Cash instead of an account: why Ukrainians are abandoning bank services en masse
21 July 22:26
INFOGRAPHICS
Forty percent of Ukrainian citizens who have a bank account do not keep their savings in banks. This is evidenced by the results of a survey conducted by the Rating sociological group between April 25 and May 5, 2025, "Komersant Ukrainian" reports.
According to the survey, only 16% of respondents keep most of their funds in banking institutions, another 12% – about half, and 32% – only a small part. Instead, 40% of respondents do not use banks as a place to keep money at all.
This means that almost one in two Ukrainians is not actually included in the banking ecosystem in terms of storing money. Financial analysts point out that this is a serious challenge for both the banking sector and the entire economy.
The most common reason is the lack of savings due to low incomes: 68% of respondents cited it. Another 25% admit that they do not trust banks. This may be a result of previous financial crises, hryvnia instability, or fears of account freezes.
Other reasons that make Ukrainians refuse to keep money in banks include
- high level of fixed costs – 10%
- preference for other ways of storing funds – 7%
- unstable employment or lack thereof – 4%
The respondents mostly point to objective economic conditions: rising costs, lack of a safety cushion, and unpredictability of the situation due to the war. Low confidence in banks is one of the key signals for the market. After the events of 2014 and the start of a full-scale invasion in 2022, some people remain inclined to keep their money in cash or use alternative forms of savings.
People’s refusal to use banks as the main instrument for storing their money has long-term consequences for the financial system. In particular, it limits banks’ access to cheap resources that can be used for business lending, mortgage support, and economic development in general.
Read also: Ukraine is preparing to launch open banking: what is known
In addition, the widespread use of cash makes it difficult to account for real incomes, reduces the effectiveness of fiscal policy, and weakens the fight against the shadow economy.
Possible responses to this trend include the development of more flexible deposit products with a low entry threshold, as well as the improvement of digital services that would facilitate ease of use even for low-income groups.
It is also important to strengthen communication with customers and create transparent conditions for cooperation, as the level of trust is a critical factor for the financial market in wartime.
The survey was conducted among the population of Ukraine aged 18 and older. The sample is representative in terms of age, gender, and type of settlement. The margin of error of the survey does not exceed ±2.2% with a confidence level of 95%.
Читайте нас у Telegram: головні новини коротко
