Beata Świecka

Background and purpose of the article: The main aim of the article is to present financial literacy (FL) and consumer over-indebtedness (OI) according to the primary survey in Poland. The auxiliary aim is to analyse the importance of financial literacy in reducing consumer over-indebtedness from a generational perspective. Over-indebtedness is a significant problem in personal finance because it leads to a situation in which household members cannot settle their financial obligations on time, negatively affecting their economic stability and prospects for long-term financial security (D’Alessio, Iezzi, 2013). It is becoming increasingly common in the country and around the world. It has a negative impact on consumers and the economy. Methods: The author conducted primary research using a survey questionnaire. The survey was conducted in Poland in 2022 on 1051 consumers. The analysis of survey data was conducted using the PLS-SEM method. Results and added value: The research results indicate that financial literacy as an independent factor alone does not play a significant role in reducing consumer over-indebtedness, but that analyses in combination with other variables shows that analysis is more effective when financial literacy is not isolated. The most sensitive group in the financial literacy and over-indebtedness study is Generation Z (GenZ), which has the lowest level of financial literacy while at the same time has the lowest financial reserves and savings, thus constituting the most exposed group to the risk of over-indebtedness. The added value could be the author’s proposition of the Financial Literacy Index (WF1), which is compared to the worldwide Financial Literacy Big Five Index (BIG 5), introduced by Lusardi (Stanford University) and Michell (Wharton University) (Lusardi, Michell, 2014).

This study analyses the impact of the Geopolitical Risk Index (GPR) on the volatility of commodity futures returns from 4 January 2010 to 30 June 2023, using Exponential Generalized Autoregressive Conditional Heteroskedasticity (EGARCH) models. It expands the research scope to include precious metals, agricultural products, energy, and industrial metals. The study differentiates between the impacts of geopolitical threat events and actions using GPRACT and GPRTHREAT indicators. Findings reveal that negative geopolitical shocks increase commodity returns’ volatility more than positive shocks. Specifically, gold, silver, and natural gas are negatively affected, while wheat, corn, soybeans, cotton, zinc, nickel, lead, WTI oil, and Brent oil experience positive effects. Platinum, cocoa, coffee, and copper show no significant impact. These insights highlight the importance of geopolitical risks on commodity market volatility and returns, aiding in risk management and portfolio diversification. Policymakers, financial market stakeholders, and investors can leverage these findings to better understand the GPR’s relationship with commodity markets and develop effective strategies.

As pension benefits from statutory public schemes become less generous, and many countries face pension-savings crises, the willingness to participate in supplementary retirement saving instruments becomes crucial for sustainable financial well-being. The main objective of this article is to present how trust and financial literacy influence the choice of sustainable auto-enrolment pension scheme as a private and supplementary pension savings. The study highlighted factors influencing participation in auto-enrollment and private supplementary pension savings. The study focuses mainly on financial literacy and trust. We used the CAWI method with 857 interviews in Poland—the first country in Central and Eastern Europe to introduce an auto-enrolment pension system. Our study uses multivariable data-mining tools, and several regression models were applied. We used Logistic Regression (LR), Multivariate Linear Regression (MLR), and Factor Analysis of Mixed Data (FAMD) to support the LR analysis. We propose four regression models. Our findings present that: 1. The lower the consumer’s knowledge level, the more their decisions are based on trust. 2. Trust in the state, rather than trust in financial institutions, plays a crucial role for people with low financial literacy, which is a critical factor in choosing the auto-enrolment option for pension savings. 3. Men had higher odds of auto-enrolment pension saving than women. 4. Employees of economic universities and academics had higher odds of participating in capital pension plans than those of general universities and non-academics. Our findings can signal to governments and policymakers about factors influencing the choice of auto-enrolment supplementary retirement savings. These findings strengthen the role of sustainable economic education.

