A model of late economic socialization. The study on retirees of the industrial region of Russia

Current Psychology. 2025. Vol. 44. P. 3151–3164.

Zabelina E. V., Chestyunina Y. V., Aleksandr A. Maksimenko

Nowadays many countries face the consequences of population ageing, and the ways to overcome this situation are not obvious. The improvement of late economic socialization, defined as a process and outcome of rethinking economic reality, including changes in economic mind and behavior, in adapting to the social status of retiree, is seen as a promising solution for the aging problem. The aim of this study is to develop a theoretical model of late economic socialization and to verify it through a Russian regional sample (N = 210). As a result, the proposed model shows good fit to empirical data (p = 0.011; GFI = 0.945; CFI = 0.910; RMSEA = 0.048; Pclose = 0.532). We have found four strategies for late economic socialization, which are region specific. These are economic activity strategy to maintain financial status, savings strategy based on financial knowledge, employee strategy, and the restrictive strategy. Although all strategies were supported by biological, demographic, social, and psychological factors, only one – the savings strategy – has shown a significant contribution to subjective economic well-being and life satisfaction. It may be explained by the characteristics of the industrial region where savings are the most available strategy. The results broaden the understanding of the economic well-being of people in retirement, allowing to consider the influence not only of socio-demographic variables but also of life values and economic attitudes. Recommendations to both private households and government entities are made.

Keywords: subjective economic well-being, satisfaction with life, Late economic socialization, The strategies for late economic socialization, Industrial region of Russia