INDIVIDUAL STRATEGIES OF LATE ECONOMIC SOCIALIZATION AND THEIR DETERMINANTS

Abstract

The study is related to the problem of aging society and its consequences. The lack of the studies of the economic behavior of the retirees has determined the purpose of this work - to identify strategies for late economic socialization and their determinants (in terms of individual traits). To achieve the goal, a survey method was used, as well as factor and regression types of statistical analysis. The study (n=332) was conducted in two regions of Russia: Chelyabinsk (n=210, average age 65.8 years, 47% men) and Moscow (n=132, average age 62.1 years, 41% men). It was found that the retirees of these cities have differences. In the group of the retirees of Chelyabinsk, the most common strategy is economic activity based on the desire for financial status, than a strategy of confidence in the future thanks to savings based on financial literacy comes, as well as an employee strategy and a restrictive strategy ("living within one’s means"). A restrictive strategy and a strategy of an "employee" were not revealed on the material of the Moscow retiree sample. Willingness to continue working in this sample is connected with the desire to maintain one’s financial status and achieve new economic goals. Individual strategies of late economic socialization in both cities are comprehensively determined by the characteristics of different levels of individuality (gender, age, working and family statuses, life values, and temporal focus).