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22 Сен, 2022

Financial expenses for basic needs

The largest expenses for an American go to housing — 30%, in second place is transport — 14%, and then food — 10%. The remaining 45% goes to insurance, clothing, entertainment, and so on. The «food» section includes both buying food for home and restaurants / cafes.

Russians, according to BusinesStat polls, also spend the bulk of their salaries on housing — from 47%. Residents of the capitals give even more: in Moscow — 63.7%, in St. Petersburg — 55.2%. Further, the biggest expense for Russians is food. There are no exact figures for the distribution of finances, but according to the Synergy University Analytical Center, 60% of Russian citizens give about half of their monthly income for food, and 16% of the population spend almost all of their earnings on food.

It is possible for Americans to save money in theory, but in practice, few have a financial cushion. It is believed that now Americans save as little as they did in 2008, that is, during the crisis. In April 2022, people in the US were saving just 4.4% of their income on average.

However, according to a recent survey by personal finance website Bankrate, 51% of Americans feel comfortable with their savings levels. That is, about half of the population has the means for several months of life in advance. On the other hand, 48%, that is, about the same number of respondents, are not sure about the sufficient level of their savings.

In Russia, 43% of respondents are accustomed to saving up for something. The rest either do not save at all, or only plan to start saving.

If you look at the statistics for 2019, you can see that Americans and Russians were saving about an equal share of their income — up to 8% per month on average. By the way, among all countries, the largest figure in Sweden: then people managed to save about 16% of their salary.

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