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Household Financial Situation during the COVID-19 Pandemic with Particular Emphasis on Savings—An Evidence from Poland Compared to Other CEE States

Author

Listed:
  • Grażyna Szustak

    (Department of Banking and Financial Markets, University of Economics in Katowice, 40-287 Katowice, Poland)

  • Witold Gradoń

    (Department of Banking and Financial Markets, University of Economics in Katowice, 40-287 Katowice, Poland)

  • Łukasz Szewczyk

    (Department of Banking and Financial Markets, University of Economics in Katowice, 40-287 Katowice, Poland)

Abstract

The aim of this article is to analyze and assess the impact of the pandemic on the finances of households in Poland, compared to other CEE countries (including Czech Republic, Slovakia and Hungary), with particular emphasis on changes in the level of their savings, which are considered to be the foundation for the development of the indicated research group. There is no doubt that the pandemic had an impact on the situation of households, which is mainly visible in the labor market (rising unemployment), and thus the question arises to what extent have the households’ approaches to financial decisions changed because of this situation? The propensity to save was taken into account as a main aspect of this problem, because it has, among others, a big impact on the financial well-being (in a broader sense). Using the multiple linear regression method, the factors that influence the level of household savings were determined. The results of the research show that these factors are different in the analyzed countries and have a different impact on the level of the explained variable, which is the gross saving rate. The research should also be treated as a preliminary one. It constitutes a contribution to in-depth research with the use of more sophisticated statistical and econometric methods, which will allow for the better assessment of the examined issue.

Suggested Citation

  • Grażyna Szustak & Witold Gradoń & Łukasz Szewczyk, 2021. "Household Financial Situation during the COVID-19 Pandemic with Particular Emphasis on Savings—An Evidence from Poland Compared to Other CEE States," Risks, MDPI, vol. 9(9), pages 1-15, September.
    • Handle: RePEc:gam:jrisks:v:9:y:2021:i:9:p:166-:d:634008
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    Cited by:

    1. Shari De Baets & Dilek Önkal & Wasim Ahmed, 2022. "Do Risky Scenarios Affect Forecasts of Savings and Expenses?," Forecasting, MDPI, vol. 4(1), pages 1-28, February.
    2. Chatterjee, Oindrila & Gopalakrishnan, Balagopal & Mohapatra, Sanket, 2024. "Gold in household portfolios during a pandemic: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1288-1306.
    3. Elena Moreno-García & Sergio Hernández-Mejía & Héctor Francisco Salazar Núñez, 2024. "Financial Literacy and Financial Fragility in Mexico," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(1), pages 1-21, Enero - M.
    4. Pattaphol Yuktadatta & Shunsuke Ono & Mostafa Saidur Rahim Khan & Yoshihiko Kadoya, 2022. "Satisfaction with the COVID-19 Economic Stimulus Policy: A Study of the Special Cash Payment Policy for Residents of Japan," Sustainability, MDPI, vol. 14(6), pages 1-15, March.
    5. André Berchtold, 2022. "Relationship between the COVID-19 Pandemic and the Well-Being of Adolescents and Their Parents in Switzerland," IJERPH, MDPI, vol. 19(11), pages 1-9, June.
    6. Kazandziska, Milka, 2022. "Financialization in emerging Europe," IPE Working Papers 183/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    7. Arindam Das & Himadri Roy Chaudhuri, 2022. "Pandemics and consumer well‐being from the Global South," Journal of Consumer Affairs, Wiley Blackwell, vol. 56(1), pages 15-27, March.

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