Abstract
The aim of the study is to explore the relationship between overspending and the method of payment, to highlight its causes. The non-representative survey was conducted between 2020 and 2021 in Hungary (n = 499) using the snowball sampling of data collection. They examined the relationship between age, education, place of residence, and payment methods, and analyzed the impact of internal and external factors on cash consumption and sustainability. The results showed that the use of cash as a method of payment is characteristic with advancing age, and higher education has a higher willingness to pay electronically according to the examined sample, and the existence of electronic access is not related to the size of the settlement. It can be stated that the majority of respondents have no choice when choosing a payment method. The answers reflect confidence in electronic payment solutions (a value of 2.21 on a six-point scale). Each group believes that they can consciously plan their budget (alternative budget). With proper communication and awareness of these influencing factors, financial awareness can be strengthened.
Highlights
A steady rise in consumption standards can be observed
According to the Dunn test, there is a difference between the groups, the “breaking point,” which is observed at the age of over 40, and the over-40s are less likely to use electronic payment solutions
It has been concluded that according to family life cycles, the age of individuals living in households influences household consumption, which can be used to determine future consumption
Summary
A steady rise in consumption standards can be observed. The day of global overconsumption is occurring earlier and earlier [1], but as has already been detected earlier, against the increasing number of vehicles, microwave ovens, and color TVs, per capita, people are less and less declaring themselves happy [2]. We speak about overconsumption when “- the quantity or nature of consumption undermines the species’ own life support system . According to family life cycles, the age of individuals living in households influences household consumption, and based on this, future consumption can be determined [4]. The life cycle theory provides the motivation behind the level of savings and consumption. According to Keith Chen, our savings attitude depends on the structure of language. In his view, in languages where they strongly distinguish the present and the future, people have a harder time saving, because the grammar structure reminds them to meet needs at a later date postponed [7]. There is a point of view that overconsumption can be traced back to individual and environmental factors (unnecessary accumulation, commodity abundance, media impact) [8]
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