside or save for specific goals. The level of investment activity remains insignificant - only 3.7% decide to actively increase their capital. The majority (79.9%) consciously forgo returns and do not take inflation into account for the sake of quick access to money and psychological peace of mind regarding its safety: 40.6% keep cash at home, and 39.3% keep funds on a card or account. Only 18.6% choose bank deposits.
Respondents' investment strategies are predominantly conservative: currency (40.9%) and securities (39%). A significant portion of respondents believe that there is no more reliable asset than themselves: 31.9% invest in themselves. Investments in real estate (22.7%) and cryptocurrency (26.8%) are more niche, while art, personal business, and crowdfunding are the least in demand. Interest in foreign currency and self-investment is equally high across all age groups, whereas crypto, for example, is a pursuit of the young.
50.9% of respondents have a financial safety net, however, its "fluffiness" varies: the most common amount (24.2%) is no more than three months. Regarding retirement planning, 81% do not think about it at all or rely entirely on the state system.
And here's another paradox: respondents are willing to save and invest, for example, in currency, but do not consider saving for retirement a priority. Major future expenses in the nearer term, such as paying for children's education, have also not yet become a subject of systematic financial planning. Almost half of the respondents (45.7%) have not thought about this or are not taking any action, another 18.2% believe that such expenses are not a threat to them, and only 36.3% have already started forming such savings.Respondents' attitude towards borrowed funds can be characterized as balanced and cautious: 47.4% avoid loans or perceive them negatively. Only 23.2% consider them a convenient financial tool. The majority resort to them out of necessity, only in extreme cases (33.2%). Survey participants clearly distinguish between reasonable and unreasonable lending. Major, fundamental purchases are considered the most justifiable purposes: real estate (62.2%), cars (36.4%), large household appliances (41.6%), furniture (33.2%). Taking out a loan for clothing, travel, or medical treatment is perceived as irrational. Respondents are more favorable towards installment plans: a simple and "free" tool in people's perception is regularly used by 41.1%.Digital services have become an integral part of the financial behavior of 96.8% of respondents, with 66.8% interacting with banks exclusively through mobile applications. Unsurprisingly, cashless payments are in a strong position: they are prioritized by 41.7% of respondents, while another 30.3% combine payment methods. Unconditional
Bank cards hold a leading position among non-cash payment instruments (90.3%). Pay services and virtual cards show more modest results – 22% and 13.5% respectively. 84.6% of respondents make online purchases. Most often, these are clothing and footwear (55.6%), household chemicals (41.2%), appliances and electronics (40%), and cosmetics (34.4%). Hybrid shopping has also become the norm: 65.4% combine online and offline purchases, and 56.6% use both marketplaces and specialized stores.
Interestingly, digitalization is not absolute. The main reasons for refusing non-cash payments are psychological: unwillingness to change habits (31.8%), concerns about the security of funds (16.7%) and personal data (13%). Cash is also holding its ground: it is still needed "just in case" (53.9%) or for purchases where "cards are not accepted" (70.4%), and serves as a backup function – in case the digital system fails. Overall, respondents are quite rational in their spending approaches. To reduce expenses, they use classic methods – buying on sale (52.2%), comparing prices (49.4%), using promo codes, discount centers, installment purchases, bulk purchases, and staying within budget (16.5-22%). Cashback is perceived as an additional benefit, not a way to save. The financial profile of the participants in the marketing service survey of Belarusbank is contradictory, but it fits well within generally known global trends: the modern consumer is technologically advanced but financially conservative, wants to control their budget but avoids routine, fears loans but likes installments, lives for today but looks to the future with anxiety, is pragmatic and cautious, but is gradually adapting to new conditions, forming habits at the intersection of comfort, trust, and necessity. More details on the research results can be found Here.