Дифференциация польских домохозяйств по кредитному портфелю и марже

The aim of this paper is to show the diversity of Polish households’ financial behaviour in terms of debt as well as to identify households that are characterised by negative margin which is one of the measures of households’ over-indebtedness. Moreover, in her paper, the author made an attempt to compare and evaluate two indicators of over-indebtedness: margin and debt-to-income indicator. To achieve the main objective, the cluster analysis method was used. Based on the households’ credits portfolio and the level of margin, 13 homogeneous groups of households were generated. Three of them were characterised by negative margin, which classify them as over-indebted.Celem artykułu jest ukazanie różnorodności zachowań finansowych polskich gospodarstw domowych z punktu widzenia zadłużenia, jak również zidentyfikowanie gospodarstw, które cechuje marża ujemna, będąca jedną z miar nadmiernego zadłużenia gospodarstw domowych. Co więcej, w artykule podjęto próbę porównania i oceny dwóch wskaźników nadmiernego zadłużenia: marży i relacji długu do dochodu. Do osiągnięcia głównego celu wykorzystano metodę analizy skupień. Na podstawie portfela kredytowego gospodarstw domowych i poziomu marży wygenerowano 13 jednorodnych grup gospodarstw domowych. Trzy z nich cechowała marża ujemna, która klasyfikuje je jako nadmiernie zadłużone.Цель статьи – указать разновидность финансового поведения польских домохозяйств с точки зрения задолженности, а также выявить хозяйства, которым свойственна отрицательная маржа, являющаяся одной из мер чрезмерной задолженности домохозяйств. Кроме того, в статье предприняли попытку сравнить и оценить два показателя чрезмерной задолженности: маржу и отношение долга к доходу. Для достижения основной цели использовали метод кластерного анализа. На основе кредитного портфеля домохозяйств и уровня маржи определили 13 гомогенных групп домохозяйств. Три из них характеризовались отрицательной маржей, которая классифицирует их как чрезмерно задолженные

Поведение, связанное со сбережениями, домохозяйств пожилых людей на селе и в городе

W artykule podjęto problematykę zachowań finansowych gospodarstw domowych osób powyżej 50. roku życia1 w aspekcie oszczędzania, z uwzględnieniem miejsca zamieszkania. Praca ma na celu przedstawienie zróżnicowania zachowań oszczędnościowych gospodarstw seniorów z obszarów wiejskich i miejskich. W pracy uwzględniono takie aspekty, jak skłonność do oszczędzania, wartość zgromadzonych oszczędności, posiadane produkty oszczędnościowe oraz cele oszczędzania. Materiał badawczy stanowiły dane jednostkowe Diagnozy Społecznej. Artykuł ma charakter badawczy. Z przeprowadzonych badań wynika, że w gospodarstwach domowych osób starszych ze wsi skłonność do oszczędzania oraz wartość zgromadzonych oszczędności jest zdecydowanie niższa niż w gospodarstwach domowych w miastach. Gospodarstwa te przechowują oszczędności głównie w formie gotówki, a ich portfel oszczędnościowy jest mniej zdywersyfikowany niż w gospodarstwach domowych w miastach. W gospodarstwach domowych osób starszych, niezależnie od miejsca zamieszkania, dominuje motyw przezornościowy gromadzenia oszczędności.In her article, the author discusses the problem of financial behaviour of households of people aged over 502 in terms of saving, including the place of residence. The aim is to show the differences in the approach to saving among seniors in rural and urban areas. The paper includes aspects such as propensity to save, the value of accumulated savings, forms of savings, and saving goals. The research material was the individual data of the Social Diagnosis. The article is of the research nature. The carried out research shows that households of elderly people from the countryside display their definitely lower propensity to save and the value of savings stocked is definitely lower than that in urban households. These households keep their savings mainly in form of cash, while their savings portfolio is less diversified than in case of households in towns and cities. In households of elderly people, disregarding the place of residence, there prevails the prudential motive of savings hoarding.В статье затронули проблематику финансового поведения домохозяйств лиц в возрасте свыше 50 лет3 в аспекте сбережений, с учетом местожительства. Статья преследует собой цель представить дифференциацию поведения, связанного со сбережениями, домохозяйств пожилых людей на селе и в городе. В работе учли такие аспекты как склонность к сбережениям, размер накопленных сбережений, имеющиеся продукты сбережения и цели на- копления сбережений. Исследовательский материал представляли единичные данные Социального диагноза. Статья имеет исследовательский характер. Из проведенных исследований вытекает, что в домохозяйствах пожилых людей в сельской местности склонность к сбережению решительно ниже, чем в домохозяйствах в городах. Эти хозяйства сберегают в основном в наличной форме, а их портфель сбережений менее диверсифицирован, чем в городских домохозяйствах. В домохозяйствах лиц преклонного возраста, независимо от местожительства, преобладает мотив осмотрительности в накоплении сбере- жени

