IDEAS home Printed from https://ideas.repec.org/a/ssi/jouesi/v7y2020i3p2470-2480.html
   My bibliography  Save this article

The problem of savings exclusion and gross savings in the new European Union member states

Author

Listed:
  • Robert Huterski

    (Nicolaus Copernicus University, Poland)

  • Agnieszka Anna Huterska

    (Nicolaus Copernicus University, Poland)

  • Justyna Łapińska

    (Nicolaus Copernicus University, Poland)

  • Ewa Zdunek-Rosa

    (Nicolaus Copernicus University, Poland)

Abstract

The problem of the exclusion of some households, in particular those less affluent, from the use of financial services available on the market, including savings, is an important issue in the literature due to the objectively identified negative social and economic consequences of such exclusion. The research objective of the article is to attempt to identify factors related to savings exclusion which determine the share of gross savings in GDP in the new European Union member states. To achieve the goal, a panel data model was estimated. The set of statistically significant factors that adversely affect the creation of gross savings in the economy, and thus the higher level of savings exclusion, include the unemployment rate, social contributions, household debt, the Gini coefficient, and the share of people aged 25-49 in the total population. All these variables are negatively correlated with the explained variable, which means that an increase in their value causes a fall in gross savings. The results of the research have shown that such a highly aggregated measure as gross savings in the economy can be useful for analysing selected aspects of savings exclusion occurring in the examined new member states of the EU.

Suggested Citation

  • Robert Huterski & Agnieszka Anna Huterska & Justyna Łapińska & Ewa Zdunek-Rosa, 2020. "The problem of savings exclusion and gross savings in the new European Union member states," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(3), pages 2470-2480, March.
    • Handle: RePEc:ssi:jouesi:v:7:y:2020:i:3:p:2470-2480
    DOI: 10.9770/jesi.2020.7.3(67)
    as

