Monetary attitudes of young people in conditions of socioeconomic instability
Research Article
Acknowledgments
The article was carried out within the framework of the research project of the Financial University under the Government of the Russian Federation
How to Cite
Alikperova N.V. Monetary attitudes of young people in conditions of socioeconomic instability. Living Standards of the Population in the Regions of Russia. 2021. Vol. 17. No. 3. P. 372-381. DOI: https://doi.org/10.19181/lsprr.2021.17.3.7 (in Russ.).
Abstract
In modern society, the younger generation is one of the most creative and active parts of its functioning. The constantly changing monetary attitudes of young people act as a driving force that affects the level of competitiveness and dynamic development of the socio-economic sphere.
The attitudes of young people towards money and its management determine the vector in the formation of both an economically strong, politically stable state and an entire society. A stable set of attitudes is determined by the attitude to money, preferences in its management, goals, and strategies in the formation of various types of financial behavior, ways to achieve material well-being, orientation to economic values, and other important components.
In this article, the author presents partial results of a large-scale study on the behavior of young people in the financial market, which reflect the monetary attitudes of young Muscovites that determine behavior in various areas of financial life: the desire to improve well-being, goals, and methods of achieving financial well-being, attitude to money and ways of managing it, attitude to savings and savings instruments, the investment potential of young people, as well as plans for the use of investment instruments.
As a result of the conducted research, the following was revealed: the majority of respondents are characterized by a critical attitude to monetary transactions and financial institutions, lack of inclination to excessive spending, and risky investment.
The desire of young people to accumulate and find ways to increase capital indicates far-sightedness, and preferences in financial instruments with the lowest share of risk, indicates caution in matters of capital management. This is an active, not afraid of the new, generation of Muscovites, showing a desire and interest in new forms of financial relationships, young people who form trends, young people whose attitudes, needs, and behavior need to be constantly studied by all participants of the financial eco-system.
Keywords:
monetary attitudes of young people, youth, financial behavior, financial culture, financial literacy, attitude to money, savings, investments
References
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2. Sulakshin S.S., Khvylya-Olinter N.A., Kravchenko L.I. Dynamics of the portrait of the current Russian youth. Proceedings of the Center for Scientific Political Thought and Ideology. Science and Politics. 2013. No. 21. P. 23-27. (In Russ.).
3. Tatarko A. N. Social capital as a factor of attitude to money. Psychological Journal. 2012. Vol. 33. No. 3. P. 88-97. (In Russ.).
4. Fenko A.B. Psychological analysis of the attitude of Muscovites to money. Psychological journal. 2004. Vol. 25. No. 2. P. 34–42. (In Russ.).
5. Khashhenko V.A. Lichnost` i gruppa v e`konomicheskikh i upravlencheskikh otnosheniyakh [Person and group in economic and managerial relations.] Moscow: Institute of Psychology RAS, 2016. 535 p. (In Russ.).
6. Shperlin A.V., Plotnikov S.G., Mayborodina N.V. Psychological analysis of the relationship of monetary installations and strategies of a person financial behavior. Professional education in the modern world. 2020. Vol. 10. No. 4. P. 4369–4378. DOI: 10.20 913/261875152020420 (In Russ.).
7. Yarasheva A.V. Behavioral Economics: A Study of Population Expectations and Strategies. Economics and Management. 2020.Vol. 26. No. 3 (173). P. 264-272. DOI: 10.35854/1998162720203264272 (In Russ.).
8. Yarasheva A.V. Economic expectations of the population and savings strategies of Russians. Economics and Management. 2017. No. 11 (145). P. 67-74. (In Russ.).
9. Furnham A. Many sides of the coin: the psychology of money usage. Personality and Individual Differences. 1984. Vol. 5. P. 95–103.
10. Lea S., Webley P. Money as tool, money as drug: the biological psychology of a strong incentive. Behavioral and Brain Sciences. 2006. No. 29. P. 161–209.
11. Lea S., Webley P., Walker C. Psychological factors in consumer debt: money management, economic socialization, and credit use. Journal of Economic Psychology. 1995. Vol. 16. P. 681–701.
12. Lee S. H., Lim V. K. G. Attitudes towards money and work. Journal of Managerial Psychology. 2001. Vol. 16, no. 2, pp. 159–172.
13. Tang T.L.P., Gilbert P.R. Attitudes toward money as related to intrinsic and extrinsic job satisfaction, stress, and work-related attitudes. Personality and Individual Differences. 1995. Vol. 19. No. 3. P. 327–332.
14. Tang T.L.P. The development of short money ethic scale. Personality and Individual Differences. 1997. No. 19. P. 809–816.
15. Tang T.L.P. The meaning of money: extension and exploration of the money ethic scale in a sample of university students in Taiwan. Journal of Organizational Behavior. 1993. Vol. 14. P. 93–99.
16. Tang T.L.P. The meaning of money revisited. Journal of Organizational Behavior. 1992. Vol. 13. P. 197–202.
Article
Received: 05.04.2021
Accepted: 20.09.2021
Citation Formats
Other cite formats:
APA
Alikperova, N. V. (2021). Monetary attitudes of young people in conditions of socioeconomic instability. Living Standards of the Population in the Regions of Russia, 17(3), 372-381. https://doi.org/10.19181/lsprr.2021.17.3.7
Section
ECONOMIC RESEARCH