Применение логистической регрессии в выявлении факторов, влияющих на пользование кредитом польскими домохозяйствами

The dynamic socio-economic changes, development of financial markets, increasing importance of media, and growing consumerism undoubtedly contribute to changes in the financial behaviour of Polish households. The constantly changing reality enforces the need for a continuous repeat and update research on financial behaviour of households. The main aim of the study is to identify the factors influencing the use of credit by Polish households. The method of logistic regression was applied in order to achieve the main aim of the study. The source material was individual data of the Household Budget Survey in 2011. The survey was conducted by the Central Statistical Office of Poland. The research results show that the use of credits by Polish households is most influenced by the householder’s sex, age, socio-occupational status, family type, and income in the household.Dynamiczne zmiany społeczno-gospodarcze, rozwój rynków finansowych, zwiększające się znaczenie mediów i rosnący konsumpcjonizm niewątpliwie przyczyniają się do zmian w zachowaniach finansowych polskich gospodarstw domowych. Stale zmieniająca się rzeczywistość narzuca potrzebę ciągłego powtarzania i aktualizowania badań nad zachowaniami finansowymi gospodarstw domowych. Głównym celem opracowania jest identyfikacja czynników wpływających na korzystanie z kredytów przez polskie gospodarstwa domowe. Do osiągnięcia głównego celu opracowania zastosowano metodę regresji logistycznej. Materiałem źródłowym były poszczególne dane z badania budżetów gospodarstw domowych w roku 2011. Badanie przeprowadził Główny Urząd Statystyczny. Wyniki badań pokazują, że na korzystanie z kredytów przez polskie gospodarstwa domowe najbardziej wpływają: płeć, wiek, status społeczno-ekonomiczny głowy rodziny, typ rodziny i dochody w gospodarstwie domowym.Динамичные социально-экономические изменения, развитие финансовых рынков, растущее значение медиа и развивающееся потребительство несомненно вносят свою лепту в изменения в финансовом поведении польских домохозяйств. Постоянно изменяющаяся действительность вызывает необходимость в постоянном повторении и актуализации изучения финансового поведения домохозяйств. Основная цель изучения – выявить факторы, влияющие на пользование кредитом польскими домохозяйствами. Для достижения основной цели изучения применили метод логистической регрессии. Исходный материал представляли отдельные данные обследования бюджетов домохозяйств ЦСУ. Результаты изучения показывают, что на пользование кредитом польскими домохозяйствами наиболее влияют пол, возраст и социально-профессиональный статус главы домохозяйства, тип семьи и доходы в домохозяйстве

