For citation:
Lazarev, M. A., & Polozkov, M. G. (2026). Value Determinants of Financial Threat Perception: Cultural Codes of Economic Behavior of Russians. AlterEconomics, 23(2), 373–391. https://doi.org/10.31063/AlterEconomics/2026.23-2.7
Abstract:
This article presents an empirical study of the value, cognitive, and cultural determinants of financial threat perception and economic behavior among Russians. The study addresses a growing need to incorporate cultural and psychological factors into monetary policy design and financial behavior modeling. The study examines how cultural values, dispositional optimism, and socio-demographic characteristics contribute to financial anxiety, inflationary expectations, and trust in the Central Bank. Data were collected via an online survey administered through Yandex platforms (n = 555; age 18–90, M = 37.55, SD = 11.97). Instruments included the Financial Threat Scale, the Inflationary Expectations and Economic Behavior Questionnaire (comprising four subscales: trust in the Central Bank, inflationary expectations, reaction to the key rate, and emotional response to financial stimuli), the Hofstede VSM-94 values module, and a dispositional optimism scale. The findings show that financial threat perception is significantly shaped by subjective income level, age, optimism, and cultural values. Individualism and long-term orientation are associated with lower financial anxiety and greater trust in the Central Bank, while masculinity increases perceived financial threat. Collectivism and high power distance are linked to heightened inflationary expectations and emotional reactivity. The study’s theoretical contribution lies in integrating value-based determinants into models of inflationary expectations and financial threat within a behavioral economics framework. Practically, the findings support the inclusion of cultural and psychological variables in financial behavior forecasting, with implications for improving Central Bank communication policy and promoting broader financial stability.
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