• Home
  • Issues
  • 2015
  • No 1
  • Specificity of Russian workers’ attitudes and behavior in terms of their personal finances

Specificity of Russian workers’ attitudes and behavior in terms of their personal finances

TERRA ECONOMICUS, , Vol. 13 (no. 1),
p. 89-106

Features of the attitudes and behavior concerning the use of personal disposable funds of the working class are analyzed in the article on the basis of the materials of the all-Russian research of the Institute of Sociology of the Russian Academy of Sciences conducted in 2014. It is compared with the attitudes and behavior of the population of Russia in general, as well as of highly qualified persons engaged in intellectual labor. It is shown that the «margin of safety» of the working class is very small because of their low level of income and also because of their tendency to spend all disposable funds and not to save. Both this fact and the Russians’ low level of trust in any organized savings and investments reduce the internal investment potential of the country. It is stated that traditional concepts explaining financial behavior of people are hardly applicable today in Russia. It is shown that highly skilled workers, workers of low and middle qualification and ordinary workers of trade and service are very similar among themselves concerning the dominating attitudes and real financial behavior, and differ in this sense from the workers taking professional positions which are traditionally considered to belong to the middle class.

Keywords: working class; occupational structure; attitudes; household behavior; saving behavior; spending behavior; personal finances; spenders; savers; workers; social structure

  • Ibragimova D.H.(2008). Financial practices of the Russian population / In: Ovcharova L.N. (resp. ed.). Russian households on the eve of the financial crisis: revenue and financial behavior. Moscow: Independent Institute for Social Policy. (In Russian.)
  • Kozyreva P.M. (2012). Financial behavior in the context of socio-economic adaptation of the population (sociological analysis). Sociological research, no. 7, pp. 54–66. (In Russian.)
  • Krasilnikova M.D. (2010). As the Russian population endures the next economic crisis. World of Russia, vol. 19, no. 4, pp. 162–181. (In Russian.)
  • Kuzina O.E. (2009). Influence of financial crisis on expectations and behavior of Russians. Monitoring of public opinion: economic and social changes, vol. 1, no. 89, pp. 25–50. (In Russian.)
  • Kuzina O.E. (2012). Consumer and credit: a portrait in a statistical interior. Economic sociology, vol. 13, no. 5, pp. 153–162. (In Russian.)
  • Maleva T.M. (ed.)(2003). Middle classes in Russia: economic and social strategy. Moscow Center of Carnegie. Moscow: Gandalf, 506 p. (In Russian.)
  • Strebkov D.O.(2007). Social aspects of credit behavior of the population. Sociological magazine, no. 1, pp. 83–102. (In Russian.)
  • Tikhonova N.E.(2014). Social structure of Russia: theories and reality. Moscow: New Chronograph, The Institute of Sociology of the Russian Academy of Sciences, 408 p. (In Russian.)
  • Vyaznikova V.V. andStrebkov D.O.(2009). Financial behavior of Russian freelancers: opportunities and limitations. Sociological journal, no. 4, pp. 41–64. (In Russian.)
  • Browning M. andLusardi A.(1996). Household saving: Micro theories and micro facts. Journal of Economic literature, vol. 34, no. 4, pp. 1797–1855.
  • Carroll C.D.(1996). Buffer-stock saving and the life cycle/permanent income hypothesis. National bureau of economic research, NBER Working Paper 5788. Cambridge, MA (http://www.nber.org/reporter/spring06/carroll.html).
  • Deaton A. (1989). Saving and liquidity constraints. National bureau of economic research, NBER Working Paper 3196. Cambridge, MA (http://www.nber.org/papers/w3196).
  • Duesenberry J.S.(1949). Income, saving, and the theory of consumer behavior. Cambridge, Mass.: Harvard University Press.
  • Goldthorpe J.H.(2004). The economic basis of social class. London: Centre for Analysis of Social Exclusion.
  • Goldthorpe J.H. (2010). Class Analysis and the Reorientation of Class Theory: The Case of Persisting Differentials in Educational Attainment. The British Journal of Sociology, vol. 61, pp. 311–335. [Originally published in 1996 British Journal of Sociology].
  • Grusky D.(2005). The Case for a New Class Map. American Journal of Sociology, vol. 111, pp. 141–212.
  • Hall R.E. (1978). Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence. Journal of Political Economy, vol. 86, no. 6, pp. 971–987.
  • Keynes J.M.(1936). The General Theory of Employment, Interest, and Money. London: Macmillan.
  • Modigliani F. andAndo A.K.(1957). Tests of the Life Cycle Hypothesis of Saving. Bulletin of the Oxford University Institute of Statistics, vol. 19, no. 2, pp. 99–124.
  • Modigliani F. andAndo A.(1963). The Life Cycle Hypothesis of Savings: Aggregate Implications and Tests. American Economic Review, vol. 53, no. 1, pp. 55–84.
  • Modigliani F. andBrumberg R.(1954). Utility analysis and the consumption function: an interpretation of cross section data / In: Kenneth K.K. (ed.).Post-Keynesian Economics. New Brunswick, NJ: Rutgers University Press, pp. 388–436.
  • Wright E.O.(1985). Classes. L.: Verso.
  • Wright E.O.(2004). Foundations of a Neo-Marxist Class Analysis / In: Wright E.O. (ed.).Alternative Foundations of Class Analysis. Cambridge: Cambridge University Press.
Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606