Mortgages Became Most Popular Banking Product Among Russian Youth

The most popular banking product among Russian youth (18-35 years old) in the Q1 of 2021 was a mortgage, TASS reports with reference to a study conducted by Rosselkhozbank.  

Bank experts explain the growth in demand for mortgages by the preferential programmes launched last year, which prompted many young people to think about buying their own houses. It is specified that the share of borrowers aged 18-35 among Rosselkhozbank clients who took a mortgage was 42 per cent at the end of the Q1 of this year.

Credit cards became the second most popular banking product among young people. Of all the holders of credit cards among the Rosselkhozbank clients, the share of young people is 28 per cent. It is stated that consumer loans are less popular among young people in Russia (11 per cent).

Moreover, in the “Deposits” category, young people are the smallest share among all age groups. According to Rosselkhozbank’s statistics, at the end of the Q1 of 2021, the share of clients aged 18 to 35 with one or more deposits was only 4 per cent.

Ru-Main, 08.05.2021 

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