Finance Minister Anton Siluanov Urges Russians to Invest Savings Rather Than "Stash Them Under the Mattress"
Russia urges citizens to ditch cash for stocks and bonds
Finance Minister Anton Siluanov has called on citizens not to keep their savings "under the mattress" but to invest them—whether through bank deposits, securities, stocks, bonds, or investment funds. He made the remarks during a speech at the federal educational marathon Znanie.Pervye (Knowledge.First), broadcast on the VK Video platform.
According to Siluanov, idle cash loses value over time, costing savers potential earnings. "Everyone has some savings—some more, some less. The question is what to do with them: leave them unused under the mattress or learn to manage them by investing in different instruments? The simplest option is a bank deposit, which currently offers solid returns through interest," the minister said.
He noted that beyond deposits, other investment avenues include securities, stocks, bonds, and investment institutions. "This way, the money will actually work for the economy," Siluanov emphasized. He added that if all household savings were channeled into the financial system, they would generate income while also serving as an additional driver for national development.
In early March, Siluanov announced a shift of savings from banks to the financial markets. He reported that over 60 trillion rubles are currently held in deposits, stressing that bank accounts remain the primary savings tool due to high interest rates and reliability. However, as rates decline and credit becomes cheaper, public interest will gradually shift from bank deposits to the stock market, the minister predicted.
