Financial Self-Control: Links with Credit Behavior and Individual’s Social Characteristics
Dr. Sci. (Psychol.), Head of the Chair of Social Psychology and Management Sociology, Kuban State University, Krasnodar, Russia. email@example.com
The study was carried out with support of the Russian Fund for Fundamental Research, project No. 18-013-01176 А.
The links between individual’s financial self-control and credit use, on the one hand, and its social characteristics, on the other, have been researched. The results suggest that financial selfcontrol is included in the use of different types of credit services and, thus, is part of the social process of crediting policies. Mortgage borrowers have the highest financial self-control, followed by consumer credit borrowers and by borrowers in microfinance institutions. Financial self-restraint, readiness to save, expenditures planning are among the self-control parameters that statistically significantly differentiate timely payers and debtors in all types of credit. Financial self-control indicators are closely related to the level of education, material status, family status and employment status, i.e. characteristics that are directly related to resources of individuals (material, intellectual, interpersonal). In this regard, financial self-control should be seen as an important complement to the social characteristics of credit users. It is concluded that the concept of financial self-control helps to reveal more adequately the content of financial activity of a person and may contribute to a productive interdisciplinary synthesis of economic sociology and economic psychology.
Achtziger A., Hubert M., Kenning P., Raab R., Reisch L. (2015) Debt out of Control: The links between Self-control, Compulsive Buying, and Real Debts. Journal of Economic Psychology. Vol. 49: 141–149. DOI: 10.1016/j.joep.2015.04.003.
Clayton M., Liñares-Zegarra J., Wilson J.O.S. (2015) Does Debt Affect Health? Cross Country Evidence on the Debt-health Nexus. Social Science & Medicine. Vol. 130: 51–58. DOI: 10.1016/ j.socscimed.2015.02.002.
Dejneka O.S. (2000) Economic Psychology. Saint Petersburg: SPbGU. (In Russ.)
Diomin A.N., Kireeva O.V., Pedanova E.Y. (2018) Debtors Attitude towards Credits. Sotsiologicheskie issledovaniya [Sociological studies]. No. 11: 85–94. DOI: 10.31857/S013216250002788-9. (In Russ.)
Dooley D. (2003) Unemployment, Underemployment, and Mental Health: Conceptualizing Employment Status as a Continuum. American Journal of Community Psychology. Vol. 32. No. 1/2: 9–20. DOI: 10.1023/A:1025634504740.
Gathergood J. (2012) Self-control, Financial Literacy and Consumer Over-Indebtedness. Journal of Economic Psychology. Vol. 33. Iss. 3: 590–602. DOI: 10.1016/j.joep.2011.11.006.
Jahoda M. (1982) Employment and Unemployment. A Social-psychological Analysis. Cambridge: Cambridge University Press.
Kamleitner B., Hoelzl E., Kirchler E. (2012) Credit Use: Psychological Perspectives on a Multifaceted Phenomenon. International Journal of Psychology. Vol. 47. Iss. 1: 1–27. DOI: 10.1080/00207594.2011.628674.
Madera A.G. (2013) Forecasting of Credit Reliability of the Borrower. Finansy i kredit [Finance and Credit]. Vol. 19. No. 12(540): 2–10. (In Russ.)
Ottaviani C., Vandone D. (2011) Impulsivity and Household Indebtedness: Evidence from Real Life. Journal of Economic Psychology. Vol. 32. Iss. 5: 754–761. DOI: 10.1016/j.joep.2011.05.002.
Richardson Th., Elliott P., Roberts R. (2013) The Relationship between Personal Unsecured Debt and Mental and Physical Health: A Systematic Review and Meta-analysis. Clinical Psychology Review. Vol. 33. Iss. 8: 1148–1162. DOI: 10.1016/j.cpr.2013.08.009.
Sennett R. (2004) The Corrosion of Character. Novosibirsk: FSPI “Trendy”. (In Russ.)
Standing G. (2014) The Precariat: The New Dangerous Class. Moscow: Ad Marginem Press. (In Russ.)
Toshchenko Zh.T. (2018) Precariat: from Protoclass to a New Class. Monograph. Moscow: Nauka. (In Russ.)
Webley P., Nyhus E.K. (2001) Life-cycle and Dispositional Routes into Problem Debt. British Journal of Psychology. Vol. 92. Iss. 3: 423–446. DOI: 10.1348/000712601162275.
Webley P., Nyhus E.K. (2008) Inter-temporal Choice and Self-control: Saving and Borrowing. In: Lewis. A. (ed.) The Cambridge Handbook of Psychology and Economic Behaviour. Cambridge, UK: Cambridge University Press.
Yurevich A.V. (2009) Macropsychological State of Modern Russian Society. In: Zhuravlev А.L., Yurevich А.V. (eds) Macropsychology of Modern Russian Society. Moscow: IP RAN: 279–300. (In Russ.)