risks

Article
Household Financial Situation during the COVID-19 Pandemic
with Particular Emphasis on Savings—An Evidence from
Poland Compared to Other CEE States
Grażyna Szustak, Witold Gradoń and Łukasz Szewczyk *

Department of Banking and Financial Markets, University of Economics in Katowice, 40-287 Katowice, Poland;
[email protected] (G.S.); [email protected] (W.G.)
* Correspondence: [email protected]

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
Citation: Szustak, Grażyna, Witold
of the explained variable, which is the gross saving rate. The research should also be treated as a
Gradoń, and Łukasz Szewczyk. 2021. preliminary one. It constitutes a contribution to in-depth research with the use of more sophisticated
Household Financial Situation during statistical and econometric methods, which will allow for the better assessment of the examined issue.
the COVID-19 Pandemic with
Particular Emphasis on Savings—An Keywords: households; COVID-19; savings; financial situation; financial well-being
Evidence from Poland Compared to
Other CEE States. Risks 9: 166.
https://doi.org/10.3390/risks9090166
1. Introduction
Academic Editor: Mogens Steffensen
The pandemic has hugely affected the economies, and through this, the finances of
households. On some of them, the impact will be temporary, but many of the consequences
Received: 8 July 2021
will probably be visible in a long-term period. A 2015 study, conducted by The Pew
Accepted: 7 September 2021
Published: 12 September 2021
Charitable Trusts among US citizens, shows that in 25% of responses, the impact of a simple
event (e.g., unexpected car repair) was still present 6 months after the incident. The shock
effect was longest for those with the lowest resources. It can also be read in the article that
Publisher’s Note: MDPI stays neutral
with regard to jurisdictional claims in
financial shocks have long-term effects, regardless of the level of household income, while
published maps and institutional affil-
the financial shock weakens the sense of financial security in households. The shock of a
iations. pandemic is obviously the least damaging to people with a high level of liquid savings or
jobs that could be transferred to a virtual environment (Fox and Bartholomae 2020). An
important question arises here. What level of savings can be considered sufficient? Of
course, the answer is not easy. Brobeck (2008) proposes a concept of emergency savings,
defining them as a “the gap between unexpected routine expenditures and funds from
Copyright: © 2021 by the authors.
transaction accounts, especially savings accounts, that was readily available to pay for
Licensee MDPI, Basel, Switzerland.
This article is an open access article
these expenditures”.
distributed under the terms and
In this particular context, it is commonly believed that periods of economic crises are
conditions of the Creative Commons usually accompanied by an increase in the level of household savings. It should be noted,
Attribution (CC BY) license (https:// however, that these savings are of a distinctly different nature than in periods of economic
creativecommons.org/licenses/by/ growth. They mainly result from the use of cost and expenditure reduction strategies by
4.0/).

Risks 2021, 9, 166. https://doi.org/10.3390/risks9090166 https://www.mdpi.com/journal/risks

Risks 2021, 9, 166 2 of 14

households in order to survive the difficult and uncertain period caused by the crisis. The
increase in the level of savings is therefore due to precautionary reasons.
The case of the pandemic that broke out in 2020 prompts the authors of this article to
investigate what the factors are that had the greatest impact on the level of savings in the
turbulent times of the crisis. It should be noted that among the factors that distinguish the
period of the pandemic from other crisis periods are the effects of temporarily introduced
lockdowns (hard or soft), which result in the forced reduction of consumer demand and
a clear decrease in orders of products and services. The introduction of trade restrictions
has also obviously reduced the scale of impulse consumption. Savings created during the
crisis, which is the pandemic, could therefore result both from precautionary reasons, and
could also have the nature of forced savings. It should also not be forgotten that lockdown
can result in the loss of jobs or a reduction in salaries for many people, so that their savings
level can drop rapidly and their savings can be even lost entirely.
On the other hand, evidence suggests that credit markets have tightened and it
may be more difficult for consumers to access new credit now than before the pandemic
(Cooper et al. 2020). It is also worth taking into account the fact that households themselves,
fearing a difficult situation in the future, are less willing to incur liabilities. From the bank’s
perspective, the potential increase in the share of non-performing loans in portfolios may
be worrying, because it may have long-term consequences for them.
The aim of the article is therefore to analyze and finally assess the impact of the
pandemic on the finances of households in Poland, compared to other CEE countries, with
particular emphasis on changes in the level of their savings, which are considered to be the
foundation for the financial well-being of the indicated research group.
Central and Eastern European countries were selected for the study due to the fact
that they are at a similar level of development.