As pension benefits from statutory public schemes become less generous and many countries face pension-savings crises, the willingness to participate in supplementary retirement-saving instruments becomes crucial for sustainable financial well-being. The study highlighted factors influencing participation in auto-enrollment and private supplementary pension savings. The study focuses mainly on financial literacy and trust. We used the CAWI method with 867 interviews in Poland - the first country in Central and Eastern Europe to introduce an auto-enrolment pension system. Our study uses multivariable data-mining tools, and several regression models were applied. We used Logistic Regression (LR), Multivariate Linear Regression (MLR), and Factor Analysis of Mixed Data (FAMD) to support the LR analysis. We propose four regression models. Our findings present that: 1. The lower the consumer’s knowledge level, the more their decisions are based on trust. 2. Trust in the state, rather than trust in financial institutions, plays a crucial role for people with low financial literacy, which is a critical factor in choosing the auto-enrolment option for pension savings. 3. Men had higher odds of auto-enrolment pension saving than women. 4. Employees of economic universities and academics had higher odds of participating in capital pension plans than those of general universities and non-academics. Our findings can signal to governments and policymakers about factors influencing the choice of auto-enrolment supplementary retirement savings. These findings strengthen the role of sustainable economic education.

Although there is a large volume of literature on the relationship between Environmental, Social and Governance (ESG) and firm performance, only a limited number of studies have focused on the banking sector. In addition, most of them used linear models. Therefore, in this study, we examined the impact of ESG and ESG pillar scores (environmental, social, and governance) on the market value of U.S. commercial banks by using linear and non-linear panel regression models over the period of 2016–2020. Moreover, we used the market value as a bank value indicator and included the effect of COVID-19. Results show an inverted U-shaped relationship between market value and ESG and The Social Pillar Score (SPS) and a U-shaped relationship between market value and The Environment Pillar Score (EPS). Findings from this study are important indicators for investment managers and policymakers who want to maximise bank market value while complying with ESG standards.

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.

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.

Financial literacy is a path to sustainability and has an important role in ensuring the financial sustainability of individuals, families, enterprises and national economies. The level of these economic indicators such as debt, payment discipline, savings and financial management all translate into prosperity or insolvency and bankruptcy and result partially from financial literacy. The higher the level of financial literacy, especially of young people, the more favourable the level of economic indicators, which translates into the economy and sustainable development. With this study we aim to determine the level of financial literacy of high school students in Poland and to determine whether financial literacy changes according to gender. The most important element that distinguishes our study from the others is that or study was carried out with a large sample of high school students with an average age of 15–16 years. In addition, the effect of gender on financial literacy at an early age was investigated, also comparing the wider themes to the so-called narrow themes. The results of the research demonstrated a good and partially very good, level of financial knowledge of the young people in Poland. 45.3% obtained an average level score and 43.8% achieved a high-level score in financial knowledge. This result shows that they can be rational in their financial decision making. However although, it is understood that gender makes a difference on financial behaviour and use of financial instruments, gender does not make any difference on the level of financial knowledge. Moreover, the financial literacy level of males is found to be higher than females.

Purpose: This contribution presents the main findings of a recent survey on consumer payment behavior in Poland. The authors aim to determine the factors influencing the choice of the payment instrument by consumers. This in order to better understand the reason why cash is still the main paying instrument being used by Polish consumers. Design/Methodology/Approach: A survey was carried out between the 7th and 21st February 2019, using Computer-Assisted Personal Interview (CAPI), administered on a nationwide sample of Polish nationals aged 15 and above. A total of 1005 interviews were conducted. To ensure the representativeness of the collected data, the edge weighting was applied in accordance with the structure of the Polish population, including variables of gender, age, and education and the iterative technique (rim weighting). Findings: Findings show that despite the development of the cashless payments, the position of cash is still powerful, because it fulfills consumers' expectations and although, the role of cashless payments increases, this is not happening at the fast pace that the institutional stakeholders of the financial market would expect. Cash in many respects has a lead on the market of the consumer payments, both with respect to the ease of use and the cost of transaction. Practical implications: Understanding consumer trends in their use of payment methods is important for policy makers, the economy in general and the National Central Bank which need reliable statistical data to enable comparison with other countries on the levels of development in their payment systems, the determination of monetary policy and to carry out strategic decisions concerning the cash cycle and the effectiveness of the payment system. Originality/Value: Without precise knowledge of how people actually pay for goods and services, a country is devoid of solid statistical foundations and will result in speculation.

Wydawnictwo Naukowe Uniwersytetu Szczecińskiego