Behavioral Economics: Examining the Population’s Expectations and Strategies

Abstract

The presented study analyzes the expectations and strategies of individuals in their economic behavior. Aim . The study aims to identify the major trends in the transformation of the population’s behavioral models in the field of economic decisions, primarily with regard to the implementation of savings strategies. Tasks . The authors compare data for 2007(2010)–2019 on the structure of application of financial income, on how the population evaluates the favorability of conditions for making major purchases, on the existence of savings and potential for their growth, minimum amount and purpose of savings. Methods . This study uses such methods as collection and comparative analysis of data from the Federal State Statistics Service, National Agency for Financial Studies (NAFI), Public Opinion Foundation (FOM), and the results of a study conducted by the Institute of Socio-Economic Studies of Population of the Russian Academy of Sciences (ISESP RAS), which describes a number of directions of the monetary behavior of Russian people. Results . The dynamics of changes in the economic strategies and expectations of the population during the examined period is shown. The results of the analysis of data published by the Federal State Statistics Service are confirmed by sociological surveys: Russian people increasingly tend to apply conservative economic strategies and show a lack of optimism in their estimates. In terms of savings, there is a visible reduction in opportunities for savings and in the assessment of the amount that is called ‘savings’. Conclusions . The transformation of economic behavior is affected by factors associated with rational reasons for making certain decisions and with mental (psychological) motives for choosing a strategy. Changes in the models of savings behavior, which is the most common subject of Russian scientists, are caused by socio-economic factors (external influence) and previous practical experience (internal influence).