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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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The impact of the 2014 amendment of the Directive 92/85/EEC in the presence of women in the production sector
Caria Fernandes Ferreira Nunes, Madalena ; Nekola, Martin (advisor) ; Mysíková, Martina (referee)
As with many other public policies, the 2014 amendment of the Council directive 92/85/EEC, concerning the introduction of measures to encourage improvements in the safety and health at work of pregnant workers and workers who have recently given birth or are breastfeeding, may have unintended consequences, beyond its original purpose. Thus, this research aims to study if the aforementioned amendment caused some disturbance in the participation of women in the labour market, differentiating by production sectors. To do this, a sample of OECD countries was used to employ a differences-in-differences methodology, where the treatment group was the set of EU Countries subjected to this law. In addition, the model is extended to control for country-specific variables allowing for a descriptive analysis of the influence of the selected variables on the share of women in the different sectors. Although the effect of the amendment on the share of women in the analysed industries was found to be statistically insignificant using the differences-in-differences methodology, the covariates model offers interesting insights on the topics of fertility, education, maternity leave and employment protection. A brief analysis of variance has also shown that the countries that implemented women-specific legislation...
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The European Social Models
Wolfová, Veronika ; Mysíková, Martina (advisor) ; Vančura, Matěj (referee)
This bachelor thesis studies social policies across Europe and models that can be detected among social security systems. Analysis of models is based on earlier studies that had examined the EU member states before the states of Eastern Europe joined in 2004. In this thesis the author extended the theory to examine current situation, when the European Union comprises 27 members. With an emphasis on social policy, social models are set in the context of strategies that the European Commission issued as incentives for social reform. Part of this work is the evaluation of social models and their possible convergence to the European social model.
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Flexicurity on the Czech Labour Market: An Application in European Context
Matoušek, Jindřich ; Mysíková, Martina (advisor) ; Šolc, Jan (referee)
UNIVERZITA KARLOVA V PRAZE FAKULTA SOCIÁLNÍCH VĚD Institut ekonomických studií Jindřich Matoušek Flexicurity on the Czech Labour Market: An Application in European Context Abstract of Bachelor Thesis Praha 2011 Abstract During the course of my bachelor thesis, I deal with a concept of flexicurity in the Czech Republic. The concept merges two apparently opposite components of labour market, i.e. flexibility and security. Furthermore, this approach has been spontaneously developed in Denmark and the Netherlands and became an inherent part of socio-legal labour market policies promoted by European Union at the beginning of the twentieth century. First part of this paper reviews a situation of both components of flexicurity in the Czech Republic at the time when this thesis is formed. It describes the evolution of unemployment as well as the degree of flexibility and security on the Czech labour market and compares them with current situation in the rest of European states. Second part analyses flexible forms of employment in the Czech Republic, such as part-time jobs and its microeconomic implications. In the final section, I focus on the evaluation of elements which affected the unemployment rate in the Czech Republic from 1993 to 2008. Title: Flexicurity on the Czech Labour Market: An Application in European...
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