Роль финансового стресса в восприятии денежно-кредитной политики: адаптация шкалы на российской выборке

Общество и экономика. 2026. № 9-10. С. 88–117.

Maksimenko A., Лазарев М. А.

Relevance. In conditions of economic uncertainty, the importance of psychological
factors influencing the perception of monetary policy is increasing. One such factor is financial
stress. Aim. The aim of the study was to adapt the APR Financial Stress Scale for a
Russianspeaking sample and to analyse differences in attitudes towards monetary policy among
respondents with different levels of financial stress. Sample and methods. The sample included
555 respondents aged 18 to 90 years (M = 37.55; SD = 11.97), of whom 328 were women (59.1%)
and 227 men (40.9%). Financial stress was measured using the APR–FSS scale, which comprises
24 items and reflects three components of financial stress: affective reactions, physiological
reactions, and relational aspects. Attitudes towards monetary policy were assessed using an
authordeveloped 12item questionnaire comprising four subscales: trust in the Central Bank,
inflation expectations, response to changes in the key interest rate, and emotional reaction to
financial stimuli. Results. Factor analysis confirmed the threefactor structure of the scale, and
reliability indices were high. Correlation analysis revealed that financial stress is primarily
associated with emotional reactions to financial stimuli and sensitivity to changes in the key interest
rate, but not with trust in the Central Bank or inflation expectations. Respondents with higher
financial stress demonstrate more pronounced emotional reactivity to economic
news. Conclusion. Financial stress is primarily associated with emotional susceptibility to
economic information rather than with cognitive evaluation of policy, which allows it to be
considered as a factor that amplifies the population's emotional responses to macroeconomic
signals.

Keywords: денежно-кредитная политика, поведенческая экономика, инфляционные ожидания, монетарное поведение, ключевая ставка, финансовый стресс, behavioral economics, financial stress, monetary behavior, financial anxiety, отношение к денежно-кредитной политике, доверие к Центральному банку, эмоциональная реакция на финансовые стимулы, attitude to monetary policy