Financial strategies of Russians: risks and barriers

The large-scale transformations that have taken place in Russia over the past 25 years have led to the intensive development of a special type of economic behavior of the population- financial behavior. It is not only a prerequisite for the effective functioning and development of the entire financial system of Russia, but also acts as a factor in the material well-being of citizens.Current trends in the development of the Russian financial market indicate that the decline in the well-being of the population, the reform of the pension system, the minimum level of trust in gov- ernment agencies that regulate the issues of financial behavior adversely affect the changes in the prevailing models of household financial behavior. At present, the financial behavior of Russians is characterized by certain features, first of all, lack of a tradition of running a home financial budget, low level of economic literacy and interest in financial information, and low activity concerning the use of investment and savings instruments. In this regard, a great interest and high scientific and practical significance are acquired by research related to identifying the dominant factors of savings, the motives for transforming people's savings into investments, the attitude of citizens to financial institutions, as well as the risks and barriers that prevent citizens from transforming their own financial strategies, in particular savings and investment.As to financial behavior of a person, it is possible to distinguish actions aimed at generating income, saving and consumption. The economic crisis dramatically affects almost all the factors that determine the specific behavior models in the financial sector. Studies of such transformations are relevant and especially significant for development of practical recommendations in the field of social and economic management.