2. The Course of COVID-19 Pandemic and Its Relation to the Economy

Outbreaks can be caused by new or recurring infectious diseases. Among the most
recognizable are the epidemics of AIDS, SARS, MERS and finally COVID-19. Epidemics
are governed by certain laws relating to their formation and development. These include
issues related to the density of the population, the increase in population immunity, the
method of infection and the effectiveness of the organism’s (immune) response (Gliński
and Żmuda 2020, p. 557). The coronavirus pandemic undoubtedly fits this model.
The coronavirus pandemic, one of the largest and most severe epidemics in human
history, began in 2019. It is assumed that its focus was the Chinese city of Wuhan, where
the virus was diagnosed in the first person. In the first phase, it was China that was most
affected by the effects of the spread of the virus, which meant that at the beginning of
2020, the virus was identified as a new type of pathogen causing the COVID-19 disease
(Marcinkowska 2020, p. 15). The virus began to spread rapidly, and already in February
2020, the first peak in the number of cases in this country was recorded, with the number
of patients exceeding 15,000 new cases during the day. Due to the rapid spread of the virus,
the World Health Organization announced a coronavirus pandemic in March 2020 (WHO
Announces a Pandemic 2020). Cases of the coronavirus have been reported in virtually all
countries of the world, but the number of cases (including fatalities) varied. It resulted,
inter alia, from different country-specific restrictions and the level of efficiency of the health
system. In Poland, the epidemic was introduced on 20 March 2020 by the Regulation of
the Minister of Health (Rozporzadzenie
˛ Ministra Zdrowia 2020). It is worth emphasizing
that by mid-March 2020, approx. 30% of cases were people who became infected abroad
(Duszyński et al. 2020, p. 14). Later, this share naturally began to drop significantly. The
effect of the spread of the virus was the introduction of a number of restrictions aimed at
stopping this trend and at the same time preventing a situation in which there would be a
loss in the efficiency of the health care system. It should be emphasized here that the nature
of the restrictions and their scale varied from country to country. A relatively liberal policy
in this area was pursued by, for example, Sweden, where the obligation to wear masks was
Risks 2021, 9, 166 3 of 14

not introduced, restaurants remained open and stationary education continued in schools.
There, however, policy makers had a liberal approach to restrictions, and it is believed the
lack of restrictions contributed to a relatively high number of deaths (which is undoubtedly
the effect of a high number of cases per 100,000 inhabitants, amounting to 600).
It should also be emphasized that the current crisis is often compared with the Spanish
pandemic that broke out in 1918 and the SARS epidemic. These comparisons are naturally
given by the source (i.e., pathogen) and the fact that they have had a specific economic
impact. Undoubtedly, there are easily noticeable differences between them, which make
each of them unique. A comparison of crisis experiences in this area is presented in Table 1.

Table 1. The Spanish flu, SARS epidemic and COVID-19 pandemic—common points and fundamen-
tal differences.

The Spanish Flu SARS

High mortality, external shock
difficult to predict
Similar channels of influence
It spread practically all over
Similarities to COVID-19 Source of the
the world
epidemic—China
Application of the lockdown
strategy
Less importance of the service
sector in economies
It mainly killed young people A smaller scale of
Consequences of the disturbances in the economy
Main differences
pandemic compounded by Different nature of
war losses international ties
Less interdependence
between economies
Source: (Grzeszak et al. 2020, pp. 20–22).

F. Boissay, D. Rees and P. Rungcharoenkitkul point out that in the face of the coron-
avirus pandemic, the world found itself in a situation where economies had to be virtually
shut down in order to limit the effects of the health crisis. They indicate three key issues in
this area (Boissay et al. 2020):
• The policy of closing economies saves human lives, but significantly reduces economic
activity, and thus generates specific economic costs,
• Integrated epidemic and macroeconomic models provide a coherent framework for
quantifying the costs and benefits of a policy to foreclose economies. Some of the
benefits result from limiting the externalities that would arise if social distancing was
voluntary,
• Policies with a lockdown of up to 30% of GDP may be preferred over an alternative
with more casualties and a less severe recession.
It is worth mentioning that the COVID-19 pandemic affects the economy through the
following channels (Raport Banku Pekao 2020):
• A significant drop in demand, which is primarily a consequence of restrictions in
movement (both on a national and international scale),
• Disruptions in the supply chain (import of raw materials, semi-finished products,
finished products), which is felt both nationally and internationally,
• Downtime caused by the suspension of the activity of some industries (e.g., catering,
hotel, commercial), resulting from the introduced restrictions and infection of the staff,
• Unfavorable price changes,
• Significant deterioration of the financial situation of companies, as a consequence of
the epidemic, as well as of their employees.
Risks 2021, 9, 166 4 of 14

Researchers form the Polish Economic Institute presented a slightly different approach.
They distinguished four channels in which the crisis impacts the economy, i.e., the supply
and demand channels, public mood and the broadly understood financial system (Table 2).

Table 2. Channels of impact of the COVID-19 crisis on the economy.

An Area of Influence Characteristics

Lack of staff
Supply channel
Lack of resources
Consumption drop
Demand channel Private investment decline
Breakdown in selected sectors
Decline in consumer and business confidence
Social moods
Investors panic in the financial markets
Declines in the prices of financial assets
Increase in risk aversion
Credit availability decline
Financial system
Increase in non-performing loans
Liquidity decline
Decline in the stability of the financial system
Source: (Grzeszak et al. 2020, p. 9).

It should be emphasized that the problem of the impact of the COVID-19 epidemic on
the economy is analyzed in an increasing number of scientific publications. This also applies
to the issue of the impact of the pandemic on households in various areas. R. Chetty in his
research indicates that the pandemic had a large impact on high-income households whose
members were more likely to go into isolation and thus reduced spending in those sectors
that required physical contact (Chetty et al. 2020, p. 40). Ł. Kurowski emphasizes, however,
that the pandemic crisis drew particular attention to the need to prepare households for
unexpected loss of income. This is mainly due to the fact that virtually no economic model
has allowed us to predict the moment when the pandemic will hit the economy with a
consequence comparable to that of the global crisis of 2007–2009. The research shows that
there is a relationship between financial knowledge and the financial situation, which may
be caused by the impact of the health crisis. People with greater financial knowledge tend
to have higher savings, but are also more concerned about their financial situation. They
also have a lower level of excessive debt (Kurowski 2021, p. 12).
The extent to which households are able to survive crisis situations depends primarily
on (Bilyk et al. 2020):
• Financial condition of households when the shock started,
• Effectiveness of political actions aimed at improving the financial situation of house-
holds,
• The speed with which the recovery in the labor market occurs.
M. Marcinkowska divided the instruments aimed at limiting the negative effects of the
crisis into four basic groups, including fiscal tools, central bank instruments, instruments
affecting the trade balance and regulations of financial institutions. The most extensive
group of instruments are fiscal instruments, including those aimed at improving the
situation of households, i.e., lowering the income tax for natural persons, various forms of
benefits, or direct financial support (Marcinkowska 2020, p. 45).
On the other hand, O. Jerusalmy points out the measures that should be taken to
protect the households most vulnerable to the pandemic (Jerusalmy 2020):
• Low-income households that are indebted or even over-indebted do not notice the
deterioration of their financial situation during the health crisis. The measures to
be taken must ensure that income levels of these households are maintained and
that they prevent the increase in financial burdens (in particular those related to debt
Risks 2021, 9, 166 5 of 14

