Socio-economic determinants of financial inclusion in Central and Eastern Europe during the COVID-19 pandemic

• Autorzy: Waliszewski Krzysztof

Warianty tytułu

EN

Socio-economic determinants of financial inclusion in Central and Eastern Europe during the COVID-19 pandemic

• Języki publikacji: EN

Abstrakty

EN

A society’s financial inclusion – understood as possessing and actively using a bank or non-bank account – is one of many indicators of sustainable growth and economic development. The COVID-19 pandemic has accelerated the process of financial integration through the use of modern technologies in finance, financial innovation and the need to have an account to receive aid from government crisis shields or to confirm official activities through a trusted profile in a bank. Furthermore, EU regulations have accelerated the process of financial integration through the institution of a basic bank account and open banking solutions. Financial education programs and activities of financial institutions under the Corporate Social Responsibility (CSR)/Environment Social Governance (ESG) strategy have also contributed to improving financial literacy, which directly reduces financial self-exclusion. The aim of the article is to check whether financial inclusion has increased during the pandemic and to identify socio-demographic determinants of this inclusion such as sex, age, in or out labor force, education, and wealth level in selected CEE countries. The article uses statistical data from The Global Findex research conducted since 2011 and by the World Bank, covering the period 2011-2021. The empirical study confirmed that during the COVID-19 pandemic, the largest increases in the percentage of people aged 15+ with a bank account were recorded, and the studied Central and Eastern European countries differed in this respect. Selected socio-demographic variables differentiated the level of financial integration in the analysed countries. The level of financial inclusion in selected European countries increased in the considered period, especially in countries with the initially lowest level of financial inclusion (Ukraine, Bulgaria). Financial inclusion was positively influenced by professional activity, at least secondary education, age of 25 and above, and high income. The greatest degree of financial inclusion was differentiated by education, and then by professional activity. However, sex was not shown to differentiate the level of financial inclusion.

Słowa kluczowe

EN

financial inclusion; bank account,; SARS-CoV-2 pandemic; CEE countries

• Wydawca: Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego
• Czasopismo: Przegląd Wschodnioeuropejski
• Rocznik: 2023
• Tom: 1
• Strony: 25-41

Daty

wydano

2023-06-30

Twórcy

autor

Waliszewski Krzysztof

• Poznań University of Economics and Business,

Bibliografia

• Cichowicz, E. (2018), The Use of Modern Technology by Financial Institutions in Combating Financial Exclusion. In: Annales. Etyka w życiu gospodarczym. 5 (21), 109-119.
• Cwynar A. (2021), Financial Literacy and Financial Education in Eastern Europe. In: Nicolini, G. | Cude, B. J. (eds.), The Routledge Handbook of Financial Literacy. London, 400-419.
• Demiruguc-Kunt, A. | Klapper, L. | Singer, D. et al. (2022), The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington, DC: World Bank, https://openknowledge.worldbank.org/handle/10986/37578 (accessed: 21.06.2021).
• Das, K. (2012), Financial Inclusion – A Gateway to Sustainable Development for the Impoverished. In: Journal of Rural Development. 1 (31), 115-128.
• Dyrektywa Parlamentu Europejskiego i Rady 2014/92/UE z dnia 23 lipca 2014 r. w sprawie porównywalności opłat związanych z rachunkami płatniczymi, przenoszenia rachunku płatniczego oraz dostępu do podstawowego rachunku płatniczego (Dz.Urz. UE L 257/214) (Dyrektywa PAD).
• Dyrektywa Parlamentu Europejskiego i Rady (UE) 2015/2366 z dnia 25 listopada 2015 r. w sprawie usług płatniczych w ramach rynku wewnętrznego, zmieniająca dyrektywy 2002/65/WE, 2009/110/WE, 2013/36/UE i rozporządzenie (UE) nr 1093/2010 oraz uchylająca dyrektywę 2007/64/WE (Tekst mający znaczenie dla EOG) (Dyrektywa PSD2).
• Frączek, B. (2017), Edukacja finansowa jako determinanta wzrostu włączenia finansowego: podejście zintegrowane. Katowice.
• Gentilini, U. | Almenfi, M. | Orton, I. et al. (2020), Social Protection and Jobs Responses to COVID-19: A Real-Time Review of Country Measures. Washington. DC: World Bank. https://socialprotection.org/discover/publications/social-protection-and-jobs-responses-covid-19-realtime-review-count (accessed: 17.08.2022).
• Kurowski, Ł. | Laskowska, Z. (2016), Does financial education reduce financial exclusion? In: e-mentor. 3, 15-23.
• Milana, C. | Ashta, A. (2020), Microfinance and financial inclusion: Challenges and opportunities. In: Strategic Change. 29(3), 257-266.
• Moore, D. | Niazi, Z. | Rouse, R. et al. (2019), Building Resilience through Financial Inclusion: A Review of Existing Evidence and Knowledge Gaps. Financial Inclusion Program, Innovations for Poverty Action, Washington, DC. https://www.poverty-action.org/publication/buildingresilience-through-financial-inclusion-review-existing-evidence-and-knowledge (accessed: 15.08.2022).
• Musiał, M. (2014), Postawy finansowe Polaków w procesie gospodarowania finansami osobistymi. In: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia. 67, 837-848.
• Nowacka, A. | Szewczyk-Jarocka, M. | Zawiślińska, I. (2021), Socio-demographic determinants of financial exclusion of the unemployed on the local labour market: a case study. Ekonomia i Prawo. Economics and Law, 20 (1), 155-171.
• Ozili, P. K. (2021), Financial inclusion research around the world: A review. In: Forum for Social Economics. 4 (50), 457-479. http://dx.doi.org/10.1080/07360932.2020.1715238.
• Pluskota P. (2020), The Use of Microfinance to Mitigate Financial Exclusion, Argumenta Oeconomica Cracoviensia. 2 (23), 105-123. http://dx.doi.org/doi.org/10.15678/AOC.2020.2306.
• Sanderson, A. | Learnmore, M. | Le Roux, P. (2018), A Review of Determinants of Financial Inclusion, International Journal of Economics and Financial Issues. 8 (3), 1-8.
• The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19, https://www.worldbank.org/en/publication/globalfindex (accessed: 20.08.2022).
• Úbeda. F. | Mendez. A. | Javier, F. et al. (2020), The sustainable practices of multinational banks as drivers of financial inclusion in developing countries. In: Finance Research Letters. Available online 24 August 2022, 103278.
• Van, D. T. T. | Linh, N. H. (2019), Wpływ włączenia finansowego na rozwój gospodarczy: przykłady krajów Azji i Pacyfiku. In: Comparative Economic Research. Central and Eastern Europe. 22 (1), 7-16.
• Waliszewski, K. | Warchlewska, A. (2021), Selected countries of Eastern and Central Europe
• in the face of challenges of modern financial technologies (on the example of Robo-Advice). In: Przegląd Wschodnioeuropejski, 12 (2), 153-166

Identyfikatory

ISSN

2081-1128