TY - GEN

T1 - Financial Anxiety as a Factor in Insurance Behavior

AU - Медяник, Ольга Викторовна

N1 - Publisher Copyright: © 2021 ACM.

PY - 2021/3/18

Y1 - 2021/3/18

N2 - In the context of the economic and political uncertainty associated with the 2019-nCoV pandemic, it is necessary to determine the socio-psychological factors involved in the transformation of the behavior of insurance consumers under the influence of a biogenic threat. This study measures financial anxiety and its impact on the insurance behavior of Russian citizens. The analyses of the financial anxiety of Russian citizens cover three stages of observation: before the start of the 2019 nCoV pandemic (N = 766), during the period of quarantine measures announced in Russia in March 2020 (N = 856), and after the relaxation of quarantine measures at the end of April 2020 (N = 963). Psychological analysis data were obtained from the online survey "Financial anxiety (in the context of insurance)". It includes five measurement scales.: physical manifestations of financial incentive anxiety, with money shortages and financial uncertainty, the value of insurance coverage, financial confidence, and perception of insurance and investment risks. It was found that Russian citizens consider it important to have insurance coverage for a "rainy day", and they showed confidence in the insurance market during the biogenic crisis. However, unfortunately, during the 19-nCoV-1 Russian citizens did not feel financially secure, unlike in the period before 19-nCoV. Women showed high scores for physical manifestations of financial anxiety and low financial confidence in the future, in contrast to men, regardless of the observation period.

AB - In the context of the economic and political uncertainty associated with the 2019-nCoV pandemic, it is necessary to determine the socio-psychological factors involved in the transformation of the behavior of insurance consumers under the influence of a biogenic threat. This study measures financial anxiety and its impact on the insurance behavior of Russian citizens. The analyses of the financial anxiety of Russian citizens cover three stages of observation: before the start of the 2019 nCoV pandemic (N = 766), during the period of quarantine measures announced in Russia in March 2020 (N = 856), and after the relaxation of quarantine measures at the end of April 2020 (N = 963). Psychological analysis data were obtained from the online survey "Financial anxiety (in the context of insurance)". It includes five measurement scales.: physical manifestations of financial incentive anxiety, with money shortages and financial uncertainty, the value of insurance coverage, financial confidence, and perception of insurance and investment risks. It was found that Russian citizens consider it important to have insurance coverage for a "rainy day", and they showed confidence in the insurance market during the biogenic crisis. However, unfortunately, during the 19-nCoV-1 Russian citizens did not feel financially secure, unlike in the period before 19-nCoV. Women showed high scores for physical manifestations of financial anxiety and low financial confidence in the future, in contrast to men, regardless of the observation period.

KW - Consumers

KW - Financial Anxiety

KW - Insurance Behavior

KW - Insurance Risk

KW - Psychological Analysis

UR - https://dl.acm.org/doi/10.1145/3487757.3490821

UR - http://www.scopus.com/inward/record.url?scp=85125420098&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/6c6d5d2d-d30f-3def-93b9-ce8c47537ec3/

U2 - 10.1145/3487757.3490821

DO - 10.1145/3487757.3490821

M3 - Conference contribution

SN - 9781450390323

T3 - ACM International Conference Proceeding Series

SP - 1

EP - 7

BT - Proceedings of the 4th International Scientific and Practical Conference "Digital Economy and Finances", DEFIN 2021

PB - Association for Computing Machinery

Y2 - 18 March 2021 through 19 March 2021

ER -