Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period

  • 202 Views
  • 32 Downloads

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License

The study investigates the financial behavior of Ukrainians residing in Ukraine and Poland, aiming to identify patterns for the development of customized financial literacy programs. Additionally, it assesses Ukrainians’ preparedness, within their behavioral patterns, for global crises leading to financial shocks. During January-February 2022, a survey method was used to collect data from randomly chosen two groups of representatives of Ukrainians in Poland (N1 = 280) and Ukraine (N2 = 341). Data were proceeded with SPSS. Common patterns were revealed for both Ukraine and Poland, which are based on traditions and personal beliefs: disciplined cash flows controlling of personal budget and forming reserves for different types of crises; concentration on short-term plans and avoiding long-term ones; lack of trust to financial institutions for saving money. Among distinguished patterns are the following: In Poland, Ukrainians are more responsible and attentive to consumer loans, regularly receive and pay bills. In Poland, the investment portfolio of Ukrainians has a more diverse set of instruments. Online financial services are preferable in Poland. The study helps to identify if financially Ukrainians were ready to resist the russian war in Ukraine. Almost 30% of Ukrainians in Ukraine and 25% in Poland had only reserve for the period 1-3 months. In both countries, they claim they are ready to cover sources of covering unforeseen expenses from their reserves (more than 50% of respondents).

Acknowledgments
The authors would like to express their gratitude to the Kirkland Scholarship Program, the Leaders of Change Foundation, the Polish American Freedom Foundation, the University of Wroclaw and personally to Marek Wróblewski, Professor at the University of Wroclaw, Associate of Ukrainian banks, and to those who helped to disseminate information about the survey, including the Foundation Ukraine, as well as to the respondents and all those who expressed interest in the results.

view full abstract hide full abstract
    • Figure 1. Income level of respondents in Poland and Ukraine, 2022
    • Figure 2. Period for which savings will last in case of loss of income in Poland and Ukraine, 2022
    • Figure 3. Share of expenses for food and accommodation in Poland and Ukraine, %, 2022
    • Figure 4. Level of financial knowledge self-assessment in Poland and Ukraine, %, 2022
    • Figure 5. Ability to pay bills on time by respondents in Poland and Ukraine, %, 2022
    • Figure 6. Control of financial flows by respondents in Poland and Ukraine, %, 2022
    • Figure 7. Sources of coverage of unforeseen costs of respondents in Poland and Ukraine, %, 2022
    • Figure 8. Financial instruments used by respondents during the last 12 months in Poland and Ukraine, %, 2022
    • Figure 9. Respondents’ attitude towards investment in Poland and Ukraine, %, 2022
    • Figure 10. Investment trends during the last 12 months in Poland and Ukraine, %, 2022
    • Conceptualization
      Yevheniia Polishchuk, Valentyna Maiurchenko, Maksym Budiaiev, Serhii Onikiienko
    • Formal Analysis
      Yevheniia Polishchuk, Maksym Budiaiev
    • Methodology
      Yevheniia Polishchuk, Oleg Tereshchenko, Serhii Onikiienko
    • Project administration
      Yevheniia Polishchuk
    • Software
      Yevheniia Polishchuk
    • Writing – original draft
      Yevheniia Polishchuk, Valentyna Maiurchenko, Oleg Tereshchenko, Maksym Budiaiev
    • Writing – review & editing
      Yevheniia Polishchuk, Valentyna Maiurchenko, Oleg Tereshchenko, Maksym Budiaiev, Serhii Onikiienko
    • Data curation
      Valentyna Maiurchenko, Oleg Tereshchenko
    • Funding acquisition
      Maksym Budiaiev
    • Investigation
      Maksym Budiaiev
    • Resources
      Maksym Budiaiev
    • Supervision
      Serhii Onikiienko
    • Validation
      Serhii Onikiienko