The Russians began to sharply increase their savings, and more and more people prefer to keep money in rubles. The savings rate in the second quarter reached an almost two-year high, follows from a comment by the Central Bank. The population is frightened by the increasing talk of a recession and a possible crisis, it is experiencing a drop in income and an increase in borrowing, according to analysts polled by News.ru. It is unlikely that the situation will change over the next year, they warn.Fears of Russians about their well-being push the country’s inhabitants to accumulate money. In the second quarter of this year, the savings rate of the population increased sharply compared with January – March (by four percentage points) and reached about 10%. This is the maximum figure since the beginning of 2018, follows from the materials of the Central Bank, which News.ru studied.The increase in the savings rate in the second quarter also turned out to be the most significant since 2016, when it was at its four-year maximum – about 14%. Since then, this indicator has been gradually decreasing.The Russians prefer to keep the lion’s share of savings in rubles, and then on the popularity of investments – real estate and foreign currency.The increase in the savings rate is associated with increased uncertainty about the further development of the economy, says Sergey Suverov, senior analyst at BCS Premier. In addition, many Russians are frightened by the prospect of a new crisis, which is why it is better to save up for a rainy day and retirement due to an increase in the retirement age, the expert adds.The Russians prefer to make savings in rubles for several reasons, believes the head of the analytical department of AMarkets Artyom Deev. Firstly, many still remember the 2014 crisis and the sharp increase in the dollar, which seriously hit many areas of the economy.“It was very difficult for those who took a mortgage in dollars, because its amount has doubled,” the expert recalls.Secondly, he continues, now the citizens of the country, in principle, have much greater confidence in the national currency than in the dollar or the euro. Thirdly, the growth of savings in rubles may be the result of low financial literacy of the population: the Russians are scared of stock market surges, and they are afraid of losing their hard-earned money.Storing in general has become more difficult, Deev notes. In the first half of 2019, real incomes of the population decreased (according to Rosstat, by 2.5%), and borrowing, on the contrary, increased.“Now, on average, each borrower owes about 11 salaries to banks,” the analyst points out.Citizens take loans for the purchase of gadgets, household appliances, medicines, and they are more likely to use installment cards, which are already paid for by food. This trend can last for several years, the expert predicts.The savings rate may increase by another 1-2 pp over the next year, estimates Sergey Suverov from BCS Premier.“Increasing this indicator has an ambiguous effect on the economy. On the one hand, it reduces potential consumer demand, on the other hand, it increases lending and investment through banking products, ”says the analyst.In the short term, such growth can also lead to a decrease in the equilibrium level of income, adds financier Vyacheslav Abramov. In the long run, through increased private investment, this will have a beneficial effect on economic growth, he said.