Central Bank survey: One in three Uzbeks lacks financial cushion

A recent survey conducted by the Central Bank of Uzbekistan has revealed that 34 percent of the population has no personal savings. The findings are part of a broader study on cash circulation and the state of cash settlements in the country.

In June, the Central Bank carried out an electronic survey involving 14,259 respondents across Uzbekistan. The results provide insight into the population’s financial behaviors, including payment methods and savings habits.

According to the data, 15 percent of respondents primarily use cash for daily purchases, 33 percent rely on bank cards, while the majority—52 percent—utilize both payment methods. Regarding one-time purchases made in cash, 47 percent of transactions fell within the 100,000 to 500,000 soum range. Additionally, 35 percent of such purchases were under 100,000 soums, 12 percent ranged between 500,000 and 1 million soums, and 6 percent exceeded 1 million soums.

When asked why they prefer to pay in cash, 56 percent of respondents cited shopping at farmers’ markets. Another 17 percent said cash payments are fast, secure, and easier to manage. Thirteen percent believe that goods and services are cheaper when paid for in cash, while 7 percent reported that cash was required for certain payments. An additional 7 percent mentioned the lack of functioning payment terminals.

High demand for cash payments was especially notable in the regions of Andijan, Kashkadarya, Samarkand, Syrdarya, and Tashkent. In Tashkent specifically, many respondents highlighted the absence or malfunctioning of payment terminals as a significant issue.

The survey also highlighted a preference for specific banknote denominations. A quarter of respondents preferred 50,000 soum notes, followed by 22 percent favoring 100,000 soum notes, 16 percent for 10,000 soum notes, and 14 percent for 20,000 soum notes.

In terms of receiving change after making purchases, 65 percent of respondents reported receiving proper refunds. However, 17 percent noted that they were occasionally given inexpensive items such as matches, chewing gum, or other small goods in place of change. Another 14 percent said this happened regularly, while 4 percent claimed they received no change due to a lack of small denominations.

Salary payments are predominantly issued via bank cards, with 87 percent of respondents confirming this method. Seven percent reported receiving salaries through both cards and cash, while 6 percent received their pay entirely in cash.

Most respondents (62 percent) reported no complaints regarding ATMs. However, 18 percent acknowledged occasional issues that were not severe enough to report. The remaining 20 percent noted persistent problems such as machines frequently running out of cash, being out of service, or lacking banknotes of needed denominations.

Regarding savings behavior, 23 percent of participants said they kept their money in both cash and on bank cards. Another 20 percent was saved through bank deposit accounts. However, the most striking finding was that 34 percent of respondents had no savings at all.

The survey sample included 52 percent civil servants, 19 percent private sector employees, and 17 percent employees of budget-funded organizations.