A real gem: 19% of Russians will leave their jobs if they find a treasure or another source of income

Mar 30, 2021

One in five Russians would stop working if they had a basic income, which is not a salary, says a study by NPF of Sberbank, Sber Asset Management, and the Rambler portal. For a carefree life, most respondents need at least RUB 100,000 a month and 20% of these believe that their investments can generate a basic income that high.

As much as 19% of Russians would leave their jobs to live a carefree life if they had an income that does not depend on the salary. They would travel (28% of respondents), engage in self-development (20%), and enjoy their favorite hobby (18%). One-quarter of the respondents (26%) would fully devote themselves to family and children. Knowledge, sports, and self-actualization are somewhat less popular among Russians: 5% of respondents would get another degree, 2% would improve their athletic performance, and 1% would be active bloggers.

Upon securing an income independent of the salaries, half of the respondents would enjoy a relatively free lifestyle only working when they want to, with no tight schedule, visits to the office, or routine duties. One-third of Russians (31%) would be bored without work, so they are not going to leave their jobs, even with money coming from another source required to provide for their needs.

A basic income letting you quit your job must be way higher than the current average salary, the respondents say. One-quarter of Russians (25%) need more than RUB 200,000 a month, 13% would agree for RUB 150,000-200,000, 16% would be satisfied with the income of RUB 100,000-150,000. One in five Russians (19%) is ready to live a carefree life having RUB 70,000-100,000 a month, 13% would be okay with RUB 50,000-70,000, 9% of the respondents would agree to have a basic income of RUB 30,000-50,000 a month, and 5% would settle for RUB 20,000-30,000.

The idea about the source of income that is different from a salary differs among the survey participants. When asked what might be the source of your basic income, 27% said they’d like to find a treasure. Other sources are as follows: state benefits (21%), income generated by my own company (14%), rent from the property I rent out (12%), money inherited from wealthy relatives (6%).

Another 20% of the respondents say they expect to build a salary-free income through investing. We’ve observed a major increase in people’s interest in investment recently, with the number of retail investors who use Sber’s ready-made investment and contributory tools up 74% in 2020. Mutual funds and discretionary investment management strategies let you build passive income, protect your savings from inflation, and earn more than a savings account can offer. At the same time, they do not require you have any special knowledge or a significant amount at the start. For example, Sber Asset Management’s mutual funds let you start investing from RUB 1,000.

Yevgeny Zaitsev

CEO, Sber Asset Management

The survey has also shown that one-third of the respondents (34%) will need an extra source of income after turning 50 and 20% would like to have it after they turn 40. It appears that this way Russians are trying to create financial reserves before retiring. You can take care of your pension savings yourselves with an individual pension plan. If you deposit 2-5% of your salary into a plan from the age of 25-30, then after retirement you won’t have to be economical and you will be able to afford travel, self-development, and hobbies.

Alexander Zaretsky

CEO, NPF of Sberbank