PSYCHOLOGICAL FACTORS OF PERSONAL FINANCIAL MOTIVATION

Abstract

Objective. The article is devoted to the study of the psychological aspects of financial motivation in individuals and its influence on his economic behavior. Methods. Methods include bibliosemantic method, comparative analysis, and statistical methods. Results. Financial motivation is considered as a complex phenomenon that encompasses various psychological, social and economic aspects. Both internal and external motivational factors that shape an individual's attitude towards financial decisions and the achievement of financial goals are studied. The importance of taking into account psychological aspects in managing personal finances to ensure effective financial decision-making is emphasized. Special attention is paid to the Self-Determination Theory (SDT) as an important tool for understanding motivational processes and its relevance for the analysis of financial motivation is emphasized. It is noted that financial incentives, aligned with a person’s internal beliefs and values, contribute to a high level of intrinsic motivation, which leads to better financial outcomes. The study emphasizes that financial motivation plays a key role in shaping the strategies that people use when dealing with financial difficulties. It is emphasized that financial motivation should be viewed not only as an external influence, but as a dynamic and complex process that includes both internal and external factors. It is concluded that in order to achieve optimal financial results and improve personal financial management, effective motivational strategies that take into account both psychological and financial factors are needed. This approach creates a foundation for improving financial decision-making and improving financial well-being in both personal and professional spheres. Scientific novelty. The article examines the influence of psychological factors on financial motivation at the individual level, which is an important addition to existing research, where the main focus is on financial motivation personnel of organizations and allows for a better understanding of how psychological factors shape an individual's economic behavior. Practical significance. The article adds new aspects to the existing research on the financial motivation of the individual and the psychological factors that influence it. The study emphasizes the crucial importance of taking into account psychological factors when making financial decisions, which is of great practical importance, since effective management of personal finances requires not only economic knowledge, but also an understanding of the internal and external motives that determine financial activity. In addition, understanding the psychological factors of financial motivation will allow developing the most personalized motivational strategies and programs to increase financial literacy, focusing on changes in the motivational mechanisms of the individual.