Attitudes Toward Time and Attitudes Toward Debt: Structural Equation Modeling Results

The paper describes the results of an empirical study of relationships between time attitudes and debt attitudes. The total sample was 3022 respondents, aged 18–84. Inventories used: author’s questionnaire for socio-demographic data, express debt behavior instrument, long-term orientation questionnaire, short version of the Zimbardo time perspective inventory, and a short Russian version of the consideration of future consequences scale. Future, hedonistic present and positive past TPs reinforce long-term orientation, while negative past can have different influences on its components. The motivational value and behavioral components of long-term orientation support a willingness to take into account future consequences, which in turn increases the willingness to lend and reduces the willingness to borrow and fulfill obligations. Statistics: Structural equation modeling was carried out with the Mplus 7 program. Results: It was found that different types of time perspectives are differently associated with long-term orientation, but long-term orientation is positively associated with consideration of future consequences. Debt behavior is related in different ways to consideration of immediate consequences: positively with avoidance of borrowing and negatively with debt rationality and disapproval of lending.