    Download full text from publisher

    File URL: https://jssidoi.org/jesi/uploads/articles/27/Huterski_The_problem_of_savings_exclusion_and_gross_savings_in_the_new_European_Union_member_states.pdf
    Download Restriction: no
    File URL: https://jssidoi.org/jesi/article/533
    Download Restriction: no
    File URL: https://libkey.io/10.9770/jesi.2020.7.3(67)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
    2. Gustman, Alan L. & Steinmeier, Thomas L., 2015. "Effects of social security policies on benefit claiming, retirement and saving," Journal of Public Economics, Elsevier, vol. 129(C), pages 51-62.
    3. David Martínez Turégano & Alicia García Herrero, 2018. "Financial Inclusion, Rather Than Size, Is The Key To Tackling Income Inequality," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 63(01), pages 167-184, March.
    4. Mr. Fei Han & Ms. Emilia M Jurzyk & Wei Guo & Yun He & Ms. Nadia Rendak, 2019. "Assessing Macro-Financial Risks of Household Debt in China," IMF Working Papers 2019/258, International Monetary Fund.
    5. Piotr Lukasiewicz & Krzysztof Karpio & Arkadiusz Orlowski, 2018. "Two-component structure of household income distributions in Poland," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 13(4), pages 603-622, December.
    6. Jalava, Jukka & Kavonius, Ilja Kristian, 2007. "Durable goods and their effect on household saving ratios in the euro area," Working Paper Series 755, European Central Bank.
    7. Robert Huterski & Agnieszka Huterska & Michal Polasik, 2018. "Payment account with basic features and its significance in the reduction of financial exclusion in Poland," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 17(2), pages 137-155, June.
    8. Nathaniel Karp & Boyd Nash-Stacey, 2015. "Technology, Opportunity & Access: Understanding Financial Inclusion in the U.S," Working Papers 1525, BBVA Bank, Economic Research Department.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert Huterski & Agnieszka Huterska & Ewa Zdunek-Rosa & Grażyna Voss, 2021. "Evaluation of the Level of Electricity Generation from Renewable Energy Sources in European Union Countries," Energies, MDPI, vol. 14(23), pages 1-18, December.
    2. Agnieszka Huterska & Robert Huterski & Grazyna Voss, 2020. "Financial Inclusion of Young People: Disproportions between the Old and New Member States of the European Union," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 852-864.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Agnieszka Huterska & Robert Huterski & Grazyna Voss, 2020. "Financial Inclusion of Young People: Disproportions between the Old and New Member States of the European Union," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 852-864.
    2. John Y. Campbell, 2016. "Restoring Rational Choice: The Challenge of Consumer Financial Regulation," American Economic Review, American Economic Association, vol. 106(5), pages 1-30, May.
    3. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    4. Raccanello, Kristiano & Romero-García, David Arturo, 2012. "Prácticas predatorias y crédito al consumidor," eseconomía, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(36), pages 7-43, cuarto tr.
    5. Goda, Gopi Shah & Levy, Matthew R. & Flaherty Manchester, Colleen & Sojourner, Aaron & Tasoff, Joshua & Xiao, Jiusi, 2023. "Are retirement planning tools substitutes or complements to financial capability?," Journal of Economic Behavior & Organization, Elsevier, vol. 214(C), pages 561-573.
    6. Oasis Kodila-Tedika & Simplice A. Asongu, 2015. "The Effect of Intelligence on Financial Development: A Cross-Country Comparison," Research Africa Network Working Papers 15/002, Research Africa Network (RAN).
    7. Meier, Stephan & Sprenger, Charles D., 2013. "Discounting financial literacy: Time preferences and participation in financial education programs," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 159-174.
    8. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Financial literacy and retirement planning: New evidence from the Rand American Life Panel," CFS Working Paper Series 2007/33, Center for Financial Studies (CFS).
    9. Sandro Ambuehl & B. Douglas Bernheim & Annamaria Lusardi, 2022. "Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice," American Economic Review, American Economic Association, vol. 112(11), pages 3584-3626, November.
    10. de Moraes, Claudio Oliveira & Cruz, Guilherme, 2023. "What do we know about the relationship between banks and income inequality? Empirical evidence for emerging and low-income countries," Journal of Economics and Business, Elsevier, vol. 123(C).
    11. Yaakov Itach, 2019. "Financial Literacy Level Of High School Students And Its Economic Patterns Reflections," Almanac of PhD Students, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, vol. 15(15 Year 2), pages 518-537.
    12. Annette Vissing-Jorgensen, 2000. "Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures," Econometric Society World Congress 2000 Contributed Papers 1102, Econometric Society.
    13. Boniface Ngah EPO & Jules Médard NANA DJOMO & Mark Wiykiynyuy TANGWA & Éric Dieudonné OBAMA OBAMA, 2023. "Threshold effect of banking on income inequalities in developing countries: the importance of mobile money," Working Papers of the African Governance and Development Institute. 23/073, African Governance and Development Institute..
    14. Gary V. Engelhardt & Anil Kumar, 2007. "Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study," NBER Chapters, in: Public Policy and Retirement, Trans-Atlantic Public Economics Seminar (TAPES), pages 1920-1943, National Bureau of Economic Research, Inc.
    15. Tim Besley, 2001. "From micro to macro: public policies and aggregate economic performance," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 357-374, September.
    16. Alessia Sconti, 2020. "Financial Literacy in Italy: What works among millennials most?," Working Papers 01/2020, University of Verona, Department of Economics.
    17. van Rooij, Maarten C.J. & Lusardi, Annamaria & Alessie, Rob J.M., 2011. "Financial literacy and retirement planning in the Netherlands," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 593-608, August.
    18. Irina Gemmo & Pierre-Carl Michaud & Olivia S. Mitchell, 2023. "Selection into Financial Education and Effects on Portfolio Choice," NBER Working Papers 31682, National Bureau of Economic Research, Inc.
    19. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
    20. Chowa, Gina & Ansong, David, 2010. "Youth and savings in AssetsAfrica," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1591-1596, November.

    More about this item

    Keywords

    savings exclusion; gross savings; national accounts;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ssi:jouesi:v:7:y:2020:i:3:p:2470-2480. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Manuela Tvaronaviciene (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.