In the article, we use data of the household financial behavior longitudinal survey “All‐Russian House‐ hold Survey on Consumer Finance” and confirm the hypothesis that household saving behavior significantly depends on psychological and behavioral characteristics of the household head (while controlling for variables of income, type of settlement, education and demographic type of households). We show that higher financial literacy, satisfaction with relationships within the household, more responsible money management and better adaptation abilities, all other factors held equal, increase households’ chances of having savings. We also describe a typical household with a high probability of saving (assuming that the head of the household is financially literate): this is a high‐income household, its head has a higher or postgraduate education, and is highly responsible for money management. The presented econometric models and results are comprehensively assessed on the microdata for Russia for the first time.