It is too early to assess the scale of the current crisis. Experts agree that many things we will see to the end of 2Q, and the consequences of this situation we will feel even in 2021. IDF Eurasia (Moneyman Group) conducted a study of how the financial situation of users of alternative lending services has changed over the specified period. It was attended by 3180 respondents across Russia aged from 20 to 60 years.
The study showed that 35% of borrowers, i.e. one in three, kept the previous “pre-pandemic” salary level. Income of 28% of respondents lowered by 10-30%, and for another 24% of respondents, the interval of salary reduction was 30-50%. 8% said that they lost more than half of their cash receipts, while the remaining 5% found it difficult to give a clear answer. Thus, 60% of respondents’ salaries have changed anyhow.
There is also a geographical factor, according to which the majority of citizens who completely lost their income (73%) are concentrated in large localities with a population of 1 million or more: Yekaterinburg, Kazan, Moscow, Novosibirsk, Saint Petersburg, etc. In turn, those whose income level has remained unchanged (78%) live in less populated cities: Tula, Cheboksary, Bryansk, Arkhangelsk, Yaroslavl, etc.
Irina Khoroshko, CEO of IDF Eurasia in Russia:
“This trend suggests that large cities were more susceptible to the negative impact of the pandemic. Restrictive measures here have had the greatest impact on business, economic activity, and financial stability of people. However, we noted the less number of requests for payment holidays from clients whose income due to the coronavirus has lowered by 30% or more (as required by Federal law) than before. In may, we received 374 such requests, which is two times lower than in April. The number of such clients is 1% from all clients”.