INFLATIONARY CONSEQUENCES OF POPULATION SAVINGS GROWTH
This paper examines the impact of population savings growth on inflation in the modern Russian economy. It analyzes the relationships between household inflation expectations, consumption patterns, and the dynamics of monetary income, as well as the role of financial literacy and trust in long-term financial instruments. Based on data from 2024-2025, the paper presents a paradoxical picture: inflation is decreasing, real incomes are growing, but the share of citizens without savings remains high. The study shows that inflation expectations are one of the key intermediaries between the growth rate of savings and the dynamics of inflation: high expectations cause households to reallocate their income towards current consumption and durable goods, which supports inflation and paradoxically reduces the motivation to save.
The paper provides a comparative analysis of Russia with developed countries, noting the differences in the level and dynamics of inflation expectations, as well as in the structure of the consumer basket between the poor and the rich segments of the population. The paper emphasizes the need for a comprehensive policy: stabilization of inflation expectations, increasing confidence in long-term financial instruments, and targeted support for the most vulnerable groups, in order to ensure sustainable savings formation and promote long-term investments.
Melnikova N.S., Vaganova O.V., Zhukov D.S. “Inflationary consequences of population savings growth, Research Result. Economic Research, 12(1), 135-142, DOI: 10.18413/2409-1634-2026-12-1-1-2
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