Educational Acmeology. Developmental Psychology

Izvestiya of Saratov University.

ISSN 2304-9790 (Print)
ISSN 2541-9013 (Online)

For citation:

Gagarina M. A. Debt behavior of different generations before and after COVID-19. Izvestiya of Saratov University. Educational Acmeology. Developmental Psychology, 2021, vol. 10, iss. 3, pp. 240-251. DOI: 10.18500/2304-9790-2021-10-3-240-251

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).
Full text:
(downloads: 17)
Article type: 

Debt behavior of different generations before and after COVID-19

Gagarina Maria A., Financial University under the Government of the Russian Federation

The relevance of researching debt behavior in the context of the pandemic is associated with the need to understand the changes in the willingness of Russians to postpone the satisfaction of their needs and help others in the face of a worsening epidemiological, economic and social situation in the country. The aim of the study was to compare the debt behavior of the baby boomer generations X, Y and Z before and after the beginning of the pandemic. Research hypothesis, respondents interviewed prior to COVID-19 will have a lower willingness to lend and borrow, and willingness to fulfill obligations will remain unchanged, compared to respondents interviewed after COVID-19. Sample 1: interviewed from 2013 to January 2019, before the beginning of the COVID-19 pandemic in Russia, N = 390 (159 men, 217 women, 14 did not indicate gender), representatives of different generations. Sample 2: interviewed in 2020, N = 390 (201 men, 189 women), 17–70 years, corresponding in age and number of representatives of different generations to respondents from sample 1. Methods: questionnaire, including socio-demographic data and borrowing experience, “Debt behavior express inventory”. For sample 2, additionally the experience of the COVID-19 pandemic and questionnaire “Attitude of the individual to the epidemiological threat” by T. A. Nestik. Results. For generations of baby boomers, X, Y, there are similar changes in readiness for debt behavior in all areas: borrowing, lending and fulfilling obligations. Compared to the respondents surveyed before the beginning of the pandemic, there are significantly higher values (Student’s t-test, p <0.01) on the scale of “condemnation of borrowers” and significantly lower values on the “rationality of debt behavior” and “avoidance of debt” scales. The difference between generations in experiencing an epidemiological threat is the difference between generation Z and older generations. It is shown that the higher the fear of a worsening economic situation as a result of COVID-19 is, the lower the willingness to both borrow and lend is, and the higher the confidence in one’s ability to cope with difficulties and empathy for others during the pandemic are, the greater the readiness to fulfill debt obligations is.

