FINANCIAL VULNERABILITY AND ENVIRONMENTAL IMPACT: HOW HOUSEHOLD DEBT AFFECTS SUSTAINABLE CONSUMPTION

This article examines the relationship between household debt burden and sustainable consumption, with an emphasis on the environmental consequences of debt-driven consumer behavior. As household debt levels increase worldwide, consumers often prioritize cost over sustainability, leading to choices that may run counter to Sustainable Development Goal (SDG) 12, which focuses on responsible consumption and production. Using bibliometric analysis, this study maps the academic landscape focused on household debt and sustainable consumption, identifying research trends and existing gaps in the literature. The purpose of the study is to identify and scientifically substantiate the relationship between household debt burden and sustainable consumption, as well as to assess the impact of financial debt on environmentally oriented consumer behavior based on a bibliometric analysis of scientific literature in order to identify key trends, research gaps and develop recommendations for policy formation that ensures a balance between household financial stability and the achievement of goals. sustainable development. The results of the study show that the debt burden of the household sector largely causes unstable consumer behavior due to financial pressures that limit consumers' ability and ability to make environmentally conscious choices. At the same time, this list can be expanded with such characteristics as culture and education. The analysis highlights the growing body of research on the impact of debt on consumption. Nevertheless, the study examining the intersection of the debt burden of the household sector and sustainable consumption by this sector is insufficiently covered in the scientific community in Central Asia and in the research environment of Kazakhstan. The results of the study highlight the need for policies that balance financial stability and environmental objectives.

1. Mian A., Sufi A., Verner E. Household debt and business cycles worldwide // Quarterly Journal of Economics. – 2017. – Vol. 132, № 4. – P. 1755–1817.

2. Tunc C., Kilinc M. Household debt and economic growth: debt service matters // Open Economies Review. – 2023. – Vol. 34, № 1. – P. 71–92.

3. Du Caju Ph., Perilleux G., Rych F., Tojerow I. A bigger house at the cost of an empty stomach? The effect of households’ indebtedness on their consumption: micro-evidence using Belgian HFCS data // Review of Income and Wealth. – 2023. – Vol. 21. – P. 291–333.

4. Chucherd T. The effect of household debt on consumption in Thailand // Economics. – 2006. – Vol. 6, № 4. – P. 1354–1359.

5. Khan H.H., Abdullah H.B., Samsudin S. The linkages between household consumption and household debt composition in Malaysia // International Journal of Economics and Financial Issues. – 2016. – Vol. 5, №3. – P. 135–139.

6. Cohen J. Social, emotional, ethical and academic education: creating a climate for learning, participation in democracy and well-being // Harvard Educational Review. – 2006. – Vol. 76, № 2. – P. 201–237.

7. Ivanova D., Stadler K., Steen-Olsen K., Wood R., Vita G., Tukker A., Hertwich E.G. Environmental impact assessment of household consumption // Journal of Industrial Ecology. – 2016. – Vol. 20. – 25 p.

8. Kerkhof A.C., Nonhebel S., Moll H.C. The relationship between household expenditures and environmental impact // Environmental Science & Policy. – 2008. – 5 p.

9. Boly M., Combes J., Menuet M., Minea A., Motel-Combes P., Villieu P. Can public debt mitigate environmental debt? Theory and empirical evidence // Energy Economics. – 2020. – 105 p.

10. Lombardi M.J., Mohanty M.S., Shim I. The real effects of household debt in the short and long run // Economics. – 2017. – № 1. – 605 p.

11. Eck N.J., Waltman L. Software survey: VOSviewer, a computer program for bibliometric mapping // Scientometrics. – 2010. – Vol. 84, № 2. – P. 523–538.

12. Nascimento J., Correia Loureiro S.M. The PSICHE framework for sustainable consumption and future research directions // EuroMed Journal of Business. – 2022. – Vol. 19, № 3. – 65 p.