2021. September 30. 9:50

The Impact of the First Wave of Covid-19 on the Financial Security of Economics Students in Higher Education

Botond Kálmán
PhD Student, Doctoral School of Economic and Regional Sciences,
Institute of Business Regulation and Information Management, Hungarian
University of Agriculture and Life Science

Judit Bárczi
PhD habil., Associate Professor,
Institute of Economics, Szent István Campus, Hungarian University
of Agriculture and Life Sciences

Zoltán Zéman
PhD habil., University Professor
Department of Financial Managment and Controlling, Institute
of Business Regulation and Information Management, Szent István
Campus, Hungarian University of Agriculture and Life Sciences

Published in: Public Finance Quarterly 2021/3. (p. 359-380.)


Summary: Our study examines the financial literacy of students in higher education studying economics. Literature shows that financial literacy is becoming more valuable, but this increasingly important knowledge is not accompanied by practical results. Therefore, the sense of financial security is also reduced, especially if an unexpected major economic crisis occurs. The reasons for this decline have been investigated. Hungarian and foreign students were interviewed in a two-phase offline questionnaire survey. The first wave of COVID-19 took place between the two surveys to model the economic crisis. The questions assessed students’ theoretical knowledge, financial behaviour, and attitudes towards finance. We also asked how they rated their own financial situation and sense of security. After statistically processing the responses, linear models were set up to identify the factors that played a role in the development of financial security. Our most important result is that the year of the survey influences all dimensions of financial culture, which verifies the role and effect of the crisis caused by the outbreak.

Keywords: financial literacy, environmental crisis, economic higher education, financial security

JEL codes: G53, A22, D14, G01

DOI: https://doi.org/10.35551/PFQ_2021_3_3 


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