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.
Highlights
The results prove that there were no significant changes in the average level of savings self-declared by households
The issue discussed in this article is extremely important from the point of view of assessing the financial situation of households during the pandemic
The economic costs are borne by all entities of the national economy, including households that found themselves in a specific situation as a result of the pandemic
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Brobeck (2008) proposes a concept of emergency savings, defining them as a “the gap between unexpected routine expenditures and funds from transaction accounts, especially savings accounts, that was readily available to pay for these expenditures” In this particular context, it is commonly believed that periods of economic crises are usually accompanied by an increase in the level of household savings. It is commonly believed that periods of economic crises are usually accompanied by an increase in the level of household savings It should be noted, that these savings are of a distinctly different nature than in periods of economic growth. Central and Eastern European countries were selected for the study due to the fact that they are at a similar level of development
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