VolRC RAS scientific journal (online edition)
RuEn

Journal section "Socio-economic research"

Financial Behavior of the Population: Contemporary Trends and Factors

Belekhova G.V.

2 (9), 2017

Belekhova G.V. Financial Behavior of the Population: Contemporary Trends and Factors. Social area, 2017, no. 2 (9). URL: http://socialarea-journal.ru/article/2256?_lang=en

Abstract   |   Authors   |   References
A wise financial behavior is a prerequisite for the high quality of life of the population. The need to maintain and stimulate competent financial actions of Russian households actualizes the work on studying the trends of financial behavior and determining the factors influencing it. In this regard, the article analyzes current trends in the financial behavior of Russian population, as well as evaluates its impact on key socio-economic indicators. The article is prepared on the basis of official statistics provided by the Federal State Statistics Service and the Central Bank of the Russian Federation. The study relies on theoretical methods for interpreting, analyzing and generalizing theoretical assumptions, on empirical methods for data collection and accumulation and on methods of analytical processing of information, including statistical analysis and mathematical modeling of economics. Statistical analysis is used to assess the quantitative characteristics of financial behavior of the population of Russian regions and to identify current trends. The method of mathematical modeling of economics is used to reveal statistically significant relationship between financial behavior and the factors affecting it. It is established that the state of financial behavior of the population is characterized by a high volume of retail deposits attracted by banks in the regions of the Central, Privolzhsky and Northwestern Federal Districts in comparison with the subjects of the North Caucasian Federal District; consumer loans are popular mostly among the population of petroleum producing and export-resource regions, as well as large financial centers, in comparison with the beneficiary regions; territorial differences in tendencies of the population to keep money in financial institutions and loan debt burden. The following groups of factors influencing financial behavior of the population are justified: social and economic development factors; demographic factors; factors determining the standard of living; financial institutions objective availability factors. A clearly marked positive correlation between volumes of bank deposits and consumer loans of the population and indicators of living standards is confirmed; it is determined the reverse influence of life expectancy, the dependency burden of the disabled population and the "child poverty" factor on the variability and scale of financial actions of the population. However, taking into account current Russian facts of life, it can be concluded that the birth rate and demographic burden factors should not be considered as the points of management influence in the framework of the policy for stimulating the financial behavior of the population, while other factors (indicators of living standards, level of regional development) can be taken into account when defining spheres of influence on financial actions of the population

Keywords

bank deposits, consumer loans, factors determining the financial behavior of the population, mathematical modeling of economics