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Financial management and financial satisfaction in Czech households
Fialová, Kamila ; Mysíková, Martina
Household financial management is a complex process in which a variety of factors play a role in influencing household financial health. These factors are primarily the level of household income and expenditure, including the way in which housing is provided, household size and structure, education and financial literacy. An important aspect of household management is the balance of the budget, which is based on the distribution of financial resources between recurrent expenditure covering basic needs, more luxurious and irregular expenditure, and possibly also savings. Budget balance affects the financial stability of a household and its future prospects. In the case of households with more members, the distribution of income within the household can be another important aspect, which can affect not only the financial well-being of individual members but also have wider implications. \nInternationally comparable Eurostat data for 2018 show that Czechs have an average level of financial satisfaction among European nations. On a scale of 0 to 10, Czechs on average rated their financial satisfaction as 6.7, while the European average was 6.6. Czech men (6.8) were slightly more satisfied than women (6.6). Since 2013, the data showed a significant increase in the financial satisfaction of Czech households from an average rating of 6.0. \nData from the 2023 IPSOS sample survey rate the financial satisfaction of Czechs as 5.5 on average (on the same scale from 0 to 10), with men again more satisfied (5.7) than women (5.3). Roughly one-third of respondents are very or rather dissatisfied with their financial situation (0-4), while more than half of respondents are rather or very satisfied with their financial situation (6-10).\nThe results of the regression analysis show that demographic characteristics such as gender, age, education or presence of children do not affect financial satisfaction. In general, people living with a spouse/partner and single individuals are more satisfied with their financial situation than those divorced and widowed. \nThe key factors influencing financial satisfaction are the amount of household income and how they manage it, as well as the accumulation of short-term or long-term financial reserves. Paying a mortgage or rent does not significantly reduce financial satisfaction. Repaying loans significantly reduces financial satisfaction for women living as a couple.\n
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Insurance in Czech households
Fialová, Kamila ; Mysíková, Martina
Insurance increases household welfare by transferring uncertainty from risk-averse individuals to risk-neutral institutions. Thus, the main motive for purchasing insurance is risk aversion to avoid loss. Insurance can improve the financial resilience and overall financial stability of households, with particular importance for low-income households.\nHousehold demand for insurance depends on many factors, including the socio-demographic characteristics of household members, the economic structure of the household, the evolution of the macroeconomic environment, as well as institutional factors. Specific household preferences, attitudes and risk perceptions are also important. However, of all the factors, household income is generally cited as the most important as it has a major impact on demand for both life and non-life insurance.\nAlmost 60% of respondents have life insurance, the vast majority of them also use some form of non-life insurance (54% of all respondents). On the other hand, almost a tenth have no insurance at all. At least one of the considered forms of non-life insurance is generally used by the majority of the total respondents (84.4%), while only 31% of respondents have non-life insurance (and not life insurance at the same time).\nPeople with higher education and households with children are more likely to use insurance, which may be related to the motivation to secure their dependents. Household income and financial reserves have a significant impact. Low-income households are significantly less likely to take out insurance, which may be due to the fact that insurance is unaffordable for them. In contrast, households with long-term financial reserves are more likely to use insurance. Life insurance is also used more often by people who have other loans or credits besides a mortgage.\n
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Long-term savings in Czech households.
Fialová, Kamila ; Mysíková, Martina
Long-term savings help to maintain a stable standard of living and well-being for people at different stages of their lives, or even to support a rising standard of living over time, even after the loss of income that can be expected, for example, in retirement. The main reasons for saving for the long term are to provide for retirement, invest in property or higher education, either for oneself or for one's children. The aim of this study is to identify the main factors that can influence long-term savings. \n\n
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Financial affordability of housing in Czech households
Fialová, Kamila ; Mysíková, Martina
Housing costs generally represent the most important item of household consumption expenditure. While the average European household spends 25% of its budget on housing, including energy and other payments, in 2021, the Czechs spend as much as 28%. Housing affordability is generally defined as the provision of a certain standard of housing at a price or rent that is considered a reasonable burden on households. If a household's share of housing costs is too high, this can have a negative impact on other household consumption as well as on living standards. The study assesses the burden of housing costs on Czech households using objective and subjective methods and identifies the main factors influencing the financial burden.
