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How do Belarusians manage their money, make purchases, and view credit? 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 the survey. 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 internet (85.3%) have become as important as utility payments (81.8%), becoming a basic necessity. A significant share of mandatory expenses for capital city residents is public transport payments (58.9%).
Credit burden has already become the norm: 55.2% of respondents have active credit obligations, with the share of borrowers in the regions exceeding the corresponding 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 categories of planned expenses for respondents are personal care (51%), medicine (47.2%), and personal savings (41.7%). By the way, 41.3% of respondents plan expenses for pet care, 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 car refueling or charging, as well as entertainment.
Thus, emotionally charged expenditure items, rather than basic ones, hold the predominant significance in the consumption structure of the surveyed individuals. 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 appears that paying for treatment when a problem arises seems preferable to investing in its prevention (insurance).
The survey showed that respondents want to control their 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 track mentally, 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.
The surveyed individuals do not forget about savings: 65.5% regularly set aside funds or save for specific goals. The level of investment activity remains insignificant – only 3.7% decide to actively grow their capital. The majority (79.9%) consciously forgo returns and do not account for inflation in favor 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.
The investment strategies of the respondents are predominantly conservative: currency (40.9%) and securities (39%). A significant portion of the surveyed individuals believes 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 objects, personal businesses, 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 "thickness" varies: the most common amount (24.2%) is no more than three months. Regarding pension planning, 81% do not think about it at all or rely entirely on the state system.
And again, a paradox: respondents are ready to save and invest, for example, in currency, but do not consider saving for retirement a priority. Large future expenses in the nearer term, such as paying for children's education, have 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. The 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. The most justified goals are considered large, fundamental acquisitions: real estate (62.2%), a car (36.4%), major household appliances (41.6%), furniture (33.2%). Taking out a loan for clothing, travel, or medical treatment is perceived as irrational. Respondents are more favorably disposed 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. It is quite expected that cashless payments are in a strong position: they are a priority for 41.7% of respondents, and another 30.3% combine payment methods. Bank cards have unconditional leadership among cashless payment tools (90.3%). The results for Pay services and virtual cards are more modest - 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 cashless 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 performs 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%), promo codes, discount centers, installment purchases, bulk purchases, and 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 survey by Belarusbank is contradictory, but it fits well into well-known global trends: the modern consumer is technologically advanced but financially conservative, wants to control the budget but avoids routine, fears loans but likes installments, lives for today but looks to the future with anxiety, is pragmatic, cautious, but gradually adapts to new conditions, forming habits at the intersection of comfort, trust, and necessity. You can learn more about the research results Here.