Портфель сбережений домохозяйств пожилых людей

W artykule przedstawiono wyniki klasyfikacji gospodarstw domowych osób powyżej 50. roku życia na podstawie składu ich portfela oszczędnościowego. Materiał badawczy stanowiły dane jednostkowe Diagnozy Społecznej. Za pomocą analizy skupień wyodrębniono 4 typy gospodarstw seniorów1: „gotówkowcy” (46%), oszczędzający w banku i unikający gotówki (26%), oszczędzający w banku i w gotówce (25%), zdywersyfikowani (3%). Gospodarstwa domowe osób starszych w Polsce korzystają głównie z bezpiecznych, nie wymagających zaangażowania produktów oszczędnościowych, przy czym prawie połowa badanych gospodarstw seniorów wolne środki akumuluje jedynie w postaci gotówki. Artykuł ma charakter badawczy.The article presents the results of the classification of households of people over 50 on the basis of the composition of their savings portfolio. The data used in the analysis come from the Social Diagnosis. By using the cluster analysis 4 types of elder people’s households2 were distinguished: saving in cash (46%), saving in banks and avoiding cash (26%), saving in bank and in cash (25%), diversified (3%). Households of elder people in Poland mainly use safe savings products that do not require their involvement. Almost half of the surveyed households of seniors accumulate their savings only in the form of cash. The paper is a research article.В статье представлены результаты классификации домохозяйств лиц в возрасте свыше 50 лет на основе состава их портфеля сбережений. Исследовательский материал представляли индивидуальные данные «Общественного диагноза». С помощью кластерного анализа выделили 4 типа домохозяйств пожилых людей3: предпочитающие наличную форму денег (46%), сберегающие в банке и избегающие наличных (26%), сберегающие в банке и наличными (25%), диверсифицированные (3%). Домохозяйства пожилых людей в Польше пользуются в основном безопасными, не требующими вовлечения продуктами сбережений, причем почти половина обследуемых домохозяйств пожилых людей свободные средства накопляет лишь в виде наличных. Статья имеет исследовательский характер

The Impact of Age on Polish Households Financial Behavior – Indebtedness and Over-Indebtedness

