Predictors and Effects of the Economic Consciousness of the Indigenous Peoples of the North

Abstract

Globalization and its consequences have had a noticeable impact on the lives of the indigenous peoples of the North, including their economic behavior. Due to geographical and social isolation, studies of the economic consciousness of the Northern peoples are limited. This article seeks to fill this gap through the study of predictors and effects of the economic consciousness of the Northern peoples. Structural equation modeling revealed various types of economic consciousness of the Northern peoples, as well as their predictors, both internal (attitude to time, values) and external (culture, gender, age) contribute differently to the formation of subjective economic well-being. The most significant and positive contribution is made by a balanced strategy of economic behavior, which assumes an optimal ratio of savings, investments and activity, reliance on financial knowledge in making economic decisions, a high level of self-regulation and self-control in the economic sphere. The increased importance of material values, the willingness to receive them at the expense of health and vocation, combined with distrust of financial institutions and actors, on the contrary, reduces the level of subjective economic well-being. The developed model offers directions for the transformation of the economic behavior of the indigenous peoples of the North.