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Loans, credit and debt in Czech households
Fialová, Kamila ; Mysíková, Martina
The use of loans and credit is one of the pillars of households' financial resilience and stability. Household borrowing and lending is common in all developed countries and does not necessarily have negative consequences. Indebtedness has a double-edged relationship with household financial resilience. On the one hand, access to loans and credit can improve households' resilience to financial shocks and enable households to increase their welfare by making it easier to smooth consumption over the life course. But on the other hand, high levels of household debt reduce resilience to future financial shocks. Excessive debt can be a sign that a household may not be managing its financial situation and is therefore not financially resilient.\nIn terms of potential impacts, a distinction should be made between indebtedness and over-indebtedness. Over-indebtedness refers to a situation where households are struggling to repay their debts, which can cause financial stress and threaten households' living standards. This study uses two approaches to measure over-indebtedness: objective and subjective. It aims to identify the main factors influencing household over-indebtedness under both approaches.\n
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An analysis of determinants of immigration to the CR.
Toušková, Daniela ; Fialová, Kamila (advisor) ; Vyležík, Tomáš (referee)
The aim of my bachelor thesis is to introduce the issues of migration from the economic point of view based on data focused on the Czech Republic. There is only the net immigration analyzed in this thesis due to the lack of relevant data available for the emigration ones. The net immigration is represented by the difference of number of foreigners working in the CR legally. There is a linear regression model used in this analysis and dependence of difference of number of foreigners working in CR on several economic variables is estimated by the ordinary least squares method. There are quarterly data collected in 2001-2009 used in the analysis. The results show that the largest impact on the growth of number of working foreigners has the growth of unemployment rate. This impact is negative, which corresponds to the economic theory presented in the theoretical part of this thesis. Other variables significant for the difference of number of foreigners are year-to-year difference of real wage and difference of real gross domestic income.
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Unemployment and education in the Czech Republic
Hofman, Stanislav ; Fialová, Kamila (advisor) ; Kameníček, Jiří (referee)
Workers with higher adjusted education are characterised by higher wages, higher participation rate and lower unemployment. The theory of human capital explains lower number of unemployed workers from this group primarily by stronger attachment of more qualified workers to an employer's company and also by more effective job searching, which result in a shorter duration of unemployment. This paper set itself a task to analyse the reasons of variations in unemployment and vacancy rates for groups with different adjusted education by using the model of the Beveridge curve and the matching function. The statistic tests confirmed the theoretical hypothesis about lower risk of unemployment for the group with higher adjusted education. Although unemployed more qualified workers demonstrate lower duration of unemployment as well, it was not positively proved on the model of matching function, that it is due to more effective job searching.
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Kalíšková, Klára ; Flek, Vladislav (advisor) ; Fialová, Kamila (referee)
Active labour market policy is a widely used labour market intervention, which should increase the efficiency of labour market and help increase regular employment. However, its real impacts on labour market conditions are ambiguous. Although the literature concerning effectiveness of active labour market policy (ALMP) measures is extensive, there is no conclusive evidence regarding which ALMP measures are efficient and to what extent. The effectiveness of active labour market policy depends on many circumstances including characteristics of a given measure and conditions in a corresponding labour market. Therefore, decisions regarding implementation of ALMP measures should be based on high- quality and systematic evaluation of impacts of these measures in the given labour market. In the Czech Republic there is no regular system of active labour market policy evaluation, but the need for evaluation is even more urgent in the current economic crisis. The thesis offers both theoretical and empirical analysis of the active labour market policy effectiveness. Theoretical analysis introduces a comprehensive labour market model, which is grounded in the findings of existing literature and enables us to identify possible macroeconomic effects of ALMP measures on aggregate labour market situation. Second...
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