The aim of this paper is to examine how age of the head of household affects the financial behavior of households in terms of indebtedness and over-indebtedness. The over-indebtedness was analyzed from two aspects – margin and debt service ratio indicators. The data from Household Budget Survey in 2011 conducted by Central Statistical Office of Poland was used in the analyses. To achieve the main objective, selected measures of descriptive statistics and contingency tables were used. The research results confirm that in Poland credits were taken mainly by households of young people, which is consistent with assumptions of the life cycle hypothesis. Although these assumptions were not confirmed in the case of a problem with over-indebtedness.The project was financed from the resources of The National Science Centre based on the decision number DEC-2012/05/N/HS4/[email protected] of Economics and Social Sciences, Poznan University of Life SciencesBarnes S., Young G., 2003, The Rise in US Household Debt: Assessing its Causes and Sustainability, Bank of England, Working Paper no. 206.Beer Ch., Schürz M., 2007, Characteristic of Household Debt in Austria. Does Household Debt Pose a Threat to Financial Stability?, “Monetary Policy and The Economy”, Q2/07.BERR, 2008, Over-Indebtedness in Britain: A Follow-up Report.Betti G., Dourmashkin N., Rossi M., Ping Yin Y., 2007, Consumer Over-Indebtedness in the EU: Measurement and Characteristics, „Journal of Economic Studies”, v. 34(2), 136-156.Bridges S., Disney R., 2004, Use of Credit and Debt among Low-Income Families in the UK an Empirical Analysis, “Fiscal Studies”, vol. 25, 1-25.Bryan M., Taylor M., Veliziotis M., 2010, Overindebtedness in Great Britain: An Analysis Using The Wealth and Assets Survey and Household Annual Debtors Survey, Report to the Department for Business, Innovation and Skills, Institute for Social and Economic Research, University of Essex.Carpentier S., Van den Bosch K., 2008, Problematic Debts in Belgium: Indicators Based on Belgian SILC 2004 and Profile of the Population with (Problematic) Indebtedness, “Working Paper Social Security”, No. 7.Cox D., Jappelli J., 1993, The Effect of Borrowing Constraints on Consumer Liabilities, “Journal of Money, Credit and Banking”, 25, 197-213.D’Alessio G., Iezzi S., 2012, Household Over-Indebtedness. Definition and Measurement with Italian Data, Sixth IFC Conference on “Statistical Issues and Activities in a Changing Environment” BIS, Basel, 28-29 August 2012.Davydoff D. i in., 2008, Towards a Common Operational European Definition of Over-Indebtedness, Komisja Europejska.DeVaney S. A., 1994, The Usefulness of Financial Ratios as Predictors of Household Insolvency – Two Perspectives, “Financial Counselling and Planning”, Vol. 5, 5-24.DeVaney S. A., Lytton R. H., 1995, Household Insolvency: A Review of Household Debt Repayment, Delinquency, and Bankruptcy, “Financial Services Review”, 4(2), 137-156.Disney R., Bridges S., Gathergood J., 2008, Drivers of Over-Indebtedness, Report to the Department for Business, Enterprise and Regulatory Reform, CPE, The University of Nottingham.Drentea P., Lavrakas P. J., 2000, Over the Limit: The Association among Health, “Race and Debt. Social Science & Medicine”, 50(4).ECRI, PFRC, 2008, Consumer Financial Vulnerability: Technical Report, European Credit Research Institute and Personal Finance Research Centre.Faruqui U., 2006, Are there Significant Disparities in Debt Burden across Canadian Households? An Examination of the Distribution of the Debt Service Ratio Using Micro Data, “IFC Bulletin”, No. 26, Measuring the financial position of the household