management). It should be noted here that low-income households most often do not
have savings that would allow them to survive a difficult situation,
• Governments should take the necessary steps to support the efforts of lenders (banks
and non-banking institutions) to avoid jeopardizing the stability of the financial sector,
• The use of additional debt by vulnerable households should be limited to weather the
crisis in order to avoid a massive increase in over-indebtedness,
• State aid, both at the national and supranational level, must allow not only maintaining
the good condition of the financial sector and the entire economy, but also the financial
condition of households,
• Another interesting approach is the Spanish initiative to provide a basic income to all
citizens, which will protect the most vulnerable ones.

3. COVID-19 Pandemic and Households’ Situation in Poland against the Background

of Selected EU Economies
When discussing the problem of COVID-19 impact on households, one should take
into account the problem of financial well- being as a measure of so-called financial health
(Barrafrem et al. 2020, p. 1). The concept of financial well-being is ambiguous. Kahneman
and Krueger (2006) point out that this term is strictly subjective. Dolan et al. (2008) pay
attention to the fact that there are many factors negatively associated with the financial well-
being, e.g., unemployment and the lack of social contact. Gerrans et al. (2014) introduce
a concept of financial wellness, which is defined as “a comprehensive, multidimensional
concept incorporating financial satisfaction, objective status of financial situation, financial
attitudes, and behavior that cannot be assessed through one measure”. In this context, a
model for measuring financial well-being is proposed by the Consumer Financial Protection
Bureau (2015). According to it, financial well-being consists of such elements as:
• “having control over one’s finance,
• having a financial cushion, which can be used against emergencies,
• having financial goals,
• being able to make choices that allow to live a happy life”.
In the light of the considerations, it is necessary to mention that one of the most
important issues in terms of the pandemic’s influence on households is that the pandemic
has contributed to the increase in unemployment in the world, and although it is not
evenly distributed in individual countries and sectors, looking at the overall scale of the
phenomenon, the change in this respect is significant, causing financial problems for people
losing their jobs, especially when they do not have savings, and the temporary state aid
for the unemployed is short-term and low. According to the World Economic Outlook
published by the International Monetary Fund in October 2020, the consequences of the
pandemic in terms of employment and income of citizens, especially those in a difficult
financial situation, informally employed women and young people (the future income
of the latter will not be favored by remote learning), will be long-term. According to the
IMF, the first quarter of 2020 has a loss of 160 million jobs, the second quarter of 2020 has
the loss of 495 million full-time jobs, in the third quarter, the expected decline in full-time
jobs is 345 million (of which 19.8% is in North and South America, Arab countries 12.4%,
Europe and Central Asia 11.6%, Africa 11.5%, Asia-Pacific 10.7%), and 245 million in Q4
(Ventura 2020).
Interesting research in this matter on a sample from the Australian population was
carried out by A. Suomi, T.P. Schofield and P. Butterworth, showing the impact of the
pandemic on changes in the perception of the unemployed and economically active, point-
ing out that the employability and conscientiousness of the unemployed are now better
assessed than before the pandemic. Therefore, the difference in the perception of the
employed and the unemployed weakened to a certain extent (although the unemployed
are still assessed worse than the employed), the change was due to, inter alia, an increased
sense of vulnerability and awareness of the risk of losing a job (Suomi et al. 2020).
 carried out by A. Suomi, T.P. Schofield and P. Butterworth, showing the impact of the
pandemic on changes in the perception of the unemployed and economically active,
pointing out that the employability and conscientiousness of the unemployed are now
better assessed than before the pandemic. Therefore, the difference in the perception of
the employed and the unemployed weakened to a certain extent (although the unem-
Risks 2021, 9, 166 6 of 14
ployed are still assessed worse than the employed), the change was due to, inter alia, an
increased sense of vulnerability and awareness of the risk of losing a job (Suomi et al.
2020).
What is the impact
Whatofisunemployment on savings? It on
the impact of unemployment seems obvious,
savings? as theobvious,
It seems level of as the level of
unemploymentunemployment
impacts the economyimpactsasthea whole.
economy Kłopocka (2016)
as a whole. shows in(2016)
Kłopocka her research
shows in her research
that level of unemployment
that level of unemployment is a significant is a significant
factor factor that
that determines thedetermines the level of household
level of household
savings. In thissavings.
context, In this context,
savings are alsosavings are also
associated withassociated
the concept with the concept
of economic of economic security.
security.
The employment reduction causes a decrease in the value
The employment reduction causes a decrease in the value of broadly perceived economic of broadly perceived economic
security (Kośnysecurity (Kosny and
and Piotrowska Piotrowska
2013). Moreover, 2013). Moreover, the
the probability probability
of losing a job of losing a job should
should
have
have an effect on an effect
saving in itson saving in its component
precautionary precautionary component
(Carbone (Carbone
and Hey 1999).and Hey 1999).
Figure
Figure 1 presents changes1 presents changes in the rate
in the unemployment unemployment rate in selected
in selected countries, which be-countries, which
long to the CEEbelong
group,to the CEEPoland.
including group, including Poland. The
The unemployment rateunemployment
in Poland showed rateonly
in Poland showed
only
a slight increase, a slight
placing increase,
Poland placing
in second Poland
place, just in second
behind theplace,
Czechjust behindwhich
Republic, the Czech Republic,
which had the lowest unemployment rate within his
had the lowest unemployment rate within his group. Unfortunately, as shown in Figure group. Unfortunately, as shown
in Figure 2, Poland has almost the lowest percentage of
2, Poland has almost the lowest percentage of job vacancies (the same level as Slovakia),job vacancies (the same level as
with the number Slovakia), with the
of vacancies stillnumber
falling of vacancies
during still fallingThe
the pandemic. during
CzechtheRepublic,
pandemic. The Czech
Republic, meanwhile, has the highest
meanwhile, has the highest level of vacancies (Anna Unton 2021).level of vacancies (Anna Unton 2021).

