Socio-psychological factors in individual economic behaviour

Introduction. Psychology considers the economic behaviour of personality as result of the interaction of internal socio-psychological factors with the external environment. The psychological approach allows explaining financial decisions not only by the level of income or education but also by the symbolic meaning of money, emotional reactions and cognitive patterns. The article analyzes latest studies on psychological determinants of economic behaviour. Aim. To conduct a psychological analysis of socio-psychological factors in individual economic behavior. Methods. The study employs theoretical analysis, comparative review, systematisation and synthesis of information on psychological factors in economic behaviour. Results. The economic behaviour of an individual was shown to influenced by the indivual’s value orientations, monetary attitudes, and emotional intelligence. These factors acted as predictors of financial self-regulation or risky behaviour, determining the symbolic perception of money, reaction to stress, and strategic choices. Using a sample of students of technical specialities, it was demonstrated that psychological profiles were formed under the influence of personal values and emotional regulation. Conclusions. A comparative analysis of psychological studies on personal economic behaviours found that socio-psychological factors had the greatest effects on economic behaviour at the individual level, particularly at the economic behaviour of technology students.