sector, Vol. 2.Gumy J., 2007, Explaining Overindebtedness in the European Union, (Paper prepared for the BHPS 2007 Conference Colchester, 5th – 7th July 2007), United Kingdom.Houle J. N., 2014, A Generation Indebted: Young Adult Debt across Three Cohorts, “Social Problems”, Vol. 61, Issue 3, 1-18.Johansson M. W., Persson M., 2006, Swedish Households’ Indebtedness and Ability to Pay – A Household Level Study, “IFC Bulletin”, No. 26, Vol. 2.Keese M., 2010, Who Feels Constrained by High Debt Burdens? Subjective vs. Objective Measures of Household Indebtedness, “Ruhr Economic Papers”, No. 169.Kempson E., 2002, Over-Indebtedness in Britain. A Report to the Department of Trade and Industry, Personal Finance Research Centre, University of Bristol, Bristol.Lea S. E. G., Webley P., Levine R. M., 1993, The Economic Psychology of Consumer Debt, “Journal of Economic Psychology”, 14(1).Lindquist K., Riser M., Solheim H., Vatne B. H., 2015, Debt in Norwegian Households within a Life-Cycle Perspective: An Analysis Using Household-Level Data, [in]: Indicators to Support Monetary and Financial Stability Analysis: Data Sources and Statistical Methodologies, “IFC Bulletins”, Bank for International Settlements, number 39.Livingstone S. M., Lunt P. K., 1992, Predicting Personal Debt and Debt Repayment: Psychological, Social and Economic Determinants, “Journal of Economic Psychology”, 13(1).Mitrakos T. M., Simigiannis G. T., Tzamourani P. G., 2005, Intebtedness in Greek Households: Evidence from a Survey, “Bank of Greece Economic Bulletin”, 25, 13-15.MORI, 2003, Financial Over-Commitment Survey, Citizen's Advice, London.OXERA, 2004, Are UK Households Over-Indebted?, Commissioned by the Association for Payment Clearing Services, British Bankers Association, Consumer Credit Association and the Finance and Leasing Association.Pearce D. K., 1985, Rising Household Debt in Perspective, “Economic Review”, Federal Reserve Bank of Kansas City, v. 70, no. 7, 3-17.Rebiere N., 2007, Community Statistics on Income and Living Conditions (EU-SILC) and Over-Indebtedness: The Example of France, Meeting of the Working Group of SRCV Users (French module of the EU-SILC), 10/23/2007, INSEE, Paris.Russell H., Maître B., Donnelly N., 2011, Financial Exclusion and Over-Indebtedness in Irish Households, Social Inclusion Research Report.Schicks J., 2010, Microfinance Over-Indebtedness: Understanding its Drivers and Challenging the Common Myths, “CEB Working Paper”, No 10/048, Brussel.Świecka B., 2008, Bankructwa gospodarstw domowych. Perspektywa ekonomiczna i społeczna, Difin, Warszawa.Świecka B., 2009, Niewypłacalność gospodarstw domowych. Przyczyny – skutki – przeciwdziałanie, Difin, Warszawa.Tufte P. A., 1999, Vulnerable Consumers in the Financial Market, National Institute for Consumer Research (SIFO), Oslo.Vogelgesang U., 2003, Microfinance in Times of Crisis: The Effects of Competition, Rising Indebtedness, and Economic Crisis on Repayment Behavior, “World Development”, 31(12).Wałęga G., 2010, Determinanty zadłużenia gospodarstw domowych w Polsce w świetle wybranych teorii konsumpcji, [in:] Otoczenie ekonomiczne a zachowania podmiotów rynkowych, Z. Dach (red.), PTE, Kraków.Webley P., Nyhus E. K., 2001, Life-Cycle and Dispositional Routes into Problem Debt, “British Journal of Psychology”, 92, 423-446.Yilmazer T., DeVaney S. A., 2005, Household Debt over the Lifecycle, “Financial Services Review”, 14, 285-304.Zajączkowski S., Żochowski D., 2007, Obciążenia gospodarstw domowych spłatami długu: rozkłady i stress testy – na podstawie badań budżetów gospodarstw domowych GUS, „Materiały i Studia”, z. 221, NBP, Warszawa.106-1161(85)10611