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
2018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1

Poland Czech Republic Slovakia Hungary

021, 9, x FOR PEER REVIEW 7 of 15
Figure 1. Unemployment
Figure rate in
1. Unemployment selected
rate CEECEE
in selected countries. Source:
countries. (Eurostat
Source: Database
(Eurostat 2021).
Database 2021).

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%
2018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1

Poland Czech Republic Slovakia Hungary

FigureFigure
2. Job 2.
vacancy rate inrate
Job vacancy selected CEE countries.
in selected Source:
CEE countries. (Eurostat
Source: Database
(Eurostat 2021).2021).
Database

The dynamics of real gross disposable income (per capita) in Poland was positive in
the considered period, although it decreased significantly in Q3 2020 (Figure 3). Against
this background, Poland fares relatively well compared to the euro area, although other
CEE countries have this rate higher, e.g., Czech Republic- 1.75% in a 4th quarter of 2020
(in Poland minus 4.34% then). Unfortunately, Poles’ incomes are still low, especially com-
 0.0%
2018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q1

Poland Czech Republic Slovakia Hungary

Risks 2021, 9, 166 7 of 14

Figure 2. Job vacancy rate in selected CEE countries. Source: (Eurostat Database 2021).

The dynamics of Thereal gross disposable

dynamics of real grossincome (per capita)
disposable income in Poland was in
(per capita) positive
Polandinwas positive in
the considered the
period, although
considered it decreased
period, although significantly
it decreased insignificantly
Q3 2020 (Figure
in Q33).2020
Against
(Figure 3). Against
this background,thisPoland fares relatively
background, Poland fareswell relatively
comparedwell to the euro area,
compared to although otheralthough other
the euro area,
CEE countries CEE
havecountries have this
this rate higher, rateCzech
e.g., higher, e.g., Czech
Republic- Republic-
1.75% 1.75%
in a 4th in a of
quarter 4th2020
quarter of 2020 (in
Poland minus 4.34% then). Unfortunately, Poles’ incomes are
(in Poland minus 4.34% then). Unfortunately, Poles’ incomes are still low, especially com-still low, especially compared
to Western
pared to those of those of Western Europe.
Europe. The The GfK Purchasing
GfK Purchasing Power Europe Power Europe
2020 report 2020
showsreport shows that
that the averagethe average
annual annual
income of aincome
Pole, afterof adeducting
Pole, after deducting
taxes, taxes, social
social security security and health
and health
insurance amounts
insurance contributions, contributions, amountsoftoEUR
to an average an average
7 143. Atof the
EUR 7 143.
other At the other
extreme, there extreme, there
is a resident ofisLiechtenstein
a resident ofwith
Liechtenstein
over EURwith overOn
64 000. EUR 64 000.inOn
average, average,
Europe, the in Europe, the annual
annual
disposable income per capita was almost EUR 13.9 thousand (there was a nominal ade-
disposable income per capita was almost EUR 13.9 thousand (there was nominal decrease
in purchasing power in 2020 by 5.3%) (Muranyi and Richter
crease in purchasing power in 2020 by 5.3%) (Muranyi and Richter 2020, p. 1; GfK Pur- 2020, p. 1; GfK Purchasing
Power Europe 2020). It is important because research proves
chasing Power Europe 2020). It is important because research proves the positive correla- the positive correlation
between disposable
tion between disposable income and income
the levelandofthe level of
savings savings (Andrejovská
(Andrejovská and Buleca and 2015.Buleca 2015).

8.00%
6.00%
4.00%
2.00%
0.00%
2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021
-2.00%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
-4.00%
-6.00%
-8.00%
-10.00%
Poland Czech Republic Hungary

Figure 3. Household
Figure 3. Household real grossincome
real gross disposable disposable incomegrowth
(per capita) (per capita) growth rate
rate compared compared
to previous to previous
quarter. Lack of sufficient
quarter. Lack of sufficient data for Slovakia. Source: (OECD Database 2021).
data for Slovakia. Source: (OECD Database 2021).

