Assessing the Factors That Determine People's Financial Behavior: an Experience of Using Regression Analysis Based on Panel Data
Оценка факторов финансового поведения населения: опыт применения регрессионного анализа по панельным данным

Galina Belekhova, Aleksandr Rossoshanskii
2018 Economic and Social Changes: Facts, Trends, Forecast  
The study is carried out with financial support from the Russian Foundation for Humanities in the framework Scientific project no. 16-02-00276 "Factors and motives in economic behavior of the population (based on materials of the Vologda Oblast)". For citation: Belekhova G.V., Rossoshanskii A.I. Assessing the factors that determine people's financial behavior: an experience of using regression analysis based on panel data. Abstract. Financial behavior determines people's engagement in economic
more » ... ife and is therefore critical to social, financial, and economic stability. Numerous studies conducted in Russia since the mid-1990s point out the existence of "system problems" in the financial behavior of the country's population; the problems include moderate savings and investment activity, passive pension strategies, and a low level of financial literacy. The reasons for this situation lie not only in the "Soviet past", or in the prevalence of paternalistic sentiments, or in the specifics of "national mentality" in relation to money, or in the limited amount of free cash that people have, or in the "blind spots" of financial legislation. It is necessary to understand that financial behavior is a complex socio-economic phenomenon, formed by the impact of many different factors. Therefore, it is important to study factors that influence the content of people's
doi:10.15838/esc.2018.5.59.13 fatcat:ysk34dokenaiffmyytg5rbbn4e