A Classification of Polish Households Based on a Credit Portfolio and Debt Service Ratio

The aim of this paper is to show the diversity of Polish households’ financial behavior in terms of debt as well as an identification of households that are characterized by a high debt to income ratio. The article also attempt to assess the debt to income ratio as a measure of households over-indebtedness. To achieve the main objective, the cluster analysis method was used. Based on the households credits portfolio and the level of debt to income ratio, 11 homogeneous groups of households were generated. Five of them were characterized by a high debt to income ratio (>30%), which classify them as overindebted.The project was financed from the resources of The National Science Centre based on the decision number DEC-2012/05/N/HS4/[email protected] of Economics and Social Sciences, Poznan University of Life SciencesBarba A., Pivetti M., 2009, Rising Household Debt: Its Causes and Macroeconomic Implications. A Long-Period Analysis, “Cambridge Journal of Economics”, 33/2009, 113-137.Beer Ch., Schürz M., 2007, Characteristic of Household Debt in Austria. Does Household Debt Pose a Threat to Financial Stability?, “Monetary Policy and The Economy”, Q2/07.Betti G., Dourmashkin N., Rossi M.., Ping Yin Y., 2007, Consumer Over-indebtedness in the EU: Measurement and Characteristics, „Journal of Economic Studies” v. 34(2), 136-156.Betti G., Dourmashkin N., Rossi M.C., Verma V., Ping Yin Y., 2001, Study of the Problem of Consumer Indebtedness: Statistical Aspects, Report for the Directorate-General for Health and Consumer Protection, ORC Macro, London.Bloxham P., Kent Ch., 2009, Household Indebtedness, “Australian Economic Review”, 42(3), 327-39.Bricks L., McKee K., 2010, Consumer Protection Regulation in Low-Access Environments: Opportunities to Promote Responsible Finance, Focus Note no. 60, CGAP, Washington, DC.Bridges S., Disney R., 2004, Use of Credit and Debt among Low-Income Families in the UK. An Empirical Analysis, “Fiscal Studies”, vol. 25, 1-25.Bryan M., Taylor M., Veliziotis M., 2010, Overindebtedness in Great Britain: an Analysis Using The Wealth and Assets Survey and Household Annual Debtors Survey, Report to the Department for Business, Innovation and Skills, Institute for Social and Economic Research, University of Essex.Bywalec Cz., 2009, Ekonomika i finanse gospodarstw domowych, PWN, Warszawa.Carpentier S., Van den Bosch K., 2008, Problematic Debts in Belgium: Indicators Based on Belgian SILC 2004 and Profile of the Population with (Problematic) Indebtedness, “Working Paper Social Security”, No. 7.D’Alessio G., Iezzi S., 2012, Household Over-Indebtedness. Definition and Measurement with Italian Data, Sixth IFC Conference on “Statistical Issues and Activities in a Changing Environment” BIS, Basel, 28-29 August 2012.DeVaney S. A., 1994, The Usefulness of Financial Ratios as Predictors of Household Insolvency – Two Perspectives, “Financial Counselling and Planning”, Vol. 5, 5-24.DeVaney S. A., Lytton R. H., 1995, Household Insolvency: A Review of Household Debt Repayment, Delinquency, and Bankruptcy, “Financial Services Review”, 4(2), 137-156.Disney R., Bridges S., Gathergood J., 2008, Drivers of Over-Indebtedness, Report to the Department for Business, Enterprise and Regulatory Reform, CPE, The University of Nottingham.European Commission, 2008, Towards a Common Operational European Definition of Over-Indebtedness, Directorate-General for Employment, Social Affairs and Equal Opportunities Inclusion, Social Policy Aspects of Migration, Streamlining of Social Policies Unit.Faruqui U., 2006, Are there Significant Disparities in Debt Burden across Canadian Households? An Examination of the Distribution of the Debt Service Ratio Using Micro Data, “IFC Bulletin”, No 26, Measuring the Financial Position of the Household Sector, Vol. 2.Gumy J., 2007, Explaining Overindebtedness in the European Union (Paper Prepared for the BHPS 2007 Conference Colchester, 5th-7th July 2007), United Kingdom.Johansson M. W., Persson M., 2006, Swedish Households’ Indebtedness and Ability to Pay – a Household Level Study, “IFC Bulletin”, No 26, Vol. 2.Keese M., 2009, Triggers and Determinants of Severe Household Indebtedness in Germany, “SOEP Papers” 239, DIW Berlin, The German Socio-Economic Panel (SOEP).Kempson E., 2002, Over-Indebtedness in Britain. A Report to the Department of Trade and Industry, Personal Finance Research Centre, University of Bristol, Bristol.Kempson E., McKay S., Willitts M., 2004, Research Report No 211: Characteristics of Families in Debt and the Nature of Indebtedness, Personal Finance Research Centre.Modigliani F., Brumberg R., 1954, Utility Analysis and the Consumption Function: An Interpretation of the Cross-Section Data, [in]: Post-Keynesion Economics, K. Kurihara (ed.), Rutgers University Press, New Brunswick, NJ, 388-436.MORI, 2003, Financial Over-Commitment Survey, Citizen's Advice, London.OXERA, 2004, Are UK Households Over-Indebted?, Commissioned by the Association for Payment Clearing Services, British Bankers Association, Consumer Credit Association and the Finance and Leasing Association.Rebiere N., 2007, Community Statistics on Income and Living Conditions (EU-SILC) and Over-Indebtedness: the Example of France, Meeting of the Working Group of SRCV users (French module of the EU-SILC), 10/23/2007, INSEE, Paris.Russell H., Maître B., Donnelly N., 2011, Financial Exclusion and Over-Indebtedness in Irish Households, Social Inclusion Research Report.Schicks J., 2010, Microfinance Over-Indebtedness: Understanding its Drivers and Challenging the Common Myths, “CEB Working Paper”, No. 10/048, Brussel.Świecka B., 2008, Bankructwa gospodarstw domowych. Perspektywa ekonomiczna i społeczna, Difin, Warszawa.Świecka B., 2009, Niewypłacalność gospodarstw domowych. Przyczyny – skutki –przeciwdziałanie, Difin, Warszawa.Vandone D., 2009, Consumer Credit in Europe, Contributions to Economics, Springer, Berlin.Zajączkowski S., Żochowski D., 2007, Obciążenia gospodarstw domowych spłatami długu: rozkłady i stress testy – na podstawie badań budżetów gospodarstw domowych GUS, „Materiały i Studia”, zeszyt nr 221, NBP, Warsaw.138-1485(83)13814

Typy zachowań oszczędnościowych osób młodych w Gruzji na przykładzie mieszkańców Tbilisi

The aim of this study is to distinguish the types of saving behaviour of young Georgians – residents of the capital Tbilisi. The objective was achieved using primary survey data and cluster analysis. Three types of saving behaviour strategies were distinguished: with cash, valuing safety and diversifying saving portfolio. Research indicates that among young residents of Georgia dominates the type of valuing safety. People belonging to this group place their savings in products with a low degree of risk, such as bank deposits in the national currency, cash and insurance policies

TYPES OF SAVING BEHAVIOURS OF YOUNG RESIDENTS OF GEORGIA ON THE EXAMPLE OF TBILISI INHABITANTS

The aim of this study is to distinguish the types of saving behaviour of young Georgians – residents of the capital Tbilisi. The objective was achieved using primary survey data and cluster analysis. Three types of saving behaviour strategies were distinguished: with cash, valuing safety and diversifying saving portfolio. Research indicates that among young residents of Georgia dominates the type of valuing safety. People belonging to this group place their savings in products with a low degree of risk, such as bank deposits in the national currency, cash and insurance policies