Risks 2021, 9, x FOR PEER

ItREVIEW
is worth mentioning that the average purchasing power index ofpower
a Poleindex
was only 8 of 15
It is worth mentioning that the average purchasing of a Pole was only
51% (Figure 4). 51%
Prices in Poland are also lower, but this does not mean that they are in line
(Figure 4). Prices in Poland are also lower, but this does not mean that they are in line
with the income difference.
with the incomeThedifference.
average price
Thelevel in Poland
average is 60%
price level in of the EU
Poland average.
is 60% of the EU average.
At the same time, the Corona Impact Index shows the high impact of thethe
At the same time, the Corona Impact Index shows the high impact of pandemic
pandemic on
on the
the level of income of Poles, it is much higher than the European average,
level of income of Poles, it is much higher than the European average, amounting to as amounting to
as much
much as 138%,
as 138%, which
which means
means a decrease
a decrease in the
in the purchasing
purchasing power
power of Polish
of Polish households
households by
by 38%
38% (Anna(Anna
UntonUnton
2020)2020) (Figure
(Figure 4).worth
4). It is It is worth mentioning
mentioning that inthat
Czechin Czech Republic
Republic and
and Hun-
Hungary
gary the situation
the situation is even
is even worse.
worse.

200
150
100
%

50
0
Europe Poland Czech Republic Hungary
Purchasing Power Index 100 51 66.1 49.5
Corona Impact Index 100 138 152.5 150.3

Figure
Figure 4.
4. Purchasing
Purchasing Power
Power Index
Index and
and Corona
Corona Impact
Impact Index
Index (Europe—ranking
(Europe—ranking 2020).
2020). Lack
Lack of
ofsufficient
sufficient data
data for
for Slovakia.
Slovakia.
Source: (Muranyi and Richter 2020; GfK Purchasing Power Europe 2020, pp. 2–3; Anna Unton 2020).
Source: (Muranyi and Richter 2020; GfK Purchasing Power Europe 2020, pp. 2–3; Anna Unton 2020).

Loss of work and income, uncertainty of the future caused by the pandemic, in-
creased caution translated into appreciating saving, limiting the activity of the population,
lockdowns—translated into a reduction in the growth rate of consumption expenditure
 0
Europe Poland Czech Republic Hungary
Purchasing Power Index 100 51 66.1 49.5
Corona Impact Index 100 138 152.5 150.3

Risks 2021, 9, 166 8 of 14

Figure 4. Purchasing Power Index and Corona Impact Index (Europe—ranking 2020). Lack of sufficient data for Slovakia.
Source: (Muranyi and Richter 2020; GfK Purchasing Power Europe 2020, pp. 2–3; Anna Unton 2020).

Loss of
Loss of work
work and
and income,
income, uncertainty
uncertainty of of the
the future
future caused
caused by by the
the pandemic,
pandemic, in-
in-
creased caution
creased caution translated
translated into
into appreciating
appreciating saving,
saving, limiting
limiting the
the activity
activity of
ofthe
thepopulation,
population,
lockdowns—translatedinto
lockdowns—translated intoaa reduction
reduction in
in the
the growth
growth rate of consumption expenditure
(Figure 5). The highest, negative dynamics appeared in the second quarter of 2020, also in
(Figure 5). The highest, negative dynamics appeared
Poland.
Poland.

20.00%

15.00%

10.00%

5.00%

0.00%
2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021
-5.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

-10.00%

-15.00%

Poland Czech Republic Slovakia Hungary

Figure 5. Household
Household real
real final
final consumption
consumption expenditure
expenditure (per
(per capita)
capita) in
in selected
selected CEE
CEE countries—growth
countries—growth rate
rate compared
compared to
previous quarter. Source: (OECD Database 2021).
previous quarter. Source: (OECD Database 2021).

An
An important issueissuethat
thatcan
canalso
also
bebe taken
taken intointo account
account whenwhen assessing
assessing the house-
the household’s
hold’s financial
financial situationsituation is the Consumer
is the Consumer Confidence
Confidence IndexIt(CCI).
Index (CCI). measuresIt measures the ap-
the approach to
proach to futuresituation
future financial financial based
situation based
upon uponregarding
answers answers regarding their expected
their expected financial
financial situation,
their sentiment
situation, about theabout
their sentiment general
the economic situation,
general economic unemployment
situation, unemploymentand capability
and capa- of
savings.
bility The results
of savings. Theof this measure
results are presented
of this measure on Figure
are presented on6. It can6.beIt seen
Figure can bethat
seenduring
that
the COVID
during pandemic,
the COVID the CCI the
pandemic, has CCI
fallen in fallen
has three of inthe four
three ofanalyzed
the four countries
analyzed (Hungary
countries
is an exception).
(Hungary Such a decrease
is an exception). is understandable
Such a decrease when one
is understandable takesone
when into account
takes the fact
into account
that the pandemic triggered a belief that the future is highly uncertain (e.g., in terms of
unemployment and overall financial well-being). Moreover, Kłopocka et al. (2014) show in
their research that the level of optimism (which can be assessed using CCI) is positively
associated with the share of savers and the level of accumulated savings.
The analysis of the impact of the sars-cov2 virus pandemic on the level of household
savings has been carried out in Poland by various institutions. One of them is ING
Bank, which in mid-2020 conducted research in 13 European countries. The results prove
that there were no significant changes in the average level of savings self-declared by
households (these results however contradict the official data presented by European
Commission). It may be, however, a consequence of the fact that questionnaire research
does not always fully reflect the actual state of affairs. The number of households, among
those that participated in the survey, reporting no savings remained stable—26% in May
2020 compared to 28% in December 2019, and the average figure for the last eight years
varies between 25% and 35% (Edukacjagieldowa.pl 2020). It can therefore be assumed that
the pandemic did not result in a noticeable increase in the number of households that do
not have any savings due to the pandemic. Research conducted by ING Bank also shows
that the percentage of people declaring that they have savings in Poland has decreased
from 71 to 68%, and on average in Europe from 66 to 64% (Pogorzelski 2020, p. 2). This
slight decrease is most likely related to the need to infringe their savings by people who
lost their job or part of their income as a result of the lockdown due to the need to cover
 Risks 2021, 9, 166 9 of 14

