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Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic

Author

Listed:
  • Krzysztof Waliszewski

    (Poznan University of Economics and Business, Poland)

  • Anna Warchlewska

    (Poznan University of Economics and Business, Poland)

Abstract

Research background: The outbreak of the COVID-19 pandemic, the reduction in income or the total loss of jobs have affected the financial behaviour of consumers worldwide. Managing the budget in times of turbulence and crisis has posed a challenge for households. Purpose of the article: The aim of the article is to determine to what extent the COVID-19 pandemic has affected the financial behaviour of the inhabitants of various countries and how Poland has stood out from the rest. Methods: Due to the orderly nature of the questions analysed, non-parametric tests were used in the analysis. The distribution of current expenditure in comparison with the period before the pandemic was analysed, as well as the results of comparative analyses with Mann-Whitney U tests for comparison of Poland with Austria, Belgium, the Czech Republic, France (974), Germany, Italy, Luxemburg, the Netherlands, Romania, Spain, Turkey, the United Kingdom, the USA. A study was carried out on the relationship between planning for the future, having debts and savings and financial behaviour after the COVID-19 pandemic and the metric variables in the group of Poles via Chi square and a series of ? Kendall’s tests. Findings & value added: There has been a fall in expenditure compared to the period before the pandemic, which may explain the lack of opportunities to spend money, the fall in revenue and the freezing of expenditure for fear of an uncertain future. There has also been a change in the way payments are made. Payment cards and purchases made over the Internet are increasingly popular. In the face of the COVID-19 pandemic, consumers are trying to save more, but not everyone can afford to do so. Long-term value added of this paper is analysis of change in the model of financial behavior of households under the shock of the pandemic in international comparisons of the analysed countries.

Suggested Citation

  • Krzysztof Waliszewski & Anna Warchlewska, 2021. "Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 16(3), pages 577-615, September.
    • Handle: RePEc:pes:ierequ:v:16:y:2021:i:3:p:577-615
    DOI: 10.24136/eq.2021.021
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    References listed on IDEAS

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    1. Jie Li & Quanyun Song & Changyan Peng & Yu Wu, 2020. "COVID-19 Pandemic and Household Liquidity Constraints: Evidence from Micro Data," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(15), pages 3626-3634, December.
    2. Catherine, Sylvain & Miller, Max & Sarin, Natasha, 2020. "Relaxing household liquidity constraints through social security," Journal of Public Economics, Elsevier, vol. 189(C).
    3. Krzysztof Waliszewski & Anna Warchlewska, 2020. "Socio-Demographic Factors Determining Expectation Experienced while Using Modern Technologies in Personal Financial Management (PFM and robo-advice): A Polish Case," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 893-904.
    4. Taixing Liu & Beixiao Pan & Zhichao Yin, 2020. "Pandemic, Mobile Payment, and Household Consumption: Micro-Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(10), pages 2378-2389, August.
    5. Pengpeng Yue & Aslihan Gizem Korkmaz & Haigang Zhou, 2020. "Household Financial Decision Making Amidst the COVID-19 Pandemic," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(10), pages 2363-2377, August.
    6. Jing Jian Xiao & Chunsheng Tao, 2020. "Consumer finance/household finance: the definition and scope," China Finance Review International, Emerald Group Publishing Limited, vol. 11(1), pages 1-25, June.
    7. Drescher, Katharina & Fessler, Pirmin & Lindner, Peter, 2020. "Helicopter money in Europe: New evidence on the marginal propensity to consume across European households," Economics Letters, Elsevier, vol. 195(C).
    8. Krzysztof Waliszewski & Anna Warchlewska, 2020. "Attitudes towards artificial intelligence in the area of personal financial planning: a case study of selected countries," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(2), pages 399-420, December.
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    Cited by:

    1. Paweł Merło & Jacek Michalak & Katarzyna Andruszkiewicz, 2024. "Model of Family and the Propensity to Build Sustainable Savings Attitudes in the Post-COVID World: A Case Study of Poland," Sustainability, MDPI, vol. 16(8), pages 1-18, April.
    2. Mirosława Witkowska-Dąbrowska & Natalia Świdyńska & Agnieszka Napiórkowska-Baryła, 2023. "Reviewing the Situation and Prospects for Developing Small Renewable Energy Systems in Poland," Energies, MDPI, vol. 16(21), pages 1-27, October.
    3. Andrej Privara, 2022. "Economic growth and labour market in the European Union: lessons from COVID-19," Oeconomia Copernicana, Institute of Economic Research, vol. 13(2), pages 355-377, June.

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    More about this item

    Keywords

    personal finance management; COVID-19 pandemic; consumer financial behaviour;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • D10 - Microeconomics - - Household Behavior - - - General

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