IDEAS home Printed from https://ideas.repec.org/a/gam/jscscx/v11y2022i5p211-d814562.html
   My bibliography  Save this article

Who Are the People at Socio-Economic Risk? Socio-Demographical Analysis of the Czech People in Specific Economical Situations Recognized in Value-Based Risk Prediction Model

Author

Listed:
  • Jiří Pospíšil

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

  • Ivana Olecká

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

  • Nataša Matulayová

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

  • Helena Pospíšilová

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

  • Pavlína Jurníčková

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

  • Pavla Macháčková

    (Department of Christian Social Work, Sts Cyril and Methodius Faculty of Theology, Palacký University Olmouc, 779 00 Olomouc, Czech Republic)

Abstract

The aim of this study was to analyze the dependence of personal economic situation on gender, age, education, occupational status, field of work or study, family situation, and number of children in the family. The research was designed as cross-sectional ex post facto. The survey examined data collected through a structured questionnaire completed and returned by a total of 5175 respondents aged 15+ selected from the general population of the Czech Republic. The statistical significance of hypotheses was tested using χ 2 statistics, and the adjusted residuals z in each cell were calculated. The impacts of socio-demographic factors on specific economic situation were recognized and statistically confirmed. Compared to women, men show higher financial knowledge, which benefits them significantly. Economic situation worsens with increasing age. As education increases, the level of vulnerability decreases, and the individual’s economic situation improves. Protective factors include cohabitation with a partner and having a complete family. People without children are in the best financial situation. The situation gradually worsens with the number of children, and families with five or more children are typically in a negative economic situation with a high level of vulnerability. The specific contribution of our research lies in the inclusion of potential financial risks in the identification of people at risk. We recognized a high-risk group of people—women in a positive economic situation with a high level of risk.

