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> I'd wager most Russians don't have savings Russia is not a country of people living on the edge of starvation. They have savings and save up to buy houses li
by wanderingstan 5y ago
> I'd wager most Russians don't have savings
Russia is not a country of people living on the edge of starvation. They have savings and save up to buy houses like any middle class people.
- shafyy 5y agoThe median US citizen's savings is around $5k, and the US is the richest country on Earth (or so I'm told) [0]. So, my point stands: Most people don't have a lot of savings, and don't have the luxury to just save money for a later date. 0: https://www.valuepenguin.com/banking/average-savings-account-balance https://www.valuepenguin.com/banking/average-savings-account...
- soared 5y agoThat is bank account value (typically spending money and emergency fund) and does not include retirement savings (401k, ira) or other wealth stores (house, car) so it’s not really an accurate picture of long term savings.
- shafyy 5y agoYes, but how would they turn their 401k and house into Bitcoin?
- kwhitefoot 5y agoAccording to Wikipedia median Russian wealth is only a bit over 5 kUSD per person. Ukraine 2.5 kUSD. I haven't been able to find figures for actual savings in Russia but this page https://www.expertmarket.com/credit-card-processing/countries-that-save-the-most-money https://www.expertmarket.com/credit-card-processing/countrie... gives figures for the countries that save most. Russia is not on the list, but for comparison Norwegians mean annual savings are almost 5 kUSD per year. So Russians might not be on the edge of starvation but I imagine that a substantial minority could find themselves close to that edge quite quickly.