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"Finance, Personal Poland."
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Household's overindebtedness during the COVID-19 crisis: The role of debt and financial literacy
The COVID-19 pandemic has shown how important it is to prepare one's own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our budget management decisions. Therefore, the aim of the article is to check whether households with a higher level of financial and debt literacy have better management skills from the perspective of a household's budget, which in the face of a crisis reduces the risk of individuals not paying their liabilities. Thus, at the turn of June and July 2020, we conducted surveys among 1300 Polish citizens. Using the multinomial logistic regression, we show that people with a higher financial and debt literacy are less affected by overindebtedness. During the crisis, people who have a higher debt literacy are better prepared to manage credit liabilities; in this situation, financial literacy is less important. In addition, the type of credit experience turned out to be significant. Respondents who have experience with consumer loans (potentially high-margin products) are more likely to have debt repayment problems than those with mortgage loans experiences.
Journal Article
Comparative analysis of Poland and selected countries in terms of household financial behaviour during the COVID-19 pandemic
Research background: The outbreak of the COVID-19 pandemic, the reduction in income or the total loss of jobs have affected the financial behaviour of consumers worldwide. Managing the budget in times of turbulence and crisis has posed a challenge for households. Purpose of the article: The aim of the article is to determine to what extent the COVID-19 pandemic has affected the financial behaviour of the inhabitants of various countries and how Poland has stood out from the rest. Methods: Due to the orderly nature of the questions analysed, non-parametric tests were used in the analysis. The distribution of current expenditure in comparison with the period before the pandemic was analysed, as well as the results of comparative analyses with Mann-Whitney U tests for comparison of Poland with Austria, Belgium, the Czech Republic, France (974), Germany, Italy, Luxemburg, the Netherlands, Romania, Spain, Turkey, the United Kingdom, the USA. A study was carried out on the relationship between planning for the future, having debts and savings and financial behaviour after the COVID-19 pandemic and the metric variables in the group of Poles via Chi square and a series of ? Kendall?s tests. Findings value added: There has been a fall in expenditure compared to the period before the pandemic, which may explain the lack of opportunities to spend money, the fall in revenue and the freezing of expenditure for fear of an uncertain future. There has also been a change in the way payments are made. Payment cards and purchases made over the Internet are increasingly popular. In the face of the COVID-19 pandemic, consumers are trying to save more, but not everyone can afford to do so. Long-term value added of this paper is analysis of change in the model of financial behavior of households under the shock of the pandemic in international comparisons of the analysed countries.
Journal Article
Prediction of robo-advisory acceptance in banking services using tree-based algorithms
The banking sector is increasingly recognising the need to implement robo-advisory. The introduction of this service may lead to increased efficiency of banks, improved quality of customer service, and a strengthened image of banks as innovative institutions. Robo-advisory uses data relating to customers, their behaviors and preferences obtained by banks from various communication channels. In the research carried out in the work, an attempt was made to obtain an answer to the question whether the data collected by banks can also be used to determine the degree of consumer interest in this type of service. This is important because the identification of customers interested in the service will allow banks to direct a properly prepared message to a selected group of addressees, increasing the effectiveness of their promotional activities. The aim of the article is to construct and examine the effectiveness of predictive models of consumer acceptance of robo-advisory services provided by banks. Based on the authors’ survey on the use of artificial intelligence technology in the banking sector in Poland, in this article we construct tree-based models to predict customers’ attitudes towards using robo-advisory in banking services using, as predictors, their socio-demographic characteristics, behaviours and attitudes towards modern digital technologies, experience in using banking services, as well as trust towards banks. In our study, we use selected machine learning algorithms, including a decision tree and several tree-based ensemble models. We showed that constructed models allow to effectively predict consumer acceptance of robo-advisory services.
Journal Article
Debt Literacy and Debt Literacy Self-Assessment
It is well documented that financial literacy is at best moderate around the world and that the cost of ignorance in this field may be high on both microeconomic and macroeconomic levels. We surveyed a representative sample of Poles to measure their debt literacy—a little-studied aspect of financial literacy—and therefore obtain insight into the factors predicting it. Our study evidenced low levels of debt literacy and its overestimation by respondents in their self-reports. We also confirmed some of the patterns found in former studies, including the gender gap and a positive relationship between the level of educational attainment and debt literacy. Finally, our examination provides compelling outcomes with regard to the segmentation of the sample on the basis of objective and subjective debt literacy scores. They show large heterogeneity of debt literacy and thus confirm the need for far-reaching customization of debt-oriented education.
Journal Article
The \Big\ Consequences of IFRS: How and When Does the Adoption of IFRS Benefit Global Accounting Firms?
