Most of Russians are afraid of the further drop in the ruble`s value; at the same time, one-third of Russians believe that in the coming months the ruble exchange rate will not change much.
MOSCOW, January 20, 2015. Russian Public Opinion Research Center (VCIOM) presents the information describing what currency Russians use to save money; how much they are concerned about the ruble decline; what they expect to happen with the ruble in the months to come.
Half of Russians (52%) do not have savings. An overwhelming majority of those who make savings still prefer rubles (46%); 4% prefer dollar, 2% choose euro; and less than 1% opt for other foreign currencies.
Russians show high levels of interest towards foreign currencies: 66% report that they keep an eye on the situation in the currency markets (27% regularly; 39% - from time to time). Those who keep an eye on the situation constantly are respondents with high education diplomas (35%) and high financial income (35%).
Sixty-three percent of Russians are concerned about the current dollar exchange rate 63% (57% in November 2014). Those who are most concerned are residents of Moscow and St. Petersburg (73%), respondents with high income (72%) and students (71%). Thirty-three percent of Russians are not bothered with the problem.
The reasons behind the drop of ruble are the policies of western countries and anti-Russian sanctions (18%) and a decrease in oil prices (17%). Rarely respondents mention the general economic situation in the country (7%) or the policies of the Russian authorities (6%). Five percent say that the situation is artificial, and certain people benefit from that.
Today much less Russians are negative about the future of the ruble in the near two or three months compared to November 2014: 27% say that ruble will keep falling (46% in late 2014). On the contrary, more Russians believe that the ruble exchange rate will stay at the same level as today (from 24% to 36%). Only 16% are confident that ruble will strengthen; this share is higher than it was before.
If the dollar` value keeps increasing, 77% of Russians will make no moves. Those who will try to do something will invest money in real property and expensive items (6%). Certain respondents would buy dollars in exchange for rubles (3%) or euro or other currency (1%). Three percent of Russians will start spending their savings.
The VCIOM opinion poll was conducted on January 10-11, 2014. 1600 respondents were interviewed in 132 communities in 46 regions of Russia. The margin of error does not exceed 3,5%.
What currency do you use for your savings? (close-ended question, not more than 3 answers) | |||||||||||||||||
| I qrt 08 | IV qrt 08 | I qrt 09 | II qrt 09 | III qrt 09 | IV qrt 09 | I qrt 10 | II qrt 10 | III qrt 10 | IV v qrt 10 | IV qrt 11 | II qrt 13 | III qrt 13 | IV qrt 13 | I qrt 14 | IV qrt 14 | I qrt 15 |
Ruble | 33 | 37 | 33 | 28 | 27 | 30 | 21 | 26 | 25 | 24 | 38 | 55 | 49 | 40 | 40 | 47 | 46 |
Dollar | 1 | 1 | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 5 | 5 | 4 | 5 | 4 | 3 | 4 |
Euro | 2 | 1 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 4 | 2 | 1 | 3 | 2 | 2 | 2 |
Other currency | <1 | <1 | <1 | <1 | <1 | <1 | <1 | <1 | <1 | <1 | <1 | 1 | <1 | <1 | <1 | <1 | <1 |
No savings | 57 | 58 | 61 | 66 | 65 | 64 | 70 | 69 | 70 | 66 | 55 | 38 | 46 | 53 | 54 | 49 | 52 |
Don`t know | 7 | 2 | 3 | 2 | 4 | 3 | 7 | 3 | 3 | 8 | 3 | 5 | 2 | 2 | 2 | 2 | 1 |
Do you follow the dollar to ruble exchange rate? (close-ended question, one answer) | |||||||||||
| IV v 2008 | IV qrt 2009 | IV qrt 2010 | IV qrt 2011 | IV qrt 2012 | IV qrt 2013 | I qrt 2014 | II qrt 2014 | III qrt 2014 | IV qrt 2014 | I qrt 2015 |
Yes, regularly | 17 | 13 | 13 | 13 | 11 | 14 | 16 | 14 | 19 | 27 | 27 |
Yes, sometimes | 37 | 37 | 33 | 30 | 31 | 35 | 37 | 37 | 36 | 38 | 39 |
No | 43 | 48 | 52 | 55 | 57 | 50 | 46 | 47 | 44 | 34 | 33 |
Don`t know | 3 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 2 | 1 | 1 |
Are you concerned about the dollar exchange rate? (close-ended question, one answer) | |||||
| February 2002 | July 2013 | February 2014 | November 2014 | January 2015 |
Rather yes | 62 | 29 | 42 | 57 | 63 |
Rather no | 34 | 68 | 53 | 39 | 33 |
Don`t know | 4 | 4 | 5 | 4 | 4 |
The ruble`s exchange rate against the U.S. is decreasing. What is the reason behind that? (open-ended question, any number of answers) | |
| Total respondents |
American/western policies, sanctions | 18 |
Drop in oil prices | 17 |
Economic situation in the country | 7 |
Politics of Russian authorities | 6 |
Artificial situation; someone benefits from that | 5 |
Situation in Ukraine | 3 |
Central Bank of Russia`s policies (not supporting ruble) | 2 |
Increase of prices | 1 |
No domestic production | 1 |
Sochi Olympics | <1 |
Russia is losing its positions in the world | <1 |
Corruption | <1 |
It is seasonal | <1 |
Other | 2 |
I do not mention that | 10 |
Don`t know | 35 |
In your opinion, how will the ruble`s positions change in recent two or three months? (close-ended question, one answer) | ||||
| July 2013 | February 2014 | November 2014 | January 2015 |
Ruble will be cheaper | 34 | 41 | 46 | 27 |
Ruble will stay at the same level | 38 | 33 | 24 | 36 |
Ruble will get more expensive | 8 | 5 | 12 | 16 |
Don`t know | 19 | 21 | 17 | 21 |
If the dollar exchange rate keeps growing, what will you do? (close-ended question, not more than two answers) | |||||
| October 2011 | July 2013 | February 2014 | November 2014 | January 2015 |
Nothing special | 74 | 77 | 75 | 81 | 77 |
I will invest money in real property and other expensive items | 9 | 6 | 8 | 4 | 6 |
I will exchange rubles for dollars | 5 | 9 | 7 | 5 | 3 |
I will start spending money and savings* | - | - | 3 | 2 | 3 |
I will exchange euro (other currency) for dollars | 2 | 2 | 2 | 1 | 1 |
Other | 1 | 2 | 1 | 2 | 3 |
Don`t know | 10 | 6 | 6 | 6 | 8 |
*In 2011 and 2013 this answer choice was not used
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