Features of credit behavior of Russian youth: trends and risks

Abstract

The article discusses the current aspects of the credit behavior of Russians, including changes in the volume of borrowings over the past 4 years, as well as the dynamics of indebtedness, including overdue loans. Based on the results of the author’s sociological research (two measurements — in 2022 and 2023), the features of active actions and attitudes of young people in the field of debt behavior are identified. The analysis showed strengthening of the vector on the willingness to involve this age group of the population in credit practices. There was carried out a comparison of the attitudes of young people regarding the conditions under which evasion of obligations to repay debts is justified: 1) debts to credit institutions; 2) to relatives and acquaintances. The views of Russian youth on the censure for such evasion practices in Russian society are examined. The survey results show that the presence of a loan agreement of respondents contributes to formation of a more responsible behavior regarding compliance with payment deadlines, in contrast to the situation of the absence of debt (only with the intention to enter into debt relations). The position of young people in relation to the violation of loan repayment terms is different in different groups: the youngest respondents (17–20 years old) see more reasons for the possibility of non-repayment of the loan. Among the reasons why it is permissible, in the opinion of young people, not to repay debts, the most compelling for respondents are the situations when the loan was issued by fraudsters without the consent of the person himself (67%), in case of serious health problems and the need to spend on treatment (38%), if the lender increased the interest on the loan unilaterally (34%), in case of job loss (26%). Credit risks typical not only for young people, but also for all age groups of Russians are highlighted: deterioration of the “credit quality” of borrowers and risks of breach of obligations (non-payment and violation of repayment terms) on loans due to a decrease in real income.