| Abstract [eng] |
68 pages, 15 tables, 10 pictures, 108 references. The main objective of this work is to analyze the theoretical aspects of savings behavior based on the analysis of scientific works, compare the savings of private individuals in Lithuania with other European Union countries, and analyze the factors influencing the savings behavior of private individuals in Lithuania. The research contains methods of comparative analysis and synthesis of scientific literature, data analysis, and a review of research results. The thesis is structured into three main parts: an analysis of scientific literature, an ex-post study and its results, and conclusions with recommendations. The literature review examines various conceptualizations of savings behavior, theories of private individuals' savings behavior (Keynesian savings theory, Life Cycle theory, Permanent Income theory, Relative Income theory, Psychological and Sociological theory, Financial Behavior theory). It also analyzes different studies on savings and savings behavior, along with factors influencing behavior (economic, psychological, social, demographic factors, and biases). After the literature analysis, a quantitative study in two parts was conducted. First of all, data from Eurostat and the Bank of Lithuania databases for 2010-2021 were used to compare household savings and investment norms in European Union countries, and to analyze savings per EU resident for the periods of 2010-2015 and 2016-2021. The second part involved a survey of private individuals in Lithuania (Sample: 386), applying the Chi-square test and conducting a two-step binary logistic regression analysis. The main goal was to examine the savings behavior of private individuals in Lithuania in the EU context and identify factors influencing their savings behavior. The study revealed that Lithuania ranked second to last among EU countries from 2016 to 2021, compared to the changes in the average savings rate from 2010 to 2015. The key factors influencing the savings behavior of private individuals in Lithuania include income, the number of financial topics discussed with parents, income and expenditure planning, financial risk tolerance, and the quantity of encountered savings obstacles over the past two years. The results of the study should provide valuable insights for the state to focus on increasing the incomes of private individuals and enhancing financial literacy education. |
