Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period
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 fi...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2023-11-01
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| Series: | Investment Management & Financial Innovations |
| Subjects: | |
| Online Access: | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19158/IMFI_2023_04_Polishchuk.pdf |
| _version_ | 1797356589653426176 |
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| author | Yevheniia Polishchuk Valentyna Maiurchenko Oleg Tereshchenko Maksym Budiaiev Serhii Onikiienko |
| author_facet | Yevheniia Polishchuk Valentyna Maiurchenko Oleg Tereshchenko Maksym Budiaiev Serhii Onikiienko |
| author_sort | Yevheniia Polishchuk |
| collection | DOAJ |
| description | 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).
AcknowledgmentsThe 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. |
| first_indexed | 2024-03-08T14:28:53Z |
| format | Article |
| id | doaj.art-36ca2d60bd7a459c85da6179cb68b6d5 |
| institution | Directory Open Access Journal |
| issn | 1810-4967 1812-9358 |
| language | English |
| last_indexed | 2024-03-08T14:28:53Z |
| publishDate | 2023-11-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Investment Management & Financial Innovations |
| spelling | doaj.art-36ca2d60bd7a459c85da6179cb68b6d52024-01-12T12:38:00ZengLLC "CPC "Business Perspectives"Investment Management & Financial Innovations1810-49671812-93582023-11-0120424225610.21511/imfi.20(4).2023.2019158Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war periodYevheniia Polishchuk0https://orcid.org/0000-0002-6133-910XValentyna Maiurchenko1https://orcid.org/0000-0003-3641-7409Oleg Tereshchenko2https://orcid.org/0000-0001-8808-1383Maksym Budiaiev3https://orcid.org/0000-0003-3783-5020Serhii Onikiienko4https://orcid.org/0000-0002-3450-6267Doctor of Economics, Professor, Finance Faculty, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym Hetman| Institute of Economics, Finance and Management, Ukraine; Jagiellonian University in Krakow, PolandPh.D. Student in Economics, Faculty Finance, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym HetmanDoctor of Economics, Professor, Faculty Finance, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym HetmanPhD, Associate Professor, Department of Business Economics and Entrepreneurship Kyiv National Economic University named after Vadym HetmanDoctor of Economics, Professor, Faculty Finance, Corporate Finance and Controlling Department, Kyiv National Economic University named after Vadym HetmanThe 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). AcknowledgmentsThe 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.https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19158/IMFI_2023_04_Polishchuk.pdffinancial behaviorfinancial educationfinancial literacyfinancial servicespersonal finance |
| spellingShingle | Yevheniia Polishchuk Valentyna Maiurchenko Oleg Tereshchenko Maksym Budiaiev Serhii Onikiienko Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period Investment Management & Financial Innovations financial behavior financial education financial literacy financial services personal finance |
| title | Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period |
| title_full | Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period |
| title_fullStr | Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period |
| title_full_unstemmed | Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period |
| title_short | Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war period |
| title_sort | unveiling individuals financial behavior patterns the polish ukrainian case study in the pre war period |
| topic | financial behavior financial education financial literacy financial services personal finance |
| url | https://www.businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/19158/IMFI_2023_04_Polishchuk.pdf |
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