  1. Karimova M. T., Najibulloev A. K. Influence of COVID-19 pandemic on food accessibility of population in Tajikistan. Ekonomika Tadzhikistana, 2020, no. 3, pp. 30–34 (in Russian).
  2. Mukharyamova L. M., Zalyaev A. R., Shammazova E. Yu. COVID-19: political challenges for public health. Kazan Medical Journal, 2021, vol. 102, no. 1, pp. 39–46 (in Russian). DOI: 10.17816/KMJ2021-39
  3. Polezhaeva N. A. The wave of business bankruptcies as a result of the COVID-19 pandemic in the US. USA & Canada: Economics – Politics – Culture, 2021, vol. 51, no. 5, pp. 84–102 (in Russian). DOI: 10.31857/ S268667300013950-5
  4. Nestik T. A. The impact of the COVID-19 pandemic on society: Socio-psychological analysis. Institute of Psychology Russian Academy of Sciences. Social and Economic Psychology, 2020, vol. 5, no. 2 (18), pp. 47–83 (in Russian). DOI: 10.38098/ipran.sep.2020.18.2.002
  5. Vagner P. COVID, HIV / AIDS, and the “Spanish Flu”: Historical Moments and Social Transformations. Logos, 2021, vol. 31, no. 1 (140), pp. 65–82 (in Russian). DOI: 10.22394/0869-5377-2021-1-65-80
  6. Krushelnitskaya O. B., Marinova T. Yu., Pogodina A. V., Raskhodchikova M. N., Tolstykh N. N. Regulatory Behavior in the COVID-19 Pandemic: How to Get Students to Comply with It? Social Psychology and Society, 2021, vol. 12, no. 1, pp. 198–221 (in Russian). DOI: 10.17759/ sps.2021120113
  7. Koropets O. A., Chudinovskikh M. V. Preparedness of Working Population to Adhere to Legal Constraints and Prohibitions during the COVID-19 Pandemic. Psychology and Law, 2021, vol. 11, no. 1, pp. 223–237 (in Russian). DOI: 10.17759/psylaw.2021110117
  8. Padhan R., Prabheesh K. P. The economics of COVID-19 pandemic: A survey. Economic Analysis and Policy, 2021, vol. 70, pp. 220–237. DOI: 10.1016/j.eap.2021.02.012
  9. Mitchell W. F. Debt and Deficits – A Modern Monetary Theory Perspective. Australian Economic Review, 2020, vol. 53, iss. 4, pp. 566–576. DOI: 10.1111/14678462.12400
  10. Auzan A. A. Global institutional consequences of coronavirus. Journal of the New Economic Association, 2021, no. 1 (49), pp. 204–208 (in Russian). DOI: 10.31737/22212264-2021-49-1-9
  11. Levada Ju. A. Generations of the XX century: Research opportunities. Monitoring obshchestvennogo mneniya: ekonomicheskie i social’nye peremeny [Monitoring Public Opinion: Economic and Social Changes], 2001, no. 5 (55), pp. 7–14 (in Russian).
  12. Shamis E., Nikonov E. It’s not the age that matters, but the values. Kontinent Sibir’ [The Continent of Siberia], 2012, 09 March (no. 8). Available at: https://rugenerations. su/2012/03/20/ (accessed 01 July 2021) (in Russian).
  13. Eskindarov M. A., ed. Transformation of Educational Process under the Conditions of Generational Change. Moscow, Prospekt Publ., 2021. 496 p. (in Russian).
  14. Munina O. V. Liminal identity of the COVID genera- 250 tion. Izvestiya of Saratov University. New Series. Series: Sociology. Politology, 2021, vol. 21, no. 1, pp. 23–28 (in Russian). DOI: 10.18500/1818-9601-2021-21-1-23-28
  15. Eger L., Komárková L., Egerová D., Mičík M. The effect of COVID-19 on consumer shopping behaviour: Generational cohort perspective. Journal of Retailing and Consumer Services, 2021, vol. 61, article 102542. DOI: 10.1016/j.jretconser.2021.102542
  16. Severo E. A., Ferro De Guimarães J. C., Dellarmelin M. L. Impact of the COVID-19 pandemic on environmental awareness, sustainable consumption and social responsibility: Evidence from generations in Brazil and Portugal. Journal of Cleaner Production, 2021, vol. 286, article 124947. DOI: 10.1016/j.jclepro.2020.124947
  17. Gagarina M. A. Dolgovoy mentalitet: ekonomiko-psikhologicheskoe issledovanie [Debt Mentality: An Economic and Psychological Study]. Moscow, IPRAN Publ., 2021. 275 p. (in Russian).
  18. Roland-Lévy C., Pappalardo Boumelki F.-E., Guillet E. Representation of the financial crisis: Effect on social representations of savings and credit. The Journal of Socio-Economics, 2010, vol. 39, iss. 2, pp. 142–149. DOI: 10.1016/j.socec.2010.02.014
  19. Gagarina M. A. Social debt representations: comparison of generations. Institute of psychology Russian Academy of Sciences. Social and economic psychology, 2020, vol. 5, no. 4 (20), pp. 246–272 (in Russian). DOI: 10.38098/ipran.sep.2020.20.4.010
  20. Gagarina M. A., Padun M. A. Debt behavior express inventory: development and validation. Psikhologicheskie Issledovaniya, 2021, vol. 14, no. 78, pp. 3. Available at:
  21. Nestik T. A., Deyneka O. S., Maksimenko A. A. SocioPsychological Predictors of Belief in Conspiracy Theories of the Origin of COVID-19 and Involvement in Social Media. Social Psychology and Society, 2020, vol. 11, no. 4, pp. 87–104 (in Russian). DOI: 10.17759/sps.20201100407
  22. Makarova S. P. The choice of the style of economic behavior by representatives of different generations. In: O. B. Nigmatullin, ed. Gosudarstvo, akademicheskaya nauka i vysshaya shkola: sovremennoe sostoyanie i tendentsii razvitiya [State, Academic Science and Higher Education: Current State and Development Trends]. Ufa, 2015, pp. 122–129 (in Russian).
  23. Gursoy D., Chi C.-G. Q., Karadag E. Generational Differences in Work Values and Attitudes among Frontline and Service Contact Employees. International Journal of Hospitality Management, 2013, vol. 31, pp. 40–48. DOI: 10.1016/j.ijhm.2012.04.002
  24. Drobysheva T. V., Voytenko M. Ju., Drobysheva M. M. The Image of Their Generation in the Representations of Different Groups of Russians (on the Example of the Generations of “Baby Boomers “, “X” and “Millenium“). Scientific Notes: The online academic journal of Kursk State University, 2019, no. 3 (51), pp. 220–230. Available at: (accessed 01 July 2021) (in Russian).
  25. Baranova V. A., Dubovskaya E. M., Savina O. O. Life Experience and Resources for Overcoming the Difficulties of Social Isolation in the First Period of the COVID-19 Pandemic among Students. Social Psychology and Society, 2021, vol. 12, no. 1, pp. 10–25 (in Russian). DOI: 10.17759/sps.2021120102
  26. Sivrikova N. V., Kharlanova E. M. Behaviour strategies of digital natives during the COVID-19 pandemic. The Herzen University Studies: Psychology in Education, 2020, iss. 3, pp. 648–655 (in Russian). DOI 10.33910/ herzenpsyconf-2020-3-59
  27. Yadova M. A. Young people in the age of the COVID-19 pandemic: the age-related benefits and limitations. Siberian Socium, 2021, vol. 5, no. 2 (16), pp. 20–28 (in Russian). DOI: 10.21684/2587-8484-2021-5-2-20-28
  28. Beschasnaya A. A. Generation Delta: searching for the characteristics of the Russian present and future generation. The Journal of Sociology and Social Anthropology, 2020, vol. 23, no. 4, pp. 7–39 (in Russian). DOI: 10.31119/ jssa.2020.23.4.1
  29. Pishchik V. I. Value measurements of generations through actualized fears. Social Psychology and Society, 2019, vol. 10, no. 2, pp. 67–81 (in Russian). DOI:10.17759/ sps.2019100206
  30. Mikheev E. A., Nestik T. A. Psychological mechanisms of infodemic and personal attitudes to disinformation about COVID-19 in social media. Institute of psychology Russian Academy of Sciences. Social and economic psychology, 2021, vol. 6, no. 1 (21), pp. 37–64 (in Russian). DOI: 10.38098/ipran.sep.2021.21.1.002