Conspiracies will not pay you off

Abstract

Using a representative sample of 1682 Slovaks, the study investigated antecedents and negative consequences for personal finances of the endorsement of conspiracy theories. As a part of the first wave of a longitudinal study monitoring social and psychological impacts of the COVID-19 pandemic, participants responded to questions concerning their socio-demographic status, generic conspiracy mentality, COVID-related conspiracies, financial wellbeing, predictions about economic situation and willingness to change financial behaviour. The results show that people who experience more financial anxiety and consider their socio-economic status as lower endorse conspiracy theories more often. They are also more pessimistic about economic development in general and, unlike in models without conspiracy theories, less likely to make adaptive decisions that could alleviate precarious economic conditions they experience. By linking the endorsement of conspiracy theories with precarious economic conditions, the study offers a preliminary explanation of the uncontrollable spread of conspiracy theories in countries with high prevalence of economic insecurity such as Slovakia. The findings have far-reaching practical implications for developing tailored interventions protecting those most vulnerable from endorsing conspiracies and, consequently, from making decisions that would further perpetuate poverty and financial anxiety.