Nav: Home

Spirituality affects the behavior of mortgagers

November 29, 2019

Household income has always been one of the most important economic development indicators for any country and a subject of researchers' focus. The level of income can determine the nature of communication between an individual and banks, as it is taken into consideration in loan procedures and other operations. And customer relations, in turn, play an important role in any bank's revenue, level of risks, and balances, as well as in the development of the bank industry in general.

In her presentation Olga Miroshnichenko, a Sc.D in Economics, and a Professor at the Department of Economics and Finance, Tyumen State University, analyzed the correlation between income, mortgage, and spirituality, and spoke about the effect of morals on the behavior of mortgagers. Spirituality is hardly an economic concept, however, it affects different aspects of our society including economy and law. Conversely, economy and law can influence one's moral development.

The very definition of spirituality is up for discussion. In her study Olga Miroshnichenko defines it as the urge to do good and not to do bad, mindfulness, and taking responsibility for one's actions. This view of spirituality is enforced in Tyumen region via various volunteer movements that are supported by the law and currently include around 150,000 members (10% of the region's population). There are 16 volunteer movements in Tyumen region, including education, promotion of patriotism, and social volunteering. Olga Miroshnichenko studied possible effects of this aspect of spirituality on the economy, specifically on the mortgage industry. First, she analyzed the variability of household income considering not only gross and average income, but also fluctuations within certain time periods, growth rates, inequality index, and the level of unemployment. All this data is taken into account by banks before a loan is provided. The author of the study also analyzed the level of indebtedness in the Russian bank sector in 2008-2018. It turned out that even in crisis periods the amount of past due mortgage payments never exceeded 3%. The value of this indicator differed for Russian rouble and foreign currencies, but generally the volume of past due debt was less in mortgage than in other types of credits. According to the researcher, when the income of mortgagers grew they tended to repay their credits before maturity. This confirms that the majority of such mortgagers perceived these actions as necessary and right, thus expressing their moral values.

"The growth of inequality and unemployment and the reduction of actual household income prevent the development of the mortgage industry. Based on the results of my study, we can characterize an average mortgager as an individual that tries to avoid 'doing bad' and takes full responsibility for their decisions and actions," commented Olga Miroshnichenko.
-end-


University of Tyumen

Related Science Articles:

75 science societies urge the education department to base Title IX sexual harassment regulations on evidence and science
The American Educational Research Association (AERA) and the American Association for the Advancement of Science (AAAS) today led 75 scientific societies in submitting comments on the US Department of Education's proposed changes to Title IX regulations.
Science/Science Careers' survey ranks top biotech, biopharma, and pharma employers
The Science and Science Careers' 2018 annual Top Employers Survey polled employees in the biotechnology, biopharmaceutical, pharmaceutical, and related industries to determine the 20 best employers in these industries as well as their driving characteristics.
Science in the palm of your hand: How citizen science transforms passive learners
Citizen science projects can engage even children who previously were not interested in science.
Applied science may yield more translational research publications than basic science
While translational research can happen at any stage of the research process, a recent investigation of behavioral and social science research awards granted by the NIH between 2008 and 2014 revealed that applied science yielded a higher volume of translational research publications than basic science, according to a study published May 9, 2018 in the open-access journal PLOS ONE by Xueying Han from the Science and Technology Policy Institute, USA, and colleagues.
Prominent academics, including Salk's Thomas Albright, call for more science in forensic science
Six scientists who recently served on the National Commission on Forensic Science are calling on the scientific community at large to advocate for increased research and financial support of forensic science as well as the introduction of empirical testing requirements to ensure the validity of outcomes.
World Science Forum 2017 Jordan issues Science for Peace Declaration
On behalf of the coordinating organizations responsible for delivering the World Science Forum Jordan, the concluding Science for Peace Declaration issued at the Dead Sea represents a global call for action to science and society to build a future that promises greater equality, security and opportunity for all, and in which science plays an increasingly prominent role as an enabler of fair and sustainable development.
PETA science group promotes animal-free science at society of toxicology conference
The PETA International Science Consortium Ltd. is presenting two posters on animal-free methods for testing inhalation toxicity at the 56th annual Society of Toxicology (SOT) meeting March 12 to 16, 2017, in Baltimore, Maryland.
Citizen Science in the Digital Age: Rhetoric, Science and Public Engagement
James Wynn's timely investigation highlights scientific studies grounded in publicly gathered data and probes the rhetoric these studies employ.
Science/Science Careers' survey ranks top biotech, pharma, and biopharma employers
The Science and Science Careers' 2016 annual Top Employers Survey polled employees in the biotechnology, biopharmaceutical, pharmaceutical, and related industries to determine the 20 best employers in these industries as well as their driving characteristics.
Three natural science professors win TJ Park Science Fellowship
Professor Jung-Min Kee (Department of Chemistry, UNIST), Professor Kyudong Choi (Department of Mathematical Sciences, UNIST), and Professor Kwanpyo Kim (Department of Physics, UNIST) are the recipients of the Cheong-Am (TJ Park) Science Fellowship of the year 2016.
More Science News and Science Current Events

Trending Science News

Current Coronavirus (COVID-19) News

Top Science Podcasts

We have hand picked the top science podcasts of 2020.
Now Playing: TED Radio Hour

Listen Again: Meditations on Loneliness
Original broadcast date: April 24, 2020. We're a social species now living in isolation. But loneliness was a problem well before this era of social distancing. This hour, TED speakers explore how we can live and make peace with loneliness. Guests on the show include author and illustrator Jonny Sun, psychologist Susan Pinker, architect Grace Kim, and writer Suleika Jaouad.
Now Playing: Science for the People

#565 The Great Wide Indoors
We're all spending a bit more time indoors this summer than we probably figured. But did you ever stop to think about why the places we live and work as designed the way they are? And how they could be designed better? We're talking with Emily Anthes about her new book "The Great Indoors: The Surprising Science of how Buildings Shape our Behavior, Health and Happiness".
Now Playing: Radiolab

The Third. A TED Talk.
Jad gives a TED talk about his life as a journalist and how Radiolab has evolved over the years. Here's how TED described it:How do you end a story? Host of Radiolab Jad Abumrad tells how his search for an answer led him home to the mountains of Tennessee, where he met an unexpected teacher: Dolly Parton.Jad Nicholas Abumrad is a Lebanese-American radio host, composer and producer. He is the founder of the syndicated public radio program Radiolab, which is broadcast on over 600 radio stations nationwide and is downloaded more than 120 million times a year as a podcast. He also created More Perfect, a podcast that tells the stories behind the Supreme Court's most famous decisions. And most recently, Dolly Parton's America, a nine-episode podcast exploring the life and times of the iconic country music star. Abumrad has received three Peabody Awards and was named a MacArthur Fellow in 2011.