Household Income, Bank Loans and Social Well-Being

Elena E. Grishina – Head of Department of Labour Markets and Pension System Research of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Dmitry M. Loginov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Aleksandra G. Polyakova – Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences, Professor (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Aleksandra Ya. Burdyak – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the third quarter of 2019, real disposable income increased by 3.0% year-on-year. Such a significant growth in income was observed for the first time since 2013. The growth of disposable income was facilitated by a decrease in the growth rate of household debt on loans and by an increase in labor income, social payments and property revenues.

In January-September 2019, the level of income inequality of the population slightly decreased as compared with the same period of 2018. A significant growth in real incomes of the population did not lead to the same increase in retail trade turnover.

As of November 1, 2019, the population’s debt on credits reached a record value of Rb 17.3 trillion, having increased by 19.4% in annual terms. The volume of bank deposits of individuals as of the same date amounted to 29.5 trillion rubles, an increase of 8.6%.

Most often, people assess the economic situation in the country as average, while the number of negative assessments exceeds the share of positive ones. In general, the majority of the population in 2019 did not change their subjective assessment of consumer opportunities. At the same time, the population’s ability to pay has decreased with the purchase of medicines, payment for medical services, leisure activities and vacation expenses.

Key words: money income of the population, expenditures and consumption, bank loans, savings, social well-being.