Suggested Citation

  • Jiří Pospíšil & Ivana Olecká & Nataša Matulayová & Helena Pospíšilová & Pavlína Jurníčková & Pavla Macháčková, 2022. "Who Are the People at Socio-Economic Risk? Socio-Demographical Analysis of the Czech People in Specific Economical Situations Recognized in Value-Based Risk Prediction Model," Social Sciences, MDPI, vol. 11(5), pages 1-15, May.
    • Handle: RePEc:gam:jscscx:v:11:y:2022:i:5:p:211-:d:814562
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2076-0760/11/5/211/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2076-0760/11/5/211/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. G. Silinskas & M. Ranta & T.-A. Wilska, 2021. "Financial Behaviour Under Economic Strain in Different Age Groups: Predictors and Change Across 20 Years," Journal of Consumer Policy, Springer, vol. 44(2), pages 235-257, June.
    2. Lanivich, Stephen E. & Bennett, Andrew & Kessler, Stacey R. & McIntyre, Nancy & Smith, Adam W., 2021. "RICH with well-being: An entrepreneurial mindset for thriving in early-stage entrepreneurship," Journal of Business Research, Elsevier, vol. 124(C), pages 571-580.
    3. W. Fred Raaij, 2016. "Understanding Consumer Financial Behavior," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-54425-4, October.
    4. Strömbäck, Camilla & Lind, Thérèse & Skagerlund, Kenny & Västfjäll, Daniel & Tinghög, Gustav, 2017. "Does self-control predict financial behavior and financial well-being?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 14(C), pages 30-38.
    5. Fisher, Patti J. & Yao, Rui, 2017. "Gender differences in financial risk tolerance," Journal of Economic Psychology, Elsevier, vol. 61(C), pages 191-202.
    6. Arber, Sara & Fenn, Kirsty & Meadows, Robert, 2014. "Subjective financial well-being, income and health inequalities in mid and later life in Britain," Social Science & Medicine, Elsevier, vol. 100(C), pages 12-20.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jiří Pospíšil & Nataša Matulayová & Pavla Macháčková & Pavlína Jurníčková & Ivana Olecká & Helena Pospíšilová, 2021. "Value-Based Financial Risk Prediction Model," Risks, MDPI, vol. 9(11), pages 1-24, November.
    2. Fred van Raaij, W. & Riitsalu, Leonore & Põder, Kaire, 2023. "Direct and indirect effects of self-control and future time perspective on financial well-being," Journal of Economic Psychology, Elsevier, vol. 99(C).
    3. Rabbani, Abed G. & Yao, Zheying & Wang, Christina, 2019. "Does personality predict financial risk tolerance of pre-retiree baby boomers?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 23(C), pages 124-132.
    4. Piotr Bialowolski & Dorota Weziak-Bialowolska & Eileen McNeely, 2021. "The Role of Financial Fragility and Financial Control for Well-Being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(3), pages 1137-1157, June.
    5. Baier-Fuentes, Hugo & Andrade-Valbuena, Nelson A. & Huertas Gonzalez-Serrano, Maria & Gaviria-Marin, Magaly, 2023. "Bricolage as an effective tool for the survival of owner-managed SMEs during crises," Journal of Business Research, Elsevier, vol. 157(C).
    6. Dileni Gunewardena & Abdoulaye Seck, 2020. "Heterogeneity in entrepreneurship in developing countries: Risk, credit, and migration and the entrepreneurial propensity of youth and women," Review of Development Economics, Wiley Blackwell, vol. 24(3), pages 713-725, August.
    7. Burlinson, Andrew & Giulietti, Monica & Law, Cherry & Liu, Hui-Hsuan, 2021. "Fuel poverty and financial distress," Energy Economics, Elsevier, vol. 102(C).
    8. Kirsten Burkhardt & Pascal Nguyen & Evelyne Poincelot, 2020. "Agents of change: Women in top management and corporate environmental performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(4), pages 1591-1604, July.
    9. Talwar, Manish & Talwar, Shalini & Kaur, Puneet & Tripathy, Naliniprava & Dhir, Amandeep, 2021. "Has financial attitude impacted the trading activity of retail investors during the COVID-19 pandemic?," Journal of Retailing and Consumer Services, Elsevier, vol. 58(C).
    10. Inese Mavlutova & Andris Fomins & Aivars Spilbergs & Dzintra Atstaja & Janis Brizga, 2021. "Opportunities to Increase Financial Well-Being by Investing in Environmental, Social and Governance with Respect to Improving Financial Literacy under COVID-19: The Case of Latvia," Sustainability, MDPI, vol. 14(1), pages 1-25, December.
    11. Lanivich, Stephen E. & Smith, Adam & Levasseur, Ludvig & Pidduck, Robert J. & Busenitz, Lowell & Tang, Jintong, 2022. "Advancing entrepreneurial alertness: Review, synthesis, and future research directions," Journal of Business Research, Elsevier, vol. 139(C), pages 1165-1176.
    12. Gentjan Çera & Khurram Ajaz Khan & Jaroslav Belas & Humberto Nuno Rito Ribeiro, 2020. "The Role of Financial Capability and Culture in Financial Satisfaction," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 389-406, December.
    13. Kautonen, Teemu & Kibler, Ewald & Minniti, Maria, 2017. "Late-career entrepreneurship, income and quality of life," Journal of Business Venturing, Elsevier, vol. 32(3), pages 318-333.
    14. Blake, David & Duffield, Mel & Tonks, Ian & Haig, Alistair & Blower, Dean & MacPhee, Laura, 2022. "Smart defaults: Determining the number of default funds in a pension scheme," The British Accounting Review, Elsevier, vol. 54(4).
    15. Barrafrem, Kinga & Västfjäll, Daniel & Tinghög, Gustav, 2021. "The arithmetic of outcome editing in financial and social domains," Journal of Economic Psychology, Elsevier, vol. 86(C).
    16. Carole Comerton‐Forde & John de New & Nicolás Salamanca & David C. Ribar & Andrea Nicastro & James Ross, 2022. "Measuring Financial Wellbeing with Self‐Reported and Bank Record Data," The Economic Record, The Economic Society of Australia, vol. 98(321), pages 133-151, June.
    17. Davillas, Apostolos & Burlinson, Andrew & Liu, Hui-Hsuan, 2022. "Getting warmer: Fuel poverty, objective and subjective health and well-being," Energy Economics, Elsevier, vol. 106(C).
    18. Uhr, Charline & Meyer, Steffen & Hackethal, Andreas, 2021. "Smoking hot portfolios? Trading behavior, investment biases, and self-control failure," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 73-95.
    19. Anbar, Adem & Eker, Melek, 2019. "The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 10(4), pages 855-866, July.
    20. Bina Knöpfli & Stéphane Cullati & Delphine S. Courvoisier & Claudine Burton-Jeangros & Pasqualina Perrig-Chiello, 2016. "Marital breakup in later adulthood and self-rated health: a cross-sectional survey in Switzerland," International Journal of Public Health, Springer;Swiss School of Public Health (SSPH+), vol. 61(3), pages 357-366, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jscscx:v:11:y:2022:i:5:p:211-:d:814562. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.