the needs related to the so-called autonomous consumption. At the same time official data
showed that the household saving rate in the euro area was at 17.5% in the third quarter of
Risks 2021, 9, x FOR PEER REVIEW 2020, compared with 25.1% in the second quarter of 2020. At the time of the analysis, 9 ofthis
15
ratio in Poland was on a very low level, comparing it to, e.g., Czech Republic or Hungary.
The increase in the savings rate in Poland was short-lived (Q2 of 2020) compared to other
CEEfact
the countries
that the(Figure
pandemic7). Although
triggered athe restrictions
belief that the introduced in Poland
future is highly were(e.g.,
uncertain similarin
to those in European countries, they had a much smaller impact on financial
terms of unemployment and overall financial well-being). Moreover, Kłopocka et al. decisions.
Poles’ show
(2014) financial decisions
in their arethat
research influenced
the levelby the fear of(which
of optimism inflation
canand the loss of
be assessed value
using CCI)of
their accumulated funds, experts believe.
is positively associated with the share of savers and the level of accumulated savings.

105
104
103
102
101
100
99
98
97
96
95
2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1

Poland Czech Republic Slovakia Hungary

21, 9, x FOR PEER REVIEW 10 of 15
Figure
Figure 6.
6. Consumer
Consumer Confidence
Confidence Index
Index (CCI)
(CCI) in
in selected
selected CEE
CEE states.
states. Source:
Source: (OECD
(OECD Database
Database 2021).
2021).

The analysis of the impact of the sars-cov2 virus pandemic on the level of household
30.00% savings has been carried out in Poland by various institutions. One of them is ING Bank,
which in mid-2020 conducted research in 13 European countries. The results prove that
25.00% there were no significant changes in the average level of savings self-declared by house-
holds (these results however contradict the official data presented by European Commis-
20.00% sion). It may be, however, a consequence of the fact that questionnaire research does not
always fully reflect the actual state of affairs. The number of households, among those that
15.00%
participated in the survey, reporting no savings remained stable—26% in May 2020 com-
pared to 28% in December 2019, and the average figure for the last eight years varies be-
10.00%
tween 25% and 35% (Edukacjagieldowa.pl 2020). It can therefore be assumed that the pan-
demic did not result in a noticeable increase in the number of households that do not have
5.00%
any savings due to the pandemic. Research conducted by ING Bank also shows that the
percentage of people declaring that they have savings in Poland has decreased from 71 to
0.00%
201868%, and on
2018 average
2019 2019in Europe
2019 from2019 662020
to 64%2020(Pogorzelski
2020 2020,
2020 p.2021
2). This slight decrease
Q3 is most
Q4 likely
Q1 related
Q2 to the
Q3 need to
Q4 infringe
Q1 their
Q2 savings
Q3 by people
Q4 Q1who lost their job or
part of their income as a result of the lockdown due to the need to cover the needs related
to the so-called Poland
autonomous Czech Republic
consumption. At Hungary
the same time official data showed that the
household saving rate in the euro area was at 17.5% in the third quarter of 2020, compared
Figure 7. Household
Figure 7. Household savingwith saving
rate.25.1%
Lack of rate.
in theLack
sufficient of
second sufficient
data quarter data for
of 2020.
for Slovakia. Slovakia.
At the
Source: Source:
time
(Eurostat (Eurostat
ofDatabase
the Database
analysis,
2021; this ratio
OECD in Poland
Database
2021). 2021; OECD Database
was on 2021).
a very low level, comparing it to, e.g., Czech Republic or Hungary. The increase
in the savings rate in Poland was short-lived (Q2 of 2020) compared to other CEE countries
When analyzing
(Figure changes
When
7). Althoughin thethe
analyzing level
changes of household
in the level
restrictions savings in Poland
of household
introduced in Poland during
savings
were in the pan-
Poland
similar toduring theEuro-
those in pan-
demic and the pean
lockdowns introduced
demiccountries,
and the lockdowns in connection
introduced with
in it, a sharp
connection increase
with it, a (as mentioned
sharp increase
they had a much smaller impact on financial decisions. Poles’ financial (as mentioned
before) in theirdecisions
level in
before) inbank
their
are accounts
level in bank
influenced canthe
by befear
noticed,
accounts ofcan as
be well
inflation as decisions
noticed,
and as well
the ofto
loss as reduce
decisions
value in-reduce
to
of their involve-
accumulated
volvement in other forms of saving.
funds, experts believe. In March 2020, the monthly increase in the value of
deposits amounted to PLN 18.2 billion, while a year earlier in the corresponding month,
the value of deposits increased by PLN 7.2 billion. It was only August data that indicated
that the monthly increase in the value of deposits was comparable to the increase from the
previous year (Janecki 2020). There has therefore been a massive return to cash, typical in
 Poland Czech Republic Hungary

Figure 7. Household saving rate. Lack of sufficient data for Slovakia. Source: (Eurostat Database
2021; OECD Database 2021).
Risks 2021, 9, 166 10 of 14
When analyzing changes in the level of household savings in Poland during the pan-
demic and the lockdowns introduced in connection with it, a sharp increase (as mentioned
before) in their level in bank accounts can be noticed, as well as decisions to reduce in-
ment forms
volvement in other in other offorms
saving. of In
saving.
March In2020,
March 2020,
the the monthly
monthly increaseincrease
in the in the value
value of of deposits
amounted
deposits amounted to PLN to 18.2
PLNbillion,
18.2 billion,
whilewhile
a yeara earlier
year earlier
in theincorresponding
the corresponding month,month, the value
of deposits
the value of deposits increased
increased by PLN by 7.2
PLN 7.2 billion.
billion. It wasItonly
wasAugust
only August dataindicated
data that that indicated that the
monthly increase in the value of deposits was comparable
that the monthly increase in the value of deposits was comparable to the increase from the to the increase from the previous
previous year (Janecki 2020). There has therefore been a massive return to cash, typical in in periods of
year (Janecki 2020). There has therefore been a massive return to cash, typical
crisis,
periods of crisis, following
following the shock
the shock and and unforeseen
unforeseen event event
of theofpandemic
the pandemic and and its related lockdown.
its related
lockdown. TheThe datadata of the
of the National
National Bank Bank of Poland
of Poland as well
as well as the
as the research
research conducted
conducted by by the Polish
the Polish BankBank Association
Association showshowthat, that, starting
starting from from thequarter
the first first quarter
of 2020,of the
2020, the dynamics of the
dynam-
increase
ics of the increase in theinlevel
the level of savings
of savings on bank
on bank accounts
accounts of natural
of natural persons
persons in Poland compared
in Poland
to 2019 was rather significant (Comiesi˛ e czne zestawienie
compared to 2019 was rather significant (Comiesięczne zestawienie informacji o oszczęd- informacji o oszcz˛ednościach 2021,
p. 71). On the other hand, a survey conducted in Poland
nościach 2021, p. 71). On the other hand, a survey conducted in Poland in September 2020 in September 2020 by Consumer
Federation and Federation of Financial Market
by Consumer Federation and Federation of Financial Market Development showed that Development showed that the pandemic
the pandemic hashas drained
drained the the savings
savings of of 30
30 percent
percent ofof households
households (Figure
(Figure 8).
8).

50
40
30
20
10
0
I don't have it increased it decreased it hasn't
savings changed
% 14 6 31 49

Figure
Figure 8. Poles’ 8. Poles’
savings savings
during during pandemic—a
COVID-19 COVID-19 pandemic—a survey’s
survey’s results. results.
Source: Source:
(Finanse (Finanse
Polaków Polaków
w czasie COVID-19 2020,
p. 17). w czasie COVID-19 2020, p. 17).

4. The Level of Household’s Savings and Its Predictors—A Linear Regression Model
To identify statistically significant predictors that influence the level of savings (HS)
expressed as a household gross saving rate, a multiple linear regression was used. The
following research question was formulated: Which factors are predictors of the level of
household savings? The factors chosen by the authors are:
• The level of unemployment (in %)—UN,
• Real gross disposable income per capita, growth rate (in %)—DI,
• Real final consumption expenditure per capita, growth rate (in %)—FCE,
• Consumer Confidence Index, growth rate (in %)—CCI,
• The level of gross domestic product (in mln EUR)—GDP.
The data was obtained from the following sources:
• Household gross saving rate (HS)—OECD Database (data from Q3 2018–Q1-2021),
• The level of unemployment (UN)—Eurostat Database, The Central Statistical Of-
fice (Poland), Czech Statistical Office, Statistical office of The Slovak Republic and
Hungarian Central Statistical Office (data from Q3 2018–Q1 2021),
• Real gross disposable income per capita (DI)—OECD Database (data from Q3 2018–Q1
2021),
• Real final consumption expenditure per capita (FCE)—OECD Database (data from Q3
2018–Q1 2021).
• Consumer Confidence Index (CCI)—OECD Database (data from Q3 2018–Q1-2021),
• The level of gross domestic product (GDP)—Eurostat Database (data from Q3 2018–Q1
2021).
Due to the lack of sufficient quarterly data for Slovakia, this state had to be omitted,
so the regression model was built for three remaining CEE states, including Poland, Czech
Republic and Hungary.
Risks 2021, 9, 166 11 of 14

The Equation (1) presents the general expression of the multiple regression model.

HS( X ) = β0 + β1UN + β2DI + β3FCE + β4CCI + β5GDP + ε (1)

The models that resulted from the analysis are presented in Table 3.
Based on results of the regression model, it was found that in Poland in the considered
period (Q3 2018–Q1-2021), a gross domestic product (GDP), the level of unemployment
(UN) and disposable income (DI) have the highest impact on the level of household sav-
ings. What is interesting, in the case of Poland, an increase in GDP results in a decrease
in savings. This relation shows that Poles spend their income on consumption more than
on savings. In the Czech Republic, two factors are statistically important—Consumer
Confidence Index (CCI) and the level of gross domestic product (GDP), both of them
having a negative impact on savings (although very limited). In Hungary, the unemploy-
ment rate (UN) and gross domestic product (GDP) are statistically significant. When we
compare these results to the similar research conducted on the same group of countries
by Andrejovská and Buleca (2015), we can see that they are different to a certain extent,
although in the model presented in our Article, the set of independent variables is broader.

Table 3. Regression model’s final shape.

Statistically Significant Estimates of Regression

Country
Variables Coefficients
UN (p value = 0.00641) β0 = 2.507
Poland (PL) CCI (p value = 0.0155) β1 = −6.472
GDP (p value = 0.01625) β4 = −0.016
β5 = −0.000004
CCI (p value = 0.000000015) β0 = 2.765
Czech Republic (CZ)
GDP (p value = 0.014625) β4 = −0.023
β5 = −0.0000029
β0 = −0.357
UN (p value = 0.00032)
Hungary (HU) β1 = 6.008
GDP (p value = 0.02648)
β4 = 0.00000747
Source: own work.

The regression models that were built in this study are characterized by the high level
of the adjusted R2 , which takes the following values: 0.83 (Poland), 0.98 (Czech Republic)
and 0.87 (Hungary), so they can be used in analyses and forecasts. However, the authors
would like to point out that a certain disadvantage of the models presented in the paper is
the fact that the data used for their construction are quarterly and come from a rather short
period of time (Q3 2018–Q1 2021), which means that not all variables are characterized
by a sufficiently high level of the coefficient of variation, because at such short intervals
the data do not always change significantly (it can be seen, e.g., in the level of GDP and
disposable income).

5. Conclusions: The Assessment Is Ambiguous

The issue discussed in this article is extremely important from the point of view of
assessing the financial situation of households during the pandemic. It is a consequence
of the analysis of channels through which this crisis affects the household in general. The
current pandemic has resulted in unprecedented actions on the national and international
level, which resulted in, inter alia, closing economies on an unparalleled scale. 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. Downtime in the
functioning of enterprises, and even entire industries, results in a reduction of job vacancies,
a deep lockdown also limits the demand for goods and services.
The assessment of the future economic and financial situation, the effect of which are
specific economic decisions made by households, is also of significant importance. The
Risks 2021, 9, 166 12 of 14

research has shown that an assessment of the financial situation of households in terms
of savings level is ambiguous. Kansiime et al. (2021) indicate that the assessment of the
financial situation of households depends largely on its reference point. In Europe, it is of
course, despite the effects of the pandemic, very good, when compared, for example, to
East Africa, where the degree of poverty and food insecurity was enormous even before
the pandemic, which was caused by concurrent crises (desert locust invasions or extreme
weather conditions). This situation is currently exacerbated by the pandemic and its
consequences. It is obvious that the pandemic induced concerns about financial security,
which may result in increase in savings, including bank deposits. The research conducted
in the USA showed that higher infection rates are positively related with the levels of bank
deposits (Levine et al. 2020, p. 2). In Poland, the results of research conducted by various
institutions are ambiguous in this particular matter. They show, however, that most Poles
are doing well financially and do not complain about the condition of their household
budget during COVID-19, but the pandemic has depleted some of them. The reason why
the savings are melting, could therefore be reluctance of Poles to incur debt in times of
economic uncertainty and thus a greater tendency to breach their savings than to use a loan
or a loan to finance larger purchases. It cannot be ruled out that in this way the respondents
tried to compensate for lower income during the lockdown or even for their complete loss.
On the other hand, an important question arises: did the COVID-19 pandemic trigger
the need for households to increase the level of credits and loans? It’s obvious that the
uncertainty caused by the epidemic and economic situation limits not only the level of
consumption, but also the scale of Poles’ indebtedness. It is also worth paying attention to
the fact that the funds from credits and loans are not so much used by Poles to fill the gap
in the household budget, as to finance larger expenses which they are unable to cover with
their own funds.
The authors take into account the fact that this study has limitations. They are, i.a.,
a consequence of the fact that not all data are available for quarterly and shorter periods,
and taking into account the volatility of economic conditions, due to the rapid spread of
the virus and its impact on the economy in the short term, the lack of such data does not
always allow for a proper assessment of the analyzed phenomenon. This also applies to
the relevance of the regression model built for the purpose of this article. Due to this fact
the research will be continued in order to propose a measure that will enable the evaluation
of the financial well-being, as proposed by, i.a., the Consumer Financial Protection Bureau
(Consumer Financial Protection Bureau 2015). In this particular context, it is important
to notice that because there is no single definition of a household’s financial well-being,
and different aspects can be taken into account in order to assess it, one should decide
what are the most important aspects in this particular area. One of the most important
factors (especially in the COVID-19 case and other possible pandemics) may be the ability
to absorb a financial shock that may arise as a result of such events. The results of surveys
presented in this article may then be compared to the results of such research in order to
point out some issues that are of a great importance in terms of the assessment of financial
well-being.
On the other hand, the authors will take into account the possibility of building a more
complex model in which the household’s financial outcome can be treated as a dependent
variable. Among independent variables, a different set of measures can be applied (from
those discussed in this article) with the possibility to include a so-called financial hardship,
which is understood as an experience of financial shocks (Collins and Urban 2019, p. 10).
The last outcome is especially important in terms of COVID-19 pandemics, because it is
directly related to it.
The authors believe that expanding the research and applying more sophisticated
statistical and econometric methods will contribute to a better understanding of the factors
influencing the assessment of the situation of households during and after the pandemic.

Author Contributions: Conceptualization, G.S., W.G., Ł.S., methodology, G.S., W.G., Ł.S.; formal
analysis, G.S., W.G.; investigation, G.S., W.G., Ł.S., resources, G.S., W.G., Ł.S.; data curation, G.S., W.G.;
Risks 2021, 9, 166 13 of 14

writing—original draft preparation, G.S., W.G., Ł.S.; writing—review and editing, Ł.S.; visualization,
G.S., W.G., Ł.S.; supervision, G.S.; project administration, G.S.; funding acquisition, G.S. All authors
have read and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Data Availability Statement: Not applicable.
Conflicts of Interest: The authors declare no conflict of interest.

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