How Concern About War and Finances Shapes Consumer Well-being: Evidence From Finland

Abstract The Russian war on Ukraine in 2022 sparked not only security threats unseen in Europe for decades, but also global economic ripple effects materializing as rising costs of living and reduced consumer purchasing power. Using ontological security as a theoretical perspective, this study examines how concern about war and associated financial concerns influence the well-being of consumers living outside a war zone. Drawing on nationally representative public survey data from Finland ( n = 4,394), collected during the first six months following the outbreak of the war, we find that perceived threat negatively affects well-being primarily through increased financial concerns and the postponement of consumption. However, the well-being effects of consumption adjustment are not uniform. While prior research has emphasized the risks of consumption-based coping, our findings show that, particularly among lower-income consumers, postponing consumption further undermines well-being. This suggests that certain consumption practices play a stabilizing role during periods of crisis. The findings highlight that broad consumer support policies may fail to support the well-being of those most affected. To protect consumer well-being, policymakers should focus on sustaining conditions in which routine, needs-based consumption for vulnerable groups can continue.