SERGEI ZUBOV: “THE RUSSIANS SHOULD ADOPT NEW PRODUCTS TO BE BETTER GUIDED IN NEW REALITIES”

Every second Russian makes no long-term plans, reports the Nezavisimaya Gazeta daily referring to the outputs of the survey carried out by Webbankir, a financial online platform. Sergei Zubov, Senior Researcher of the Financial Studies Department of the Gaidar Institute believes that planning is more relevant than ever today, but it should meet new realities which the society has found itself in.

After the developments in February and, particularly September, some financial literacy principles which were instilled in Russians by the RF Ministry of Finance and the Central Bank of Russia may seem to be out of touch with reality. No wonder, the surveys have revealed divisions among the Russians over this issue. A bit more than 50% of the respondents make no plans at all or have a planning horizon of maximum two-three months. A little less than a half of the respondents say they have a long-term strategy. However, for many Russians it is highly problematic to make long-term plans, especially now.

In Serge Zubov’s view, the population is inhomogeneous and in the current situation various groups solve different tasks, so planning is more relevant than ever before.

“Despite a dramatic transformation, we see that the financial and economic sectors keep operating and develop extensively. People should adapt themselves to new realities. Certainly, the challenge of functionality is taking on increasing importance. But one should also remember that no matter how critical the situation may seem it is temporary and a return to an active economic life will inevitably lead to new strategies in the financial sector. Today, the financial market in terms of banks and financial technologies offers new products and services which people should get familiar with to the extent possible in order to be better guided in new realities,” Sergei Zubov notes.