Bondareva S.A.Russian Presidential Academy of National Economy and Public Administration, Volgograd Branch, Volgograd, Russian Federation s.a.bondareva@mail.ru
Importance Modernization in Russia requires mobilizing the internal sources of investment. Personal savings have an important resource potential. It is crucial to assess the value and perform a comprehensive analysis of financial assets of citizens of the Russian Federation to determine the degree of their organization and transformation under the influence of exogenous factors. Objectives The purpose of the work is to evaluate gross and net financial assets of the population as a source of resources to ensure the structural modernization of the Russian economy and an indicator of financial well-being of Russian nationals. Methods Using the general economic and statistical methods, I analyzed changes in the cost and structure of total personal financial assets and identified the degree of impact of macroeconomic factors on savings capacity of the public. Results The analysis shows an increase in wealth of the public throughout the period under analysis (2005–2014). Over 70% of personal financial assets are in organized forms of savings. Savings capacity of the public depends heavily on income, FX rates, availability of housing, and ability to interact with financial institutions in a remote manner. The findings may be helpful to forecast social and economic indicators, develop State incentives for investment activity of citizens and mechanisms to perfect the interaction of citizens, the State and financial institutions. Conclusions Despite the economic instability, the financial well-being of Russian nationals is growing. The accumulated resource potential of personal finance should be used to implement the structural modernization in Russia.
Keywords: personal finance, assets, individuals, human well-being, welfare
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