I investigate how the adoption of International Financial Reporting Standards (IFRS) affects audit markets. Specifically, I examine the effect of IFRS adoption on the likelihood and direction of auditor switching in a sample of firms from five European Union countries: the United Kingdom, Germany, Spain, Italy, and Poland during the period from 1998 through 2010. I hypothesize that IFRS adoption creates an expert advantage for global audit firms (i.e., Big 4 audit firms, Grant Thornton, and BDO) during a regime shift in reporting standards. I find that clients are more likely to switch from small to global audit firms in the year of IFRS adoption. I also hypothesize that the strength of a country's regulatory regime affects the likelihood of auditor replacement around IFRS adoption. I find that firms listed in countries with high-quality regulation and enforcement are significantly more likely to switch from small to global audit firms in the year of IFRS adoption (with the odds of the switch almost doubled when compared to non-adoption years). In weaker regulatory regimes, IFRS adoption is not associated with an increase in auditor switching. Additional tests provide evidence that global audit firms' advantage stems from their perceived IFRS expertise. Finally, the results confirm that not only Big 4, but also Grant Thornton and BDO, benefit from IFRS adoption.
Journal Article
Accounting Offices in View of Requirements Introduced by the Polish Deal
Purpose: The objectives of the Polish Deal include a plan for better and more financially supported healthcare system, lower taxes and higher remunerations. The assumption of the government's development plan is to recover from the crisis generated by COVID-19 pandemics and create better life conditions for all citizens. Accounting offices have been especially interested and obliged to thorough analysis of dynamic taxes modifications. This publication aims at presenting challenges encountered by these entities due to numerous amendment of tax regulations. The specific objective is the analysis of chosen tax modifications presented to citizens and in many cases dealt with by accounting offices. Design/Methodology/Approach: Critical analysis of literature and legal acts, case studies, logical reasoning. Findings: In the opinion of many owners of accounting offices, but not only, the regulations should enter into force with a sufficiently long vacatio legis, giving the opportunity to acquire knowledge, test and implement software, and communicate with taxpayers or employees. Too high dynamics of tax changes introduced in a short period of time contributes significantly to the decrease in the quality of services provided and an increase in risk for accounting and bookkeeping offices. Practical implications: The presentation of changes in the Polish Governance in the area of personal income tax is a valuable overview and source of information for a wide range of practitioners. Originality/value: In addition to the presentation of the introduced changes, the article presents specific examples of calculations based on the latest provisions of the Polish Order of July 2022. Keywords: COVID 19, Polish Deal, accounting offices, tax scale, middle class relief, tax payer. JEL codes: J3, K34, E62. Paper type: Research article.
Journal Article
Household financial situation during the COVID-19 pandemic with particular emphasis on savings: An evidence from Poland compared to other CEE states
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 of the explained variable, which is the gross saving rate. The research should also be treated as a preliminary one. It constitutes a contribution to in-depth research with the use of more sophisticated statistical and econometric methods, which will allow for the better assessment of the examined issue.
Journal Article
What Does a Swiss Franc Mortgage Cost? The Tale of Polish Trust for Foreign Currency Denominated Mortgages
It is commonly agreed that excessive household financial debts are detrimental to psychological and physical health. Research also demonstrates that housing instability, mortgage indebtedness and mortgage foreclosure negatively influence subjective well-being. In Poland at the beginning of 2015, homeowners with Swiss franc denominated mortgages suffered from an abrupt swing in the Swiss franc/Polish zloty (CHF/PLN) exchange rate, which resulted in considerable increase in the local currency value of their mortgages. These adverse financial circumstances were hypothesised to affect not only household finance but also negatively affect the psychological well-being and physical health of peoples. The 2013 and 2015 waves of the Polish representative household panel ‘Social Diagnosis’ were used to examine impact of the abrupt change in the CHF/PLN exchange rate in Jan. 2015 on well-being and health. Causal inference was investigated using a difference-in-differences matching estimator. Results showed that although impact of Swiss franc appreciation on the mortgage related financial burden was considerable, it did not affect well-being or health outcomes. Any manifestation of adverse effects was absent in the short term, which does not however preclude their long term existence.
Journal Article
Over-indebted Households in Poland
Increasing a personal debt burden implies greater financial vulnerability and threats for macroeconomic stability. It also generates a risk of the households over-indebtedness. The assessment of over-indebtedness is conducted with the use of various objective and subjective measures based on the micro-level data. The aim of the study is to investigate over-indebted households in Poland using a unique dataset obtained from the CATI survey. We discuss and compare the usefulness of various over-indebtedness measures across different socio-economic characteristics. Due to the differences in over-indebtedness across single measures, we perform a more complex assessment using a mix of indicators. As an alternative to other commonly criticised over-indebtedness measures, we apply the \"below the poverty line\" (BPL) measure. In order to obtain the profile of over-indebted households, we use classification and regression tree analysis as an alternative to logit or probit models. We find that DSTI (\"debt service to income\") ratio underestimates the extent of over-indebtedness in vulnerable groups of households in comparison with the BPL. We highlight the necessity to use different measures depending on the adopted definition of over-indebtedness. A psychological burden of debts is particularly strong among older and poorly educated respondents. We also find that the age structure of over-indebted households in Poland differs from this structure in countries with a broader access to consumer credits. Our results can be used to enrich the methods of assessing the household over-indebtedness.
Journal Article