Uzbekistan's Financial Paradox: Why Do People with Above-Average Incomes Still Live Without Savings?

This study challenges conventional economic models by revealing how Uzbekistan's unique combination of post-Soviet institutional fragility and collectivist cultural norms creates a systemic barrier to savings — even among middle-class households. Combining original survey data (N=102) with macroeconomic analysis, we identify three under-researched factors: (1) currency distrust exacerbated by persistent inflation, (2) banking sector instability perceptions rooted in historical crises, and (3) social obligation networks that prioritize immediate redistribution over long-term saving. Comparative policy analysis suggests that standard financial inclusion measures may fail without addressing these contextual factors.

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