The choice of payment instrument, which is used every day to make life easier, comprises one of the consumer financial decisions influenced by several factors. To investigate when, where, and for ...what amount customers use different forms of payment an interview of statistically representative group of 1005 consumers from all over Poland have been realized, in the first quarter of 2019 with the use of the computer assisted personal interviewing method. The data gives a unique combination of information on consumers payment choice and detailed information about demographics, income, and consumer preferences within a nationally representative consumer survey. Within this article statistical analyzes of the influence of transaction factors on consumer choice of payment have been performed together with a first attempt to employ a data-mining method known as Random Forests for predict the choices that those consumers make regarding the method of payment. The results revealed the complexity and diversity of factors influencing consumer choices. The findings show that, despite the development of innovative forms of payment, traditional forms, especially cash, still have a strong position. Notwithstanding among the customers' personal traits, financial knowledge is one of the most important determinants of their payment choices. These results are an important step toward a predictive model of consumer choice. Additionally presented findings on consumers’ payment behavior can guide policy formulation and strategic decision-making of central banks and stakeholders, and thereby contribute toward improving the efficiency of the payment system in Poland as a whole.
•We analyze the influence of transaction factors on consumer choice of payment methods.•Traditional forms of payment, especially cash, have still a strong position.•Machine learning models can predict customer payment preferences.•Consumers' payment behavior can guide policy formulation and strategic decision.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
The global digital shift, recently accelerated by the COVID‐19 pandemic, requires that consumers have knowledge allowing them to navigate increasingly cashless markets safely and effectively. To ...enable valid and reliable measurement of such knowledge, we used data obtained from a random sample of adult Poles to develop and evaluate the psychometric properties and applicability of an original cashless payments knowledge scale (CPK scale). Our analyses based on Item Response Theory show that some evident subdomains exist within the CPK construct. The separate dimensions of the CPK merge into a coherent scale with solid psychometric properties. We find that the CPK score depends on the place of residence, education, and household size, and is positively related to safe cashless behavior. Our findings may have important implications for financial institutions as well as policymakers interested in segmenting consumers in terms of their financial knowledge, potential risks resulting from deficits in this knowledge, and enhancing financial literacy.
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BFBNIB, DOBA, FZAB, GIS, IJS, IZUM, KILJ, NLZOH, NUK, OILJ, PILJ, PNG, SAZU, SBCE, SBMB, SIK, UILJ, UKNU, UL, UM, UPUK
Financial knowledge is the main element of financial literacy, which is important for the sustainable development of individuals and society. Sustainability is a complex concept that spans many ...fields, including financial knowledge for all ages. Financial knowledge requires significant scientific research showing its impact on individuals and the economy, including non-cash payments. Consumer payment knowledge and its association with consumer financial behavior have long been a matter of widespread interest by researchers, but no in-depth, empirically based scientific research has been completed for Poland. The objective of this study was to examine factors associated with cashless payment behavior with an emphasis on the role of consumer financial knowledge. A total of 1100 interviews were carried out with Polish nationals aged 15 and above. The collected data were analyzed with the use of statistical methods, including analysis of variances (ANOVA), in order to examine consumers’ financial knowledge by basic economic and non-economic factors. Additionally, a data-mining method known as Random Forests was implemented for finding the variable importance in correlations between consumer financial knowledge and preferred methods of payment. The results revealed the diversity of factors influencing consumer behavior. Among the consumers’ personal traits, financial knowledge was one of the most important determinants of their payment choices. The results have implications for the design of payment processes. The results can be used by central banks to determine the directions of financial inclusion, as well as for stakeholders in the payments market.
