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CHANGES IN HOUSEHOLDS FINANCIAL DECISIONS UNDER CONDITIONS OF ECONOMIC UNCERTAINTY: THE CASE OF LITHUANIA

Greta Keliuotyte-Staniuleniene, Rasa Kanapickiene, Deimante Vasiliauskaite, Renatas Spicas, Airidas Neifaltas

First published: 2023https://doi.org/10.35603/sws.iscss.2023/s03.15View metrics

Abstract

An unstable economic environment highlights the importance of financial security, which depends on external and internal factors (i.e., household members' decisions and financial choices). As financial security can be considered from various perspectives, this research proposes to analyse it from a subjective perspective considering the changes in households' financial decisions. Therefore, the study aims to explore the condition of households' financial security and the changes in households' financial decisions in Lithuania under economic uncertainty. To reach this aim a survey of Lithuanian households was conducted, and statistical analysis of the survey data was performed. The results revealed that from 2020 to 2022 the share of lowest-income households has increased. The income of almost one-fourth of households is unstable and more than 40 percent of households feel financially unsafe. Income stability and financial safety have proven to be education and occupation-related. The respondents appeared to be the most concerned about growing food prices; the share of those who are concerned about growing utility prices increased substantially as well. The shopping habits of almost two-thirds of respondents have changed in 2020-2022: they have started to buy only necessary products, buy in bulk, or shop online. The shopping habits of the respondents with lower education have changed the most. Changes in habits appeared to be occupation related too. Finally, only a very small share of households plan to borrow, and an even smaller share (most likely employees, higher educated and urban living) plan to use loan comparison platforms.

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Publication details

Title
CHANGES IN HOUSEHOLDS FINANCIAL DECISIONS UNDER CONDITIONS OF ECONOMIC UNCERTAINTY: THE CASE OF LITHUANIA
Authors
Greta Keliuotyte-Staniuleniene, Rasa Kanapickiene, Deimante Vasiliauskaite, Renatas Spicas, Airidas Neifaltas
Proceedings
Proceedings of 10th SWS International Scientific Conference on Social Sciences - ISCSS 2023
Publisher
SGEM WORLD SCIENCE (SWS) Scholarly Society
Year
2023
Pages
183-192
SWS Citekey
Keliuotyte20233111
ISSN
2682-9959
ISBN
978-3-903438-06-4
Language
en
Publication type
Proceedings Paper
Keywords
financial decisionsfinancial behavioureconomic uncertaintysurvey
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