Families residing in the Far East region reveal that half of them share and manage their financial affairs collectively.
In a survey conducted by VTB, over 40% of Russian families maintain a joint budget, while a quarter manage their finances independently. The survey, which polled 1500 Russians aged 18 to 65 in cities with a population exceeding 100,000, suggests that disagreements over budget management are relatively rare, as they do not typically strain relationships.
Moreover, respondents shared various life hacks and bank offers they use to manage expenses more advantageously within their families. In most cases, discussions about budgeting and purchasing decisions take place between partners. A quarter of families, meanwhile, divide responsibilities, with each spouse handling expenses within their designated tasks.
Regional differences exist in family spending management, with a separate approach being popular in Moscow, St. Petersburg, and the Central federal district, while discussions about expenses are most common in the Ural, Southern, and Far Eastern federal districts.
Despite occasional disagreements, over half of respondents indicated that money does not cause arguments in their family. The primary causes of disagreements primarily revolve around spending on unnecessary items, making purchases without prior discussion, and excessive subscriptions to services.
The survey revealed that food is the main expense category for Russian families (66%), with the Ural and Northwestern federal districts incurring particularly high food costs (both 71%). Significant sums are also spent on small purchases that amount to large expenses, most commonly reported in the North Caucasus federal district (59%) and least in St. Petersburg (37%) and the Far East (36%).
Entertainment and online shopping account for 27% of the Russian family budget, with a higher proportion in the Volga federal district (32%). Russian families shared several budgeting tips, including saving part of their salaries in deposits and savings accounts (32%), utilizing bank loyalty programs for cashback (16%), dividing their budget into categories (12%), and using cash for expense control (10%).
While specific data on common approaches to family budgeting in Russia may be limited, family budget management often involves joint planning, prioritizing essential expenses, and setting savings goals, particularly for their children's education and wellbeing. Differences in family spending priorities, economic pressures, lack of communication, and cultural expectations can contribute to disagreements about expenses. Understanding these factors can help manage household finances effectively and mitigate potential disagreements.
In the survey, discussions about budgeting and purchasing decisions often occur between partners, suggesting a collaborative approach to personal-finance management within families. Furthermore, families divide responsibilities in a quarter of cases, with each spouse handling expenses within their designated tasks, demonstrating a business-like approach to managing joint finances.