The aging of the population is an important and interdisciplinary subject. Its importance has extensive consequences for employment, social welfare, pension security, medical care as well as many ...other aspects of the economy, therefore posing burden for future generations. The increasing importance of the elderly has become so considerable that has led to the appearance of the concepts of “silver generation” as well as “silver economy” covering existing and emerging opportunities for economic growth of public and consumer income related to aging of the population, taking into account the specific needs of people above 50 years of age. “Silver generation” includes a large variety of individuals of different status, income, health, social and cultural context. It applies to both rich and active people and poor persons whose health is declining. The aim of the article is to present the financial situation of the elderly group in Poland, with a specific focus on wealth and debt against the background of EU countries. The study used mainly an empirical approach using secondary research taking into account the latest reports covering the years 2013–2016.
Celem badań było zebranie badań dotyczących niewypłacalności przedsiębiorstw i gospodarstw domowych na podstawie literatury krajowej i międzynarodowej. Stwierdzono, że gospodarstwa domowe i ...przedsiębiorstwa łączy podatność na zjawisko niewypłacalności. Mimo, że różnią się od siebie w sensie podmiotowości, to jednak funkcjonują w tym samym otoczeniu. Gospodarstwa domowe, są bardzo zróżnicowane, rozdrobnione i jest ich znacznie więcej niż przedsiębiorstw. W obu wypadkach niewypłacalność jest determinowana wieloma zmiennymi, a nie jest tylko funkcją dochodu. Ponadto niewypłacalność jest zjawiskiem stopniowalnym, nie pojawia się od razu i nagle, dlatego też, rozwój badań i dopracowanie metodyki pozwala na predykcję tego zjawiska i rozpoznanie czynników sygnalizujących o pojawiającym się niebezpieczeństwie. Wśród determinant niewypłacalności wspólnych dla przedsiębiorstw i gospodarstw domowych należy zaliczyć problem z terminowym regulowaniem zobowiązań. Jest to skutek innych problemów finansowych tych podmiotów, a szczególnie poziomu i struktury zadłużenia, które nie zawsze jest dopasowane do możliwości płatniczych przedsiębiorcy, czy przeciętnego człowieka. Problem nadmiernego zadłużenia i złej jego struktury współcześnie wydaje się problemem ogólnoświatowym, dotyczącym w szczególności państw wysoko rozwiniętych, cechujących się wysokim poziomem dobrobytu mieszkańców i przedsiębiorców.
Abstract
The purpose of the chapter is to analyze the results of the primary survey on consumer cash and cashless payments in Poland in 2018 in the context of previous (secondary) surveys carried out ...in Poland and other EU countries.
The primary survey was carried out between February 9 and March 1, 2018, using the Computer-Assisted Personal Interview method. The survey was conducted on a nationwide sample of Polish nationals aged 15 or more. A total of 1,100 interviews were conducted. To ensure the representativeness of the collected data, the edge weighting (the iterative technique-rim weighting) was applied in accordance with the structure of the Polish population, including the variables of gender, age, and education.
The obtained results may be used by the participants of the payment services market in Poland, including the card issuers, clearing agents, payment organizations, and banks in order to discover the reasons for a high level of cash payments and to seek solutions to increase the cashless turnover in order to achieve better results in the future. In addition, this study fills a gap in the research in the field of the cashless payments and contributes to the creation of a literature on the cashless payments as related to the cash payments, with special emphasis on the consumers’ financial knowledge and skills.
Household finance is heavily dependent on the phase of a family’s development. As the family grows, the household's financial needs change. Young Poles choose not to create families, mostly because ...of their financial situations. In order to increase the number of births, the "Family 500+" program was introduced in Poland, where parents can receive a benefit of 500,00 PLN (about 120 euros) per month for a second and every further child. It is indicated that the effects of the 500+ program are both positive and negative. Some effects of the program are already visible, although many forecasts have not yet been confirmed in the statistics due to the short duration of the program. The purpose of the article is to identify the impact of the government's family policy program "Family 500+," introduced in April 2016. This article describes the assumptions and instruments of family policy in Poland, a description of the assumptions of the "Family 500+" program and the implications for household finances in Poland in terms of consumption, income, debt, the labor market or poverty.
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