Individual investment accounts in conditions of sanctions and declining incomes of the population

Subject. The article addresses individual investment accounts (IIA).
Objectives. The aim is to determine areas for development of individual investment accounts as a tool for the formation of savings in conditions of foreign sanctions and declining real household earnings.
Methods. We employ methods of logical and statistical analysis, the method of expert assessments for data array interpretation.
Results. We offer three directions of reforming the IIAs to increase their reliability and attractiveness for private investors: (1) to allow the existence of several IIAs with different brokers at the same time, and not only in the case of transfer of assets from one broker to another, with appropriate accounting by the Federal Tax Service, (2) to secure the right for investors to use funds placed on the IIA as initial payment for the purchase of housing to reduce investors' concerns about the length of period the funds are on the IIA, (3) to prevent the abuse of tax benefits, if the use of funds from IIA for the purchase of housing is permitted, we recommend to introduce additional conditions, for example, the amounts that are subject to tax deduction should be on IIA for at least a year.
Conclusions. If used, the offered measures will increase the confidence of unqualified investors in the domestic financial market, contribute to